As of February 3rd, 2014, the processing networks used by PayJunction to transmit funds have been updated.
As a result of these updates, deposits into your banking account will have the following changes:
- Deposits will be displayed as: PAYJUNCTION
Deposits and Month End Billing
- Merchants who are billed monthly will receive a deposit for the total batch amount (if a deposit is scheduled) and a separate withdrawal for monthly fees.
- Deposit = Batch Amount (if a deposit is scheduled).
- Withdrawal = Monthly Processing Fees (explained on your Monthly Statement).
Deposits and Daily Discount
Merchants who are billed when the deposit is made (aka Daily Discount) will receive a deposit for the total batch amount (if a deposit is scheduled). The fee charged for the batch will be deducted from the bank account separately, on the same day as the deposit.
- Deposit = Batch Amount
- Withdrawal = Processing Fee for the batch (aka Daily Discount)
- Month End Fees:
- Each month, a separate withdrawal will be made for Monthly Fees (explained on your Monthly Statement). The monthly bill will typically be charged on the first business day of the following month. For example, the monthly fees for February will be charged March 1st.