Quash cash flow problems with Same-Day Deposits, a brand new Payments feature that gets money in your pocket faster!
For small business owners, every payment counts. Waiting the average 2-5 business days for a client payment to make its way to your bank account can get in the way of cash flow. Not only does this time lag impede growth, but it also can create the kind of stress that gets in the way of productivity.
That’s why FreshBooks is proud to announce a new feature: Same-Day Deposits.
How Do Same-Day Deposits Work?
When using FreshBooks Payments, U.S.-based customers with a Chase bank account can access funds the same day their client makes a payment. (Subject to daily cut-off times.)
For FreshBooks customers who don’t bank with Chase, funds can be accessed as soon as next-day, subject to the processing times of their financial institutions.
FreshBooks’ Same-Day Deposits feature works with all major credit card providers, including Visa, Mastercard and American Express. It’s also compatible with ACH payments, so small business owners have a full range of options to choose from.
There is no additional cost for FreshBooks’ customers with Chase Business Bank Accounts to access the new same-day deposits. (Other payment providers charge as much as 1% in fees to provide small businesses with faster turnaround times.)
“As a small business owner and long-time FreshBooks customer, I’m excited to take advantage of FreshBooks’ Payments. Being able to access funds on the same day we are paid is incredibly valuable, enabling us to purchase supplies in a timely manner and ultimately reduce our overall credit usage,” said Jake Brenner, Co-Founder of Ship Lab, an ecommerce, warehousing, and fulfillment solution provider for entrepreneurs in San Diego, California.
“While it’s great to see the numbers in our accounts receivable going up, at the end of the day, there is no substitute for having cash on hand. Getting paid within 1 business day provides peace of mind and greater confidence in our business operations and long-term growth.”
FreshBooks Payments is powered by WePay, the integrated payments business of JPMorgan Chase & Co.
How Soon Will I *Really* Get Paid?
When users link their Chase bank accounts to their WePay account, they can take advantage of same-day deposits.
The payment schedule looks like this:
- All transactions received and approved up to 5 pm PST will be in your bank account that night (e.g., approved by Monday at 5 pm PST will appear in your account the same day, on Monday night)
- Any transactions accepted and approved after the 5 pm PST cut-off time will be included in the next day’s deposit
It’s important to know that your first or unusually large transactions can take an extra business day or so for WePay’s Trust and Safety team to review. All deposits after that will follow the usual payment schedule.
Thanks to FreshBooks’ partnership with Chase, new Chase Business Checking customers get a cash bonus when they open a Chase Total Business Checking account with qualifying activities. Click here to get started.