In February 2019, QuickBooks Online rolled out next day ACH (bank transfer) payments. You will no longer have to wait two to five days for your money just because someone chooses “debit” instead of “credit.” Earlier access to your money makes it easier for you to concentrate on what you do best – your business.
The rollout will not happen all at once. QuickBooks Online customers will receive their invitations by email over the course of 2019. How long before you receive your invitation depends on such factors as processing activity and history. After you are notified, acceptance is as easy as 1-2-3:
1. Select the gear icon
2. Select Account and Settings, then Payments
3. Click “Upgrade”
QuickBooks charges a fee of 1% of the transaction, topped at $10. If you lose the invitational email, your eligibility will remain inside of the payment screen. If you think you’ve missed the invitational email but are sure you would have received it, then under that same payment screen, look at your “Deposit Speed.” If you see “Upgrade”– there it is. If not, be patient, it will be coming to you.
New accounts don’t have this option yet, but it will be coming soon. Also, if you would like to maintain your current deposit rate, you will not be penalized. You are not required to accept the invitation.
Credit card payments will be unaffected, as they are already next day. There is also no additional fee from QuickBooks for next day credit card payment service.
Written by: Steve Arnold, Certirfied Quickbooks Online ProAdvisor