How are member signup fees and renewals delivered to us?
When we collect payments from new and current members using the built-in merchant account, they are processed by the credit card system and deposited in our bank account two business days later. Then, three times a month (on the 10th, 20th and the last day of the month), we make an automated funds transfer from our account to your account. This transfer requires another two business days for processing by the Federal banking system. If members paid by credit card, we deposit the gross amount and will then separately withdraw the actual credit card fees charged by our merchant processor, at cost. We don’t add any kind of markup to these fees. We do this as two separate transactions for accounting reasons. If you have your own merchant account, the funds are deposited directly into your bank account.
