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(WePay) Your Guide to Payment Processing
(WePay) Your Guide to Payment Processing
Updated over a week ago

We're Moving Forward

Joist Payments will no longer work with WePay as of June 1, 2024

To keep using Joist Payments, click here to switch to our new payment processing partner, Stripe.

Switching takes just a few minutes and ensures no disruption of service. Plus, you'll get new payment methods like Apple Pay and Google Pay.

Note: Below information is the legacy article for WePay and does not apply to Stripe. We'll have new help center articles for Stripe coming soon.

Whether you’re new to credit card payment processing or a seasoned pro, this guide is here to help you make the most of this powerful tool in your business’s toolbox.

Below you’ll find helpful information about Payment Delays, Chargebacks, and Best Practices that can help keep your business running smoothly.

Payment delays

While most credit card payments will deposit into your bank account in 1-2 business days, it’s important to know that in some cases this can take longer. All payment processors have some form of periodic security review to help keep you and your money safe from fraud. Our payment processor, WePay, is no different.

Your first few payments may undergo a review that can add 1-3 days to the typical processing time. To help ensure your business runs smoothly during this introductory period, we recommend giving yourself a buffer of a few extra days between when your client pays you and when you will actually need the money to buy materials, pay your crew or move forward with the job.

It can help to set this expectation with your client ahead of time to avoid any misunderstandings.

Documents may be requested to verify your business, which may include your Articles of Organization, Contractor License/Insurance and Photo ID. If needed, our payment processor WePay will contact you by email to request a digital copy of the documents.

Deposits to your bank will be paused until these documents have been received and verified, so it’s important if you see this email to act on it at your earliest convenience.

Your payment account starts with a $10,000 per week deposit limit. Any payment that goes over your limit will be held for 7 days before being released for deposit into your bank. You can learn more about the safety and security reasons behind this by clicking here — but it’s important to know, you can have this limit increased.

We want you to process any amount of money, any time. This benefits you and us both. We just need some additional information from you to increase your limit. Click here to learn more and get started.

Chargebacks

Credit card providers have special protections built into credit card processing that favour the payer, which in this case would be your client. Chargebacks are one such protection that can affect you and your business, so it’s important to be aware of how they work and how to avoid them.

Your client can contact their credit card provider at any time to request that the money they paid you be returned to them. When this happens, we are forced to comply immediately. The amount being charged back will be withdrawn from your bank account and returned to the client’s credit card.

At the same time, we will send you an email with instructions on how to dispute the chargeback. If you file a dispute, we will work with the credit card provider to try to get your money back. But the reality is the credit card company has the final say, and while some cases are won, in most cases the money will remain with the client.

Why do clients issue chargebacks and how can you avoid them?

While chargebacks are rare, they can be very painful if they happen to you. And in most cases they can be avoided by taking a few simple measures.

In most cases, clients will issue a chargeback because they are not satisfied with some aspect of how the job was done. You can avoid chargebacks in these cases by making sure the client knows if they have any concerns they should contact you first. Clients often assume a chargeback is their only resort. Having this conversation with them ahead of time, along with including this message in any emails or documents you send them, can help to avoid the majority of chargebacks.

Chargebacks may be issued in some cases as a form of fraud. The unfortunate reality is that trade contractors can sometimes be the target of sophisticated fraudsters. Chargebacks are one of the ways in which they will try to make money off a stolen credit while leaving you with the bill. Any time a job feels too good to be true, trust your instinct and make sure you know exactly who you’re dealing with. For more on what to look out for when it comes to fraud, click here.

Best Practices

We know the reality is that many trade contractors rely on the deposit for their next job to cover the cost of materials, crew and whatever else may be needed to get that job started.

Cash flow is the lifeblood of your business, and when this is interrupted for any reason it can create serious pain for you, and put a strain on your relationship with your client.

Using Joist for your estimates and invoices is a great first step toward keeping your cash flowing smoothly. With Joist you can quickly put a professional estimate or invoice together and send it off to your client as early as possible to get out in front of any potential payment delays.

Credit card processing can help your clients pay you on time because of how quick and convenient it is for them to make a payment. We recommend using credit card payments on every job you can for this reason. Joist even has a payment reminder feature built in to make sure your clients never fall too far behind in paying you.

The more often your clients pay you on time, the more you’ll be able to keep cash on hand for those unexpected circumstances. This way you’ll always have enough money in the bank to cover the costs of your next job and keep your business moving forward stress-free.

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