Instant deposits help you receive payments quicker. We'll provide answers to frequently-asked questions about instant deposits below.
How do instant deposits work?
How do instant deposits work?
Instant deposits use a system that moves money from a client's card to your bank account (or debit card, if you've linked one for instant deposits instead). Instant deposits usually take under 24 hours (and often, even as little as 30 minutes).
What are the fees associated with instant deposits?
What are the fees associated with instant deposits?
Fees for each instant deposit will be displayed in the Payments screen, and include:
1% of the total payment amount, with a $5 minimum
The existing transaction fees charged for processing payments
How long will it take to get my payment?
How long will it take to get my payment?
Payments through instant deposit typically appear in the associated bank account within 24 hours (and often, in as little as 30 minutes).
Sometimes, HoneyBook may need to hold the payment temporarily. We do this to protect members and their clients from fraudulent charges, and it may cause a delay in the estimated processing times. It doesn't happen often, but if you don't receive your payment within 24 hours after processing an instant deposit, contact the Support team at [email protected].
Are instant deposits affected by bank holidays?
Are instant deposits affected by bank holidays?
No, instant deposit processing times are not impacted by bank holidays. Payments through instant deposit typically appear in the associated bank account within 24 hours, regardless of the date.
What payments are not eligible for instant deposit?
What payments are not eligible for instant deposit?
Payments made through ACH/bank transfer
Payments completed outside of smart files (e.g. through a lead form)
Payments under $10 USD
Payments over $10,000 USD
If you choose to receive a payment through instant deposit in advance and the client pays through a bank transfer instead, it will take the standard time for bank transfers (around 7-8 business days) and you will not be charged the 1% fee for instant deposit.
Why did a payment say it was eligible for instant deposit, but I’m unable to select it?
Why did a payment say it was eligible for instant deposit, but I’m unable to select it?
Usually this means your payment is already on its way to you. Payments that are sent to your bank account typically begin processing within about 24 hours of being received if instant deposit wasn't available. Once this process starts, it usually takes 2-3 business days for card payments and 7-8 business days for ACH/bank transfers to fully deposit into your account.
One way to ensure you're able to receive your payment through instant deposit is to select this option prior to the payment being completed. Along with this, HoneyBook sends you a notification as soon as a payment that qualifies for instant deposit is made so you can review and select the instant deposit option at that time.
What happens if my instant deposit fails?
What happens if my instant deposit fails?
If for any reason we cannot process your instant deposit request, your payment will process within HoneyBook's standard payment processing times. In this case, you will not be able to re-process the deposit as an instant payout.
Can I start an instant deposit from the app?
Can I start an instant deposit from the app?
Yes, you can start an instant deposit from the HoneyBook mobile app. As soon as a payment comes in, head to your app's notification center, where you'll be able to see if the payment is instant deposit eligible. If it is, just tap the notification to start the process.
Why don't I see instant deposits on my account?
Why don't I see instant deposits on my account?
The instant deposits feature is currently available to members who have been receiving payments through HoneyBook for at least 6 weeks.
A little newer to HoneyBook? You won’t see instant deposits in your account just yet, but hang tight—HoneyBook will let you know as soon as you’re eligible for this feature.
I previously added a debit card for instant deposits. Can I use my bank account instead?
I previously added a debit card for instant deposits. Can I use my bank account instead?
Yes, you can use the bank account that you've added to HoneyBook for instant deposits. To do so:
Click your profile photo to the bottom left corner of your screen > Company settings
Select the Bank details tab
Locate the Instant deposits section
Hover over the debit card you've added and select the trash can icon that appears
Follow the steps here to select your bank account for instant deposits
Note that only the bank account you've linked to HoneyBook will be available for instant deposits; it's not possible to add a separate bank account at this time
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!