When completing the onboarding requirements for activating your account to get paid via Dockwa, you are essentially opening a new bank account for your business. Dockwa collects and holds funds for your business, just like a bank, and periodically transfers these funds to your connected bank account. The Dockwa Team will commonly refer to this account as your “Dockwa account balance”.
To understand how this bank account with Dockwa functions, think about PayPal. PayPal lets you pay money to and receive money from businesses/individuals without actually having them transfer money into or out of your traditional bank account. You can conduct a bunch of transactions within PayPal, and then at some point transfer the balance from PayPal to your own traditional bank account. When you make a transfer to your traditional bank account, it receives a single lump sum that is the result of many individual charges and payments in PayPal. Each individual PayPal transaction does not hit your traditional bank account, only the lump sum transfer. PayPal acts just like a traditional bank account in this example.
When will the Dockwa account balance be transferred into your connected bank account?
You are able to select the transfer frequency from the “Account” menu under the “Configure Bank” tab. Most customers select weekly transfers. For more information on setting your transfer frequency, see: Setting Your Bank Transfers Schedule
What is included in that transfer?
All of the boater charge and refund activity that takes place within your Dockwa account during that transfer window. If your Dockwa account has a positive balance, then money is transferred to your connected back account. If your Dockwa account has a negative balance, money is withdrawn from the connected bank account to cover the overdrafted Dockwa account balance.
With this structure, no matter how many hundreds of transactions occur during the course of the transfer window, you receive a single consolidated transfer into your checking account.