How payments work in Anchor
Getting paid through Anchor typically takes 2–3 business days, depending on the payment method.
Payments go through two main stages: Processing and Collected. Understanding these stages helps you know when funds are on the way and when to expect them in your bank account.
Processing
This is the stage where Anchor attempts to pull funds from your client and move them into your Anchor wallet.
During this time, the payment is being cleared by the bank or card network and is not yet available for payout.
ACH (Bank Transfer): Processing typically takes 2–3 business days.
Credit Card: Processing happens immediately.
Collected
Once processing is complete, the payment status changes to Collected.
This means the funds have successfully reached your Anchor wallet and are queued for payout to your bank account.
Payout timing
ACH payments (bank account) - All collected funds are distributed daily at 1:00 PM PST and typically appear in your bank account by around 3:00 PM PST the same day.
Credit card - All collected funds are distributed two days after collection at 5:00 PM PST and typically appear in your bank account by around 7:00 PM PST the same day.
Failed payouts
A failed payout means Anchor couldn't deposit the funds into your bank account, usually because of a block or issue on your bank's side. When this happens, you will be notified via email and on your Anchor "Payouts" page. Below are all the reasons a payout can fail, what each one means, and what to do:
Incorrect bank account details (R04)
Incorrect bank account details (R04)
The account number on file doesn't match what your bank has on record. Double-check your account and routing numbers, then book a call with our team to reconnect your bank account. You'll need to have a valid ID ready for the call.
No matching account found (R03)
No matching account found (R03)
The bank account details on file don't match any account at the receiving bank. Book a call with our team to update your bank account details. You'll need to have a valid ID ready for the call.
Bank account closed (R02)
Bank account closed (R02)
The account set to receive payouts has been closed. Book a call with our team to connect a new bank account. You'll need to have a valid ID ready for the call.
Bank account frozen (R16)
Bank account frozen (R16)
Your bank has placed a hold on the account, preventing transfers. Contact your bank directly to resolve the issue or book a call with our team to connect a new bank account. You'll need to have a valid ID ready for the call.
Transfer restrictions on the account (R20)
Transfer restrictions on the account (R20)
The receiving account has limits on the type or number of transfers allowed. Contact your bank to check whether any restrictions are limiting the payout. If that doesn't resolve it, book a call with our team to connect a checking account instead. You'll need to have a valid ID ready for the call.
Debits not authorized on the account (R05)
Debits not authorized on the account (R05)
Your bank isn't approving debit transactions on this account. Contact your bank directly to resolve this or book a call with our team to connect a new bank account. You'll need to have a valid ID ready for the call.
Receiver refused the funds (R23)
Receiver refused the funds (R23)
The receiving bank or account holder refused the credit. Contact your bank directly to resolve this or book a call with our team to connect a new bank account. You'll need to have a valid ID ready for the call.
Failed payouts are reattempted every day at 1:00 PM PST.
Failed withdrawals
A failed withdrawal means Anchor couldn't withdraw the funds to cover a dispute or refund from your bank account. When this happens, you will also be notified via email and on your Anchor "Payouts" page. Below are the reasons a withdrawal can fail, and what to do:
Insufficient funds (R01)
Insufficient funds (R01)
There isn't enough money in your bank account to cover the withdrawal. Add funds to the account and we'll automatically retry at the next daily payout run.
Missing authorization (R29)
Missing authorization (R29)
Your bank disputed the withdrawal due to missing authorization. Contact your bank to check whether this was blocked accidentally, and ask them to whitelist the following Anchor company IDs:
1800948598
4270465600
1371968160
Once whitelisted, the payout will be retried automatically. Note that chargebacks may incur additional fees on top of the disputed amount. Learn more about handling chargebacks.
Still have questions? Feel free to reach out to us at [email protected] — our team is always happy to help!