Know exactly when you're getting paid with Same-Day Deposits, now available for U.S.-based customers.
Imagine you run a creative agency that just landed a massive new contract. You’re excited to get started, but still need to wait for a previous client’s payment to show up in your bank account before you can start resourcing, planning, and working.
Without knowing when your payment is coming, you don’t have the confidence to make the purchases you need to run your business. Not only do you lose valuable time when you could be working, you risk looking underprepared and unprofessional in the eyes of your clients.
To help, FreshBooks has added Same-Day Deposits. Now you can have more control of your cash flow by knowing exactly when you’re getting paid.
What Are Same-Day Deposits?
Same-Day Deposits is a new FreshBooks Payments feature that gets you paid as fast as 24 hours (as opposed to 2–5 days).
How Do Same-Day Deposits Work?
U.S.-based FreshBooks users with a Chase bank account can access funds the same day your client makes a payment (subject to daily cut-off times).
How Much Do Same-Day Deposits Cost?
Nothing, as long as you have a Chase Business Bank Account. (Other payment providers charge as much as 1% in fees to provide small businesses with faster turnaround times.)
Do I Really Get Paid Same-Day?
If you have a Chase bank account linked to a WePay account, then yes! Transactions received and approved up to 5 p.m. PT will be in your bank account that night. After 5, your funds will be included in the next day’s deposit.
What Else Should I Know About Same-Day Deposits?
Your first transaction, or any 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.
Plus, if you’re a new Chase Business Checking customer, you’ll get a cash bonus when you open a Chase Total Business Checking account (with qualifying activities)! You can find that information here.
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This post was updated in May 2021.