Welcome to HoneyBook’s Instant Deposits feature! We know that, among the many challenges of running a business, cash being in your account when you need it is pretty high up there. And that’s where Instant Deposits come in, allowing you to transfer funds from completed payments to your debit card in mere minutes — not days.
In this article, we’ll cover:
- How do Instant Deposits work?
- How much does this cost me to use?
- Which banks support Instant Deposits?
- How long does it take to receive my payment?
- Why do I need to enter debit card information?
- Which payments are eligible for Instant Deposits?
- Why did a payment say it was eligible for Instant Deposit, but I’m unable to select it?
- Can I initiate Instant Deposits through my mobile app?
- Why don’t I see the Instant Deposits feature in my account?
How do Instant Deposits work?
Instant Deposits use debit rails in order to deposit funds into your account faster. Once a client makes a credit card payment, you’re able to transfer the funds directly to your debit card. They typically arrive within 30 mins, instead of the standard 2-3 business days
How much does this cost me to use?
Initiating an instant deposit on a payment will incur a 1% fee of the total payment, with a minimum charge of $5. You’ll be able to review the fees for each payment in your Bookkeeping section. Please note that these fees are in addition to the 3% fee incurred on all credit card transactions.
This fee structure is comparable to instant deposit features of similar services, such as Square (1% fee) and Paypal (1% fee with a $10 cap).
Which banks support Instant Deposits?
Though not every bank will support Instant Deposits, the vast majority will support the feature on some or all of their debit cards! Unless you see your bank in the list below, chances are you're covered!
Please note that you do need an active debit card with your bank in order to take advantage of Instant Deposits. Credit cards, ATM cards, PayPal, or prepaid bank cards are not supported.
The banks that DO NOT support Instant Deposits are:
- Aba Card Solutions, Inc. Aba Card Solutions, Inc.
- Banco Coomeva S.A.
- Banco Popular De Puerto Rico
- Barrington Bank & Trust Company National Association
- Brenham Natl Bank
- Calvin B Taylor Banking
- Citizens Bank Swainsboro
- Cornercard Uk Ltd
- DCB Bank Limited
- First Century Bank National Association
- Firstmerit Bank National Association
- Florida Capital Bank National Association
- Heartland Bank
- HSBC Bank USA, National Association
- J.P. Morgan Europe Limited
- Ky W Va Gas Co. Employees Federal Credit Union
- Madison County Bank
- Mb Financial Bank National Association
- Northbrook Bank & Trust Company
- Ravalli County Federal Credit Union
- Republic Bank
- Republic Bank of Chicago
- Sunrise Banks National Association
- Target Bank
- The Bank & Trust
- Tib The Independent Bankersbank
- Wesbanco Bank Inc.
How long does it take to receive my payment?
Payments through Instant Deposit typically appear in the associated bank account within 30 minutes!
There may be instances where payments are flagged internally to protect our members and their clients from fraudulent charges, resulting in a delayed payout. Though this is seldom to occur, please reach out to our Concierge team if you haven’t received your payment within 24 hours of requesting an Instant Deposit.
Why do I need to enter my debit card information?
Instant Deposit uses debit rails in order to deposit funds into your account faster. Your debit card info allows payments to flow easily from your clients’ credit card directly to your bank account via these debit rails.
You can easily add your account details to your HoneyBook account under Company Settings > Bank Details — just make sure you're on desktop (not your mobile device!) when you're adding the information.
Which payments are eligible for Instant Deposit?
To be eligible for Instant Deposit, your payment must:
- Be a payment of less than $5000
- Have been made via credit card
Individual payments of $5000 or over, payments made via ACH bank transfer, and payments made outside of HoneyBook are not eligible for Instant Deposit.
If you have selected a payment to be deposited via Instant Deposit in advance and it is paid via bank transfer by the client, the deposit times will be standard for bank transfers (7-8 business days) and you will not be charged the 1% Instant Deposit fee.
Why did a payment say it was eligible for Instant Deposit, but I’m unable to select it?
Usually, that just means your money is already headed your way! Incoming payments start moving to your bank within approximately 24 hours of being received, at which point standard deposit times will apply (2-3 business days for credit card payments, 7-8 business days for ACH bank transfers).
That being the case, you'll need to select the payment for Instant Deposit before the standard process begins — and we'll send you a notification as soon as an eligible payment comes in to make sure you catch it! But if you miss the window, don't worry — your money will still be there soon!
Can I initiate Instant Deposits through my mobile app?
You sure can! As soon as a payment comes in (you'll get that sweet "cha-ching" push notification!), you can head into 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 the Instant Deposits feature in my account?
The Instant Deposits feature is currently only open to members who have been receiving payments through HoneyBook for at least 6 months.
A little newer to HoneyBook? You won’t see Instant Deposits in your account just yet, but hang tight — we’ll let you know as soon as you’re eligible for this feature!
Want to learn more?
- What are the transaction fees for credit card payments and bank transfers?
- Your clients' payment options through HoneyBook
- What does my client see when I send a Proposal or Invoice?
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!