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Toronto, Canada – November 6th, 2019 — FreshBooks, the #2 small business accounting software in America, with paying customers in 160 countries, today announced its fastest payment to deposit turnaround times to date — as soon as 24 hours, most on the same day.
FreshBooks Payments will now enable U.S.-based FreshBooks customers with a Chase Bank Account to access funds the same day their client makes a payment, subject to daily cut-off times. For FreshBooks customers not banking with Chase, funds can be accessed as soon as next-day, subject to the processing times of their respective financial institution.
Historically, small businesses have had to wait an average of 2-5 business days once their client pays to receive the funds in their accounts. This delay hinders cash flow, which is a barrier to growth, and produces unnecessary stress for the business owner.
FreshBooks’ Same-Day Deposits feature works with all major credit card providers, including Visa, Mastercard, and American Express. It is also compatible with ACH payments, giving small business owners 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 offering. Other payment providers charge as much as 1% in fees to provide small businesses with faster turnaround times.
“This is a historic time for small businesses who have never been able to receive their funds so quickly,” said Mike McDerment, CEO and Co-Founder at FreshBooks. “After years of advocating for the needs of small businesses, the FreshBooks team is proud to deliver Same-Day Deposits to market for our customers.”
“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.
“Cash flow is the main driver for small businesses, in fact, 4 out of 5 small businesses fail within the first five years due to limited cash flows,” said Bill Clerico, CEO of WePay and Head of SMB Product for Chase Merchant Services. “Together with FreshBooks, we’re excited to take one step forward in helping to solve this issue for their customers by delivering Same-Day Deposits.”
More information about FreshBooks’ faster payments feature can be found on FreshBooks support page. To speak directly with a FreshBooks Account Executive, call 1.833.333.1128.
FreshBooks has helped more than 20 million people and established itself as one of the world’s most popular accounting software platforms for small businesses and self-employed professionals. In February 2019, FreshBooks announced the addition of bank reconciliation and double-entry accounting to its software, enabling growing businesses to scale on FreshBooks with confidence and to work seamlessly with an accountant. In August 2019, FreshBooks announced JPMorgan Chase & Co. made a strategic investment in the company.
FreshBooks is the #2 small business accounting software in America, with paying customers in 160 countries. The company has helped more than 20 million people process billions of dollars through its easy-to-use invoicing, time-tracking, expense management and online payments features. Recognized with nine Stevie awards for best customer service in the world, the company’s mantra is to “execute extraordinary experiences everyday.” FreshBooks is based in Toronto, Canada. Learn more at www.FreshBooks.com
WePay connects the worlds of payments, software, and small business. As a leading provider of integrated payments processing, WePay helps small businesses and individuals get paid quickly and easily through software and applications like BigCommerce, GoFundMe, and Zoho. Acquired by JPMorgan Chase & Co. in December 2017, WePay thrives in a software-driven economy by translating payments and connecting software companies and their users seamless into the full range of banking services. WePay is headquartered in Redwood City, California and offers its services in the United States, Canada and the United Kingdom. For more information, visit www.WePay.com
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