ClubExpress includes a built-in merchant sub-account for each club or association. Member statements show an abbreviated version of your club’s or association’s name, and the funds flow to us. Then, 3 times a month (on the 10th, 20th and last day of the month) we remit those funds directly into your bank account using an ACH transaction (how banks transfer funds between themselves.) At the same time, we collect the merchant processing fees associated with this revenue.
There is also a 3-business-day lag built into this process to ensure that we have the funds before we send them to you (since this is also done using an ACH, which takes 2 business days.) So, for example, on the 20th of the month, we will send funds collected from the 8th through the 17th (ignoring weekends and public holidays.) These funds will then arrive in your bank account on the 22nd. Configuring your own merchant account within ClubExpress takes 5 minutes.
Federal law requires that certain background checks be performed before your merchant sub-account can be set up. These are done automatically by our merchant processor but they take a couple of days. To perform these checks, we will send the name of a club officer (usually the club president) and an actual address (a P.O.Box is not allowed.)