Clover Rapid Deposit: Get your money instantly

In fact, cash flow is one of the biggest pain points for small businesses–45% of U.S. small business owners say they’ve sacrificed their own paychecks to cover cash flow shortages. No matter how well you plan, you can always end up in a pinch. Even when you have a great sales day, it takes days for that money to appear in your bank account.

Clover is here to help. Clover’s Rapid Deposit works like a cash advance to transfer funds from your sales into your bank account in minutes–not days. This service is available 24 hours a day, seven days a week (even on holidays). And, you can access it right from your Clover device or Clover Web Dashboard, so the money will be there when you need it.

Read on to learn more about Clover Rapid Deposit and see if it might help you get the cash you need, when you need it.

Clover Rapid Deposit lets you access your money faster

Clover Rapid Deposit is a service that provides faster access to the funds generated by your sales transactions. Usually, it takes days for those funds to appear in your bank account, but with Rapid Deposit, you can access your money in minutes. It’s one step closer to getting instant money from real-time payments. 

Rapid Deposit is not a loan. And, while there is a 1.5% fee on transferred money, there’s nothing to pay back and no interest that’s accruing. It’s your money. Rapid Deposit simply lets you use it faster.

How real merchants use Clover Rapid Deposit

It doesn’t matter whether you run a restaurant or a retail location–at some point, virtually every business owner runs into a cash flow hiccup. At times like these, merchants can turn to Clover Rapid Deposit to get a cash advance that tides them over. 

Erin Ellis, co-owner of The Walk In and The Neon Croissant, used Clover Rapid Deposit to help get her businesses off the ground. “When you’re opening a new business, you’re dependent on that money coming in to pay for your orders and all the other things you have to pay for. So not sitting around waiting for that money to be deposited into your account is really nice,” she told Clover.

Even thriving restaurants can benefit from the Rapid Deposit’s instant transfer capability. “One of the beauties—and limitations—in my restaurant is the variety of ingredients we offer. We can’t afford to run out of any of our specialty ingredients—whether we have a lot of cash in the bank at that moment or not,” said Carlos Ortez, owner of Un Solo Sol. “So, if cash is low, we can deposit the day’s earnings using Rapid Deposit. The cash is available in our account that same day. It helps us avoid overdraft penalties, keep cash flowing, and stock the ingredients we need.” 

Many merchants used Clover Rapid Deposit to overcome challenges caused by the pandemic. At The Pupper Club, owner Eileen Colavita used Rapid Deposit to smooth out her cash flow and get paid instantly. “When business is up and down, some days are good, but some days we’ve had to completely close because of all the things that are going on. Having access to money, and being able to drop into my account immediately is huge,” she said. 

“If we come in and have a customer buy a package for $1,200, I can dump that into my account and have access immediately rather than having to wait two days until it’s available. It’s an amazing feature.”

How does Clover Rapid Deposit work?

You can access Clover Rapid Deposit on any of your Clover POS devices or through your Dashboard. Setup is a breeze. When you first launch Rapid Deposit, you’ll be asked to link a Visa or Mastercard business debit card to your Clover account.

Once your card is linked to your Clover account, you’ll be able to see how much of your funds are available for Clover Rapid Deposit. Then, you can choose the amount you’d like to access as a cash advance. For your security, the system will send you a one-time confirmation code. Once the security check is complete, your funds will be ready in your linked account!

You can also set up a Rapid Deposit schedule on the date and time that works for you. You can set up recurring deposits if you like, which can help you improve cash flow management when funds are tight. For example, you could try maximizing your funds by scheduling your Clover Rapid Deposit daily before your close of business.

To learn more about this feature, contact a Clover Business Consultant today.

Editorial Team

Biz ops, Clover app partners, Money management, Payments & processing, SMB

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