Electronic Checks are the preferred method of payment in Farmigo as they have the lowest transaction fees. Electronic Checks take 5-7 business days to process. Holidays will delay funding.
Farmigo works with Check Gateway to manage electronic check payments. If your member's bank account has not rejected a payment within 4 days, Check Gateway sends our system a status of Received. Once a payment is marked as received in Farmigo, we stop reaching out to Check Gateway to check on the payment status. Most rejections occur within the first 3 days of processing, however, banks have up to 90 days to reject a payment. It is a rare occurrence, but it is possible that after a payment is marked as received in Farmigo, a bank can then go back and reject the payment. This is why we strongly advise you to compare your Check Gateway statements against your Payments Report in Farmigo.
Below are example funding schedules for an Electronic Check Payment.
Member enters transaction before noon:
Day 1 - Enter transaction BEFORE 12 noon
Day 2 - Processing Day 1
Day 3 - Processing Day 2
Day 4 - Processing Day 3
Day 5 - Processing Day 4 (technically funds released at midnight)
Day 6 - Funds available
Member enters transaction after noon:
Day 1 - Enter transaction AFTER 12 noon
Day 2 - Considered day entered
Day 3 - Processing Day 1
Day 4 - Processing Day 2
Day 5 - Processing Day 3
Day 6 - Processing Day 4 (technically funds released at midnight)
Day 7 - Funds available
Farmigo works with Check Gateway to manage electronic check payments. If your member's bank account has not rejected a payment within 4 days, Check Gateway sends our system a status of Received. Once a payment is marked as received in Farmigo, we stop reaching out to Check Gateway to check on the payment status. Most rejections occur within the first 3 days of processing, however, banks have up to 90 days to reject a payment. It is a rare occurrence, but it is possible that after a payment is marked as received in Farmigo, a bank can then go back and reject the payment. This is why we strongly advise you to compare your Check Gateway statements against your Payments Report in Farmigo.
Below are example funding schedules for an Electronic Check Payment.
Member enters transaction before noon:
Day 1 - Enter transaction BEFORE 12 noon
Day 2 - Processing Day 1
Day 3 - Processing Day 2
Day 4 - Processing Day 3
Day 5 - Processing Day 4 (technically funds released at midnight)
Day 6 - Funds available
Member enters transaction after noon:
Day 1 - Enter transaction AFTER 12 noon
Day 2 - Considered day entered
Day 3 - Processing Day 1
Day 4 - Processing Day 2
Day 5 - Processing Day 3
Day 6 - Processing Day 4 (technically funds released at midnight)
Day 7 - Funds available