Why have my WePay funds have not been deposited?

Allowing your clients to pay their invoice online is a huge benefit and a great way to save time.  Our integration with WePay by Chase makes this process simple.  If your client has submitted a payment but it has not been deposited to you, this article will help.  Please keep in mind that WePay (Chase) is a 3rd party payment processor.  We have no control over their process and the steps they take to verify the identity of one of our clients.  If a payment is being held, we will be glad to assist, but Contractor Foreman is not the entity holding the payment nor do we have the ability to release it.  The details below will help explain what needs to be done if this is happening.

Why Are Payments Held?

If a payment is being held, that means more information is needed from you.  Look for an email from WePay with details.  When it comes to payment processing, the reputation of a company matters.  We see many of our customers start off by allowing online payments with only smaller invoices (less then $2000).  After processing several invoices, they begin allowing their customers to process online payments for larger amounts.

WePay, like other payment processes must comply with KYC (Know Your Customer).  Suppose they quickly processed your payment and then your customer files a dispute and you have since closed the bank account or took out all funds… that is on WePay to cover.  Because of the risk they carry as a card processor, they have to confirm the identity of their customers.  Another type of fraud that payment processors work hard to prevent is identity theft.  Thieves are known to signup for a service that integrates with online credit card processing systems.  The thief could then issues fake invoices to fake clients and uses stolen credit card numbers to pay these invoices.  (Sound clever?  Thieves think so and that’s why verification is needed.)  The theives then have the funds deposited into a bank account and then they transfer the funds out to another account.  By the time the card owner realizes what has happened and submits a dispute, the thief has moved on.

Any delay in receiving your payment is frustrating, but there is a valid reason for the process.

What To Do About It?

If your client submitted a payment but it hasn’t been deposited to you, log into your WePay account and review the settings and confirm that there are no alerts requesting information.  Also make sure that you have the Payout Period set.  If you’ve done that or there isn’t anything to provide, send us the details and we will be glad to look into it and contact WePay.

WePay is Asking for Private Information?

It may be necessary to provide additional documents to confirm that your company is a legitimate company and that you are the owner or officer.  If WePay is requesting this information, please provide it promptly so that their Trust & Security team can review it to release payments.

If you need help or have questions about an online payment submitted with WePay, let us know by emailing support@contractorforeman.com