QuickBooks Payments Next Day Funding for ACH Payments

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Get your money fast! Next day funding sounds awesome right!

For users who rely on pending deposits to fund critical expenses like payroll, and are often are teetering on deadlines, this might be a lifesaver.

The technology behind faster payments is faster confirmation of funds. By relying on the verification of funds, payments can be processed faster and at low risk. The fees associated with the ACH deposits are 1% with a max of $10 per transaction.

The ideal candidate for the new plan would be companies who have large deposits, which means the $10 max cost is no big deal. Getting your money faster may be worth the price if you routinely need to get funds fast.

Before you turn on the next day ACH, it’s a good idea to check your current rates and confirm you won’t be losing by switching to the new plan. Once you are in the new plan, you can't go back.

If you are curious what plan you are currently using, you can look at either the Payments screen to view your payment processing time, or view your rates by looking at your merchant service statement.

Turning-on Next Day Funding for ACH Payments

If you are ready to sign up for the new plan follow these steps:

1) Start by clicking the QBO Gear Icon

2) Select Account and Settings

3) Choose Payments 

4) Select Learn More 

5) Click Review Plan

6) To opt in you must be logged in as the Master Admin on the QBO subscription.

7) Choose Sign Me Up and follow the steps.

If you want to compare your current rates with the new plan you can look at the chart below as a base model for QuickBooks Payments. Be aware that there are some special rates so your plan may not actually be listed in this chart.

If you opt into next day ACH, your credit card rates do not change only the bank transfer ACH rates are affected. But remember, you can not go back. Many legacy merchant rates are still in use and you will loss them if you sign up.

Users who don’t mind paying the 1% and need access to their funds faster are going to be relieved there is now a way with QuickBooks Payments.