Wholesail does not slow down payments to earn interest like other payment providers. Funds are transmitted as quickly as possible, typically getting to the seller within 2 days of the buyer's payment.
This is the timeline of the payment process after a buyer submits a payment:
- Immediately: Invoice is marked as paid in the seller's accounting system.
- Day of payment: If payment occurs before 5pm PT*, the funds are debited from the buyer's account by the end of the day.
- Day after payment: Funds are deposited in an FDIC insured account held at Silicon Valley Bank on behalf of Wholesail (an "FBO Account").
- Day after payment: By end of the day, funds are debited from Wholesail's FBO account.
- Two days after payment: Funds are deposited into the seller's bank account.
*If the buyer payment occurs after 5pm PT then the funds are debited the following day