Overview
The timeline for receiving a deposit from Affirm in your bank account after capturing a charge is similar to a credit card payment timeline. Since Cross River Bank makes our loans, they disburse payment to your bank account. Cross River Bank only sends payment on business days when there is a positive settlement balance.
Timeline
The process runs according to Coordinated Universal Time (UTC). In the timeline below, we've included Pacific Daylight Time as an example of how the schedule converts to a U.S. timezone.
1. At the beginning of a day, at time 00:00 UTC, we calculate the sum of all the previous day's charges (captures minus refunds) as the settlement total.
2. If your total settlement balance is positive, then at time 00:30 UTC, we mark the settlement payment for disbursement.
3. At time 21:30 UTC, Cross River Bank initiates an ACH transfer to your bank for the settlement amount.
4. On the following day, by 03:00 UTC, we generate and deliver to you the settlement report that contains all of the charge actions (capture, refund, disputed, etc.).
5. Within 1 to 3 business days of initiating the ACH payment, your bank will receive the ACH transfer by 21:30 UTC of that day.
Note that the settlement date referenced in your merchant dashboard is the date that Cross River Bank initiated the ACH transfer to your bank account. This date won't necessarily match the date that you receive funds in your bank account.
Click here for information on changing your merchant bank account.
Business days
Cross River Bank only sends payments on business days, Monday through Friday, except for the holidays noted below. All charges processed on Friday, Saturday, and Sunday are in the settlement payment disbursed on Monday. If Monday is a holiday, then charges processed on Friday, Saturday, Sunday, and Monday are in the settlement payment disbursed on Tuesday.
Holiday schedule
| Holiday | 2020 | 2021 | 2022 |
|---|---|---|---|
| New Year's Day | January 1 | January 1 | December 31, 2021* |
| Martin Luther King Jr. Day | January 20 | January 18 | January 17 |
| Presidents' Day | February 17 | February 15 | February 21 |
| Memorial Day | May 25 | May 31 | May 30 |
| Independence Day | July 3* | July 5* | July 4 |
| Labor Day | September 7 | September 6 | September 5 |
| Columbus Day | October 12 | October 11 | October 10 |
| Veterans Day | November 11 | November 11 | November 11 |
| Thanksgiving | November 26 | November 25 | November 24 |
| Christmas | December 25 | December 24* | December 26* |
- The holiday falls on a weekend and is observed on the noted day.
Positive settlement balance
As mentioned above in the overall process, Cross River Bank sends payment only if your total settlement balance is positive. If your previous day's charges totaled a net positive settlement but your overall balance is negative, due to a significant number refunds in the past, Cross River Bank will not send payment. Review the following table.
Example
| Date | Business Day | Daily Transaction Total | New Total Owed to Merchant |
|---|---|---|---|
| Jan 3 | Yes | $-1,000 | -$1,000 Disbursement: No No disbursement due to a negative balance |
| Jan 4 | Yes | $200 | -$800 * Disbursement: No No disbursement due to negative balance |
| Jan 5 | No | $1,500 | $700 Disbursement: No No disbursement due to non-business day |
| Jan 6 | Yes | $250 | $950 Disbursement: Yes Disbursed net positive settlement amount ($950 |
Updated 5 months ago