How Ivy Payment Processing Works: Common Q&A

Ivy’s Processing System saves designers time by allowing for payments to be accepted through invoicing. Read our  some of our designer’s common questions about Ivy Processing System.

I have a client who is concerned with the security of paying online. What do I tell them?  

  • Ivy online payments are completed through Stripe, which is one of the largest and most secure payment processing companies in the world.  
  • Client still not convinced? Jump on a quick call and you can post a payment on their invoice by manualing inputting the credit card number into Ivy
  • Okay, Client really not willinging to utilize the convenience of Stripe Processing, then they can simply mail you a check.

Can my client pay an invoice through their checking account?

  • Your client has the option to pay by credit card or bank transfer on any of their unpaid proposals, invoices or retainer requests

How much does it cost to process a payment through Stripe?

  • When the payment is processed on Stripe, they will deduct the processing fee from the payment
  • The Stripe Processing Fee is 1.2% for bank transfer payments and 3% for credit card payments

*** Important: If you want to charge the client the processing fee, double check that your project setting are set to automatically charge the processing transaction fee. You can mark off the correct box when sending the proposals, invoice or retainer requests in the review box.

How long does it take for a client’s payment to show up in my connected bank account?

From Ivy: Stripe transfers the funds to your bank account, which takes approximately 2-3 business days. Payments are bundled into payouts at the end of the day UTC and sent out early in the morning UTC.By this logic, let’s say you received a payment at 9:00pm PST on April 24th, which is early morning UTC on the 25th, we’d expect to see that payout occur by the end of the day on the 27th UTC.

***Keep in mind: Your bank posts the funds in your account. Most banks do this immediately when they receive the transfer from Stripe, while other banks can sometimes take a day or so to post the funds.

What does a “Pending” status on an ACH payment mean?

From Ivy: ACH payments/transfers from one bank to another traditionally take 5-7 business days. To expedite this process, Ivy deposits the funds your client paid into your account in 2-3 business days. In this way, Ivy absorbs the risk of payment failure so that you can get paid more quickly and efficiently! However, *it still takes about 5 business days for your client’s bank to let us know if the payment has failed.*

What does this mean?

From Ivy: If your client submits an ACH payment on a Monday, you should receive the funds by Wednesday or Thursday, but within the next few business days (5 business days from original time of payment), the bank might let us know that your client had insufficient funds in their account, provided the wrong account information, etc, and the payment in reality has actually failed. In case of ACH payment failure, the previously deposited funds will be withdrawn from your account so that you can reissue the payment request to your client.

Is the process different for ACH payments?  

  • An email will be sent the designer indicating that payment is processing and pending final approval
  • The payment record on the document will show a “Pending” status, and will say “*Waiting for final payment approval.”
  • Once the payment is fully cleared/approved (within 5 business days), you will receive an e-mail notification that the payment has cleared, and the status will change to “Paid.”
  • If the payment fails, you will receive an e-mail notification of the failure and the funds will be withdrawn from your account.

Check out Stripe’s Website

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