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Famly Pay - Transaction Timelines and Payouts
Famly Pay - Transaction Timelines and Payouts
Josie avatar
Written by Josie
Updated over a week ago

Transaction timelines and payouts

It takes 1 business day (depending on the payment method) for a payout to reach your bank account. Please note that reaching the “payment success” status may take a little longer as it is paid out the same night so it'll be available in your bank account the next morning. The money moves from the parent's bank account, to your account with our payment provider, to your bank account.

Possible statuses of payments

  • Failed: The payment failed accompanied by an error message explaining why.

  • Pending: The payment has not been initiated yet - usually because it’s waiting for the payment method to be ready (such as BACS mandate to be verified).

  • Processing: The payment has been initiated (“sent”) and Famly is awaiting the result.

  • Completed: The payment completed successfully.

Manual card payments

The transaction of a manual card payment begins right away. If it fails, it will show immediately. Our provider holds the money for 3 business days due to an anti-fraud initiative. Therefore, you can expect the money in your account about 5-6 business days after the payment was made by the parent.

Automatic card payments

Parents can set a card as the automatic payment method. If a parent has done so, the automatic card payment will begin on the day of the month you select when setting up Famly Pay. It will charge the outstanding balance of the parent on that day.

The timeline is as follows:

  • 1 business day before the run, Famly sends the parents an email informing them about the upcoming charge, and managers receive a notification in Famly at the same time.

  • On the day of the run, Famly will withdraw the money from the parent's card and put it on your account with our payment provider. Our payment provider will then hold the money for 3 business days due to their anti-fraud initiative.

  • 5-6 business days after the run, the money will be transferred from your Stripe account to your bank account. The speed of the money transfer varies from bank to bank.

Automatic direct debit payments
A automatic direct debit run takes place based on the day chosen when setting up Famly Pay. For a parent's DD mandate to be included in a DD run, it must have been verified at least 1 business day before the DD run begins.

The timeline is as follows:

  • 1 business day before the run, Famly sends the parents with a verified automatic DD an email informing them about the upcoming charge, and managers receive a notification in Famly at the same time.

  • On the day of the run, Famly will send a request to the banks to begin the transaction of the automatic DD payments. The payment will show on the parent's account in Famly as processing meaning that it has been initiated (“sent”) and that Famly is awaiting the result. The money will be transferred from the parent's bank account to your account with our payment provider.

  • 2 business days after the run, automatic DD payments are completed. The money is in your secure account with our payment provider and will be paid out that evening.

  • 3 business days after the run, automatic DD payments will be included in the next payout. The money is transferred from your account with our payment provider to your bank account. The speed of the money transfer varies from bank to bank.

Payouts

You will receive bulk payouts for payments made on the same day. Payouts will show as 'Famly' on your bank statement.


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