Purchaser Paying by Check
(all times are Pacific Time)

Day 1

When a Purchaser makes an electronic check payment it is accepted by Doubleknot and the payment transaction is marked “Authorized”.

At 3:30pm all electronic check payment transactions marked “Authorized” are sent to Doubleknot’s bank for processing and their status is marked “Transmitted”.

Day 2

By 8am a confirmation is received from Doubleknot’s bank of the previous days transactions. If the transaction was accepted transaction status is changed from “Transmitted” to “Pending”. If the transaction is rejected, a return notice is sent to the organization and to the purchaser, the transaction is marked “Cleared” and a reverse transaction is created removing of the funds to the organization’s balance. Rejected transactions are only for immediately detected issues like an invalid bank routing number.

Purchasers would see payment transactions showing up as debits to their bank accounts.

Day 3

Funds are held in a conditional state. The purchaser’s bank as up to 48 hours to return payment transaction as unpaid. Returns can be for insufficient funds or an invalid bank account number among other things. Returns can occur at point from between 8am on Day 2 and 8am on Day 4. If the transaction is returned, a return notice is sent to the organization and to the purchaser, the transaction is marked “Cleared” and a reverse transaction is created removing of the funds to the organization’s balance.

Day 4

At 8am the conditional hold is removed and the payment transactions are changed from a “Pending” state to a “Cleared” state.

Once in a cleared state the funds are available for withdraw.

When a Funds Request is Made (ie. transferring from Doubleknot to your bank account)
(all times are Pacific Time) 

Day 1

All payment/funds requests accepted by Doubleknot are marked “Requested”.

At 1:30pm all payment/funds requests transactions marked “Requested” are marked “Authorized”.

At 3:30pm all electronic check payment transaction marked “Authorized” are sent to Doubleknot’s bank for processing and their status is marked “Transmitted”.

Day 2

By 8am the payment transactions are changed from a “Transmitted” state to a “Cleared” state upon confirmation of receipt by Doubleknot’s bank.

Organization’s would see the payments showing up as credits to their bank accounts.

Day 3

Funds are fully available.