QuickBooks Payments Instant Deposits

by

General Ledger

Yes, it's true... "cash flow is the 2020 hot topic!"  Keeping track of the cash is a never-ending battle. As a small business owner, it seems like there is never enough cash to go around. QuickBooks Payments Instant Deposits is a new way to get your already earned money faster. 

How it works

First, you must have an active QuickBooks Payments account linked to your QuickBooks Online file. QuickBooks Instant Payments links to your bank debit card, so the bank account you want to receive the deposit must have a debit card. The illustration below shows how you can "Link (your) debit card".

Next, when running low on cash, choose the green “Get it now” button on your customer deposit (as shown in the illustration below). There is an additional fee of 1% charged to the bank account on file.

It's just that simple! You can get QuickBooks Instant Payment Deposits Saturdays, Sundays, and Holidays1.

Here is an official Intuit website where you can watch a Video of the QuickBooks Instant Payments Deposits feature.

What's the scoop?

Pros: It’s your money right away. There really is no-waiting. The money is deposited into your account the same day. For clients who have a rough week before payroll, this is a great option. QuickBooks Instant Payment Deposits also means clients are not tempted to take out a small loan for payroll or vendor payments.

Cons: You get a little less of your money for the convenience, but it’s still cheaper than a loan.

Want to here more about this, and other recent QuickBooks features, then join Murph and Liz for QB Talks on Jan 22, 2020 at 2 pm EST, you can REGISTER HERE, or you can find out about all the topics we will be covering during our QBO Quarterly Update.

Disclosures:

1 - Per Intuit's official disclosures, "Deposits may take up to 30 minutes and are subject to 3rd-party delays". When considering this offering/feature you should read all related 'official Intuit Intuit terms, conditions and disclosures'. Insightful Accountant is not responsible for any alteration or changes in any terms or conditions of any offering made by Intuit in connection with the services or feature offered that is the subject of this article, nor any representation made in connection with disclosures or representations of said feature or services by Intuit.