Historically, with QuickBooks Online Payments, businesses had to wait for two to three business days to receive funds from card transactions, and even longer for ACH payments. Luckily, QuickBooks Online Payments now provides free instant deposits through QuickBooks Checking.
Today, we’ll tackle the free instant deposit feature in QuickBooks Online Payments and provide a quick overview of QuickBooks Checking.
What is Free Instant Deposit in QuickBooks Online Payments?
When processing credit card transactions or receiving ACH payments, there is often a delay in receiving the funds, often taking two to three business days or even longer. Free instant deposit is designed to expedite this process, allowing businesses to receive their funds within minutes, and it is available even on nights and weekends. And since it’s free, there are no additional charges or fees associated with accessing funds instantly. You only need a QuickBooks Online Payment and a QuickBooks Checking account.
What is QuickBooks Checking?
QuickBooks Checking is a monthly fee-free checking account where all customer payments get deposited. It has no minimum balances, and it doesn’t charge for instant deposits. It is a complete financial management and cash flow forecasting solution with features like bank feeds, bank transfers, and vendor bill management.
How to Get QuickBooks Checking?
If you haven’t yet, you must first sign up for QuickBooks Online Payments. Once approved, you’ll be able to set up your QuickBooks Checking account. Also, you’ll receive your physical QuickBooks debit card card in the mail within 7 to 10 business days. Once set up, you can easily connect your QuickBooks Checking account on the Banking or Transaction page in QuickBooks.
Connecting bank account to QuickBooks Online
To give you an idea of QuickBooks Checking, here are some of its key features:
The QuickBooks Business Checking account offers synchronized banking and accounting data. It automatically updates your bookkeeping data in real time by syncing QuickBooks Business Checking debit card spending and banking transactions with the QuickBooks accounting software.
Instant Deposits for QuickBooks Online Payments Users
The standout feature of QuickBooks Business Checking is the ability to enjoy instant deposits when using QuickBooks Online Payments. Whether you are processing customer payments during the day, at night, or over the weekend, you can transfer your QuickBooks Payments revenue into your bank account within less than 30 minutes. The best part is that instant deposits are fee-free, offering businesses a cost-effective solution.
QuickBooks Debit Card
The QuickBooks Business Checking account comes with a complimentary Visa debit card known as the QuickBooks Debit Card. This card opens up a world of convenience, allowing you to make purchases at any establishment that accepts debit cards. Additionally, you gain access to more than 19,000 Allpoint ATMs for your cash withdrawal needs. However, it’s important to note that QuickBooks imposes a limit of four fee-free ATM withdrawals per statement cycle. Once you exceed this limit, a $3 fee per ATM transaction will apply.
Another innovative feature of QuickBooks Business Checking is the Envelopes functionality. This feature allows you to divide your checking balances into virtual savings buckets, providing a structured approach to managing your funds. By creating Envelopes for different business goals, you can easily track your expenses and allocate resources accordingly.
Custom Cash Flow Forecasting
By utilizing your banking data, the system projects business balances over 30- to 90-day periods. This feature provides a comprehensive view of your current and future financial standing, empowering you to make informed decisions about your business.
Free instant deposits in QuickBooks Online Payments through Checking Checking allows businesses to have quicker access to their hard-earned money. With seamless integration, fee-free instant deposits, and a suite of valuable features, QuickBooks Online Payments with QuickBooks Checking ultimately helps businesses take control of their finances in a more efficient and cost-effective way.