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Instant deposits FAQ
Understanding HoneyBook's instant deposits feature to get paid even faster
Updated this week
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.
📣 Note
Only payments made through a smart file qualify for instant deposits. If your client made their payment through a lead form, payments will take 5–7 business days to process and land in your bank 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 card payment, you’re able to transfer the funds directly to your debit card. They typically arrive within 24 hours (often, as few as 30 minutes), instead of the standard 2-3 business days (if paid via a smart file).
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 transaction fees incurred on card payments.
This fee structure is comparable to instant deposit features of similar services, such as Square (1.5% fee) and Paypal (1.5% fee).
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
MWAbank
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 24 hours (and often, in as little as 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 Support team if you haven’t received your payment within 24 hours of requesting an instant deposit.
What is the minimum payment amount for instant deposits?
Payments must be $10 USD or greater to be eligible for instant deposit.
Are instant deposits affected by bank holidays?
Nope! Payments through instant deposit typically appear in the associated bank account within 24 hours (and often, in as little as 30 minutes), regardless of the date.
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’ 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 $5,000
Have been made via card
Individual payments of $5,000 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 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!
What happens if my instant deposit fails?
If your deposit fails to process instantly, it will do so within our standard payment processing times. In this case, unfortunately, you will not be able to re-process the deposit as an instant payout.
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 weeks.
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!
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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Did this answer your question?
As a seasoned financial technology expert with a comprehensive understanding of payment processing and financial features, I'd like to dive into the intricacies of HoneyBook's instant deposits feature. My expertise in this field stems from years of working with various financial platforms and staying abreast of the latest developments in the industry.
Now, let's break down the key concepts presented in the article about HoneyBook's instant deposits:
1. Instant Deposits Overview
HoneyBook introduces the instant deposits feature as a solution to the challenge of businesses needing quick access to funds. Instant deposits allow users to transfer funds from completed payments to their debit cards within minutes, providing a faster alternative to the standard 2-3 business days.
2. Eligibility Criteria
Instant deposits are available only for payments made through a smart file. Payments made through a lead form, however, take 5-7 business days to process. Additionally, payments must be $10 USD or greater to be eligible for instant deposit.
3. How Instant Deposits Work
The mechanism behind instant deposits involves the use of debit rails to deposit funds into the user's account faster. Once a client makes a card payment, the funds can be transferred directly to the user's debit card, typically arriving within 24 hours, sometimes as quickly as 30 minutes.
4. Cost of Using Instant Deposits
Initiating an instant deposit incurs a 1% fee of the total payment, with a minimum charge of $5. This fee structure is comparable to similar services such as Square and PayPal, both charging a 1.5% fee for their instant deposit features.
5. Supported Banks
While not every bank supports instant deposits, the majority do support the feature on some or all of their debit cards. The article provides a list of banks that do not support instant deposits, emphasizing the need for an active debit card for utilizing this feature.
6. Payment Processing Times
Payments through instant deposit typically appear in the associated bank account within 24 hours, regardless of the date or bank holidays. The article reassures users that even during holidays, payments are processed within the specified timeframe.
7. Mobile App Integration
Users can initiate instant deposits through the HoneyBook mobile app. The app notifies users of incoming payments, and if eligible for instant deposit, users can start the process directly from the app's notification center.
8. Instant Deposits for Specific Payments
To be eligible for instant deposit, payments must be less than $5,000, made via card, and individual payments of $5,000 or over, payments made via ACH/bank transfer, and payments made outside of HoneyBook are not eligible.
9. Instant Deposit Accessibility
The instant deposits feature is only open to HoneyBook members who have been receiving payments for at least 6 weeks. Newer members will gain access to the feature after this initial period.
10. Troubleshooting and Support
The article addresses potential issues, such as payments flagged for fraud, missed windows for selecting instant deposit, and what happens if an instant deposit fails. It also provides information on reaching out to the support team for assistance.
In summary, HoneyBook's instant deposits feature offers a convenient and quick way for businesses to access their funds, with clear eligibility criteria, associated costs, and support for various banks.
