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FAQ: HoneyBook Finance

Answers to commonly asked questions around HoneyBook Finance.

Updated over a week ago

📣 Note

This article covers a feature that's included in an invite-only closed beta. If you're not a part of the beta, your finance suite will look different, and the help articles you'll want can be found here.

Questions about HoneyBook Finance

I got a beta invite! How do I join?

You'll need about 10 minutes to fill in the form.

  1. Go to the Finance tab in the top navigation menu

  2. Select Start Now

  3. Fill out the application with your personal and business info, and upload an official ID

  4. You'll get an email within one business day letting you know that processing is done.

Some other things to note:

  • When completing your application, you can add your bank account details so they're available if you want to transfer funds to your external bank account

  • Enter the same bank details you already use in HoneyBook

  • If you want to update or add new bank details, contact support

What's the benefit of signing up for HoneyBook Finance?

You'll get new ways to better manage your business funds and understand your cashflow:

  • HoneyBook business checking account where you'll see your payments

  • Physical and virtual debit cards for business expenses

  • Access to funds within 24 hours

  • Automatic expense categorization whenever you use your HoneyBook debit card

  • Insights into business and project expenses that can influence how you price your services

  • Automatic tax-saving so you don't have any surprises at tax time

  • No-cost instant deposits that get client payments into your account faster

What is my available balance?

Your HoneyBook Finance business checking account shows your current available balance. Deposits and debits appear in your list of account transactions:

  • Deposits:

    • Client payments

    • Capital loan funds

    • Transfers from a savings bucket (like your tax savings bucket)

  • Debits:

    • HoneyBook debit card expenses

    • Money transfers to external bank accounts

How do I update my HoneyBook Finance account info?

To update your HoneyBook Finance account info, reach out to HoneyBook's support team by clicking the Question Mark icon on any HoneyBook page.

Can team members access the HoneyBook Finance dashboard?

Right now, only the business owner can view the HoneyBook Finance dashboard.

Will I get a 1099-NEC if I used my account to pay contractors?

No, you will not receive a 1099-NEC if you've used your HoneyBook Finance checking account to pay any contractors. You should talk to a tax professional to determine if you need to provide your contractors with a 1099-NEC. They can also assist you with completing and submitting the form if necessary.

Questions about the debit card

Why should I get a HoneyBook debit card?

A dedicated business debit card has multiple benefits that are both convenient and can improve your financial management.

  • Same-day access to client payments

  • Cashflow management: Expense tracking, project worth, cashflow insights

  • Simplifies bookkeeping when personal and business expenses are separated

  • Convenient and flexible way to access funds: Physical/online purchases, ATM withdrawals

Using your debit card

  • Maximum daily purchase limit: $5,000 USD

  • Maximum daily ATM withdrawal limit: $1,000 USD

    • You can only withdraw $400 USD per ATM session, whereas your total daily withdrawal limit is $1,000 USD. If you want to withdraw more, you'll need to use the ATM machine multiple times.

    • If you incur a withdrawal fee, that fee amount will count towards your withdrawal limit.

What debit card transaction limits should I be aware of?

Transaction limits relate to any time you use your physical or virtual debit card to pay. The daily limit us $5,000 USD.

This limit is shared between your virtual and physical debit card. For example, making a purchase with your physical card will count towards your virtual card's limit.

These are hard limits and they cannot be adjusted.

Can I withdraw funds from ATMs?

You can! Any ATM machines within the Visa, Plus, Accel, or Interlink financial networks can be used to withdraw cash (though you will incur a withdrawal fee if the machine is not owned by Allpoint). The daily limit is $1,000 USD.

If you do incur a withdrawal fee, that fee amount will count towards your withdrawal limit of $1,000 USD. You must insert your physical debit card into the machine, as withdrawals using your virtual debit card are currently not supported.

Why are my virtual and physical debit card details different?

By using different card details on your physical debit card and having you activate it after you’ve received it, you’re at a much lower risk of card activity fraud.

Upon completing your HoneyBook Finance onboarding, your virtual debit card is instantly activated and ready for immediate use. In contrast, if your physical debit card had the same information, it would be activated even before it reaches you by mail. This poses a risk as potential fraudsters could gain unrestricted access to the funds in your HoneyBook Finance account and make unauthorized purchases with the card.

What should I do if I notice fraudulent card charges on my account?

You should take immediate action if you notice fraudulent card charges on your account. Learn how to respond to card activity fraud here.

What if I forgot the pin or need to reset the pin for my card?

To reset your debit card's pin code (either virtual or physical), call Visa at +1 (833) 333-0417.

What should I do if an ATM doesn't dispense my cash?

If you make a withdrawal from an ATM and your cash doesn't dispense, you should first check if the withdrawal appeared on your transactions table. If it has, call Visa at 1-833-333-1098 to dispute the withdrawal charge.

Can I reverse/cancel a card transaction?

HoneyBook cannot reverse or cancel a card transaction, as HoneyBook does not hold your funds. If you have any issues with a transaction, report it as fraudulent to Visa by calling +1 (833) 333-0417.

What else should I know about the debit card?

You should know about the financial insights your debit card can give you. Read more about these financial insights here.

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!

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