A longtime client of mine recently reached out asking for advice about QBO Instant Deposits. It seems the client had not only activated Instant Deposits as a test but had unexpectedly set it as the default for processing all sales transaction deposits within their QuickBooks Online. If you're unfamiliar with this 'new' QuickBooks Payments feature let me briefly explain it.
Instant Deposits is an optional add-on setting which grants instant access to deposits processed through QuickBooks Payments. That all sounds great, but be aware that there is a fee of 1% on top of the typical merchant processing fee. This instant access to cash is excellent when you need to avoid a short-term loan to make payroll or meet some other expense deadline, but you may not want to use this feature all of the time.
Since my client had accidentally set Automatic Instant Deposits as the default for processing all of their sales transactions, every one of their deposits had the associated 1% fee drafted pit pf it. My client was wanting to avoid this fee by turning- off Instant Deposits and they were struggling with how they could do so. As a result, they reached out for my help. I must admit turning on the feature is a lot more manageable than turning it off unless you know exactly the steps to take. That's why I want share the steps for turning off Instant Deposits.
How to Turn Off Automatic Instant Deposits
1) Start with the QBO Gear icon
2) Select Account and settings
3) Choose the Payments tab
4) Select Deposit Speed and, click Change
5) Remove the check for all the marked days and leave All the days Off
6) Click the green Save schedule button
7) Done
Once you know the steps, it’s easy.
But here are a couple of additional tips:
- If you do not see the “change” option, you may need to either clear your cache and cookies, or
- If that doesn't work then try using a different browser; while could see the change option, my client who was using Safari couldn't.