Escrow Payments Setup

Owned by Nikola Keravica
Last updated: Sept 06, 2024
2 min read

Hello everyone,

We’re excited to introduce a new feature called the Escrow Feature. This tool is designed to automate your deposit management, especially if you’re using the "Pay on Pickup" option. Here’s a comprehensive guide on how it functions and how you can make the most of it.

What is the Escrow Feature?

The Escrow Feature allows you to:

  • Automate Deposits: Even if you're using Pay on Pickup, you can still automate daily deposits.

  • Control Funds: Maintain a specific balance in your account each day while controlling how much gets deposited.

Where to Find It

  1. Navigate to Manage Payments.

  2. Go to Payout Setup.

Setting Up Your Deposits

Daily Settings

  • Specify Daily Amounts: You will see boxes for Monday through Friday. Enter the amount you want to keep in your available balance for each day.

    • Entering Zero: All available funds will be transferred automatically to your bank account.

    • Leaving a Box Blank: No funds will be transferred, and payouts for those days will be manual only.

Example Setup

  • Monday to Wednesday: If you enter $500 for Monday, $500 for Tuesday, and $500 for Wednesday, those amounts will remain in your account.

  • Thursday and Friday: Enter higher amounts if you anticipate needing more funds. For instance, $750 on Thursday and $1300 on Friday.

Key Points to Remember

  • Weekend Coverage: Ensure that Friday’s amount covers Saturday and Sunday since you won’t receive new money on those days.

  • Update Anytime: You can modify these settings as needed.

  • Deposit Delay: Using this feature will delay deposits by one banking day.

Examples of Use

Regular Deposits

  • If you want daily deposits, set all amounts to 0. Your funds will be deposited daily as usual.

Weekly Deposits

  • If you prefer a large deposit once a week, e.g., on Wednesday:

    • Set $500 for Wednesday. This means you will get a deposit for the total amount in your account minus $500, which will remain.

Customized Deposits

  • Example: If you expect higher expenses on the weekend:

    • Set 0 for Monday through Wednesday.

    • Enter $500 for Thursday and $1000 for Friday. This ensures you have enough funds for the weekend.

Large Deposits

  • If you want to keep a large amount in your account:

    • Enter a large amount, such as $5000 for Friday. This means only the remaining funds will be deposited after that amount is kept in your account.

Manual Deposits

  • Flexibility: You can still perform manual deposits even if you have set up the escrow feature. Simply leave the days you want to manage manually blank.

Conclusion

The Escrow Feature is a powerful tool to automate and manage your deposits effectively. If you have any questions or need further assistance, feel free to reach out.