Cash flow is often a concern for small business merchants. This is even more true during the coronavirus pandemic. The cash-flow gap is real, and many owners haven’t found success in accessing government loans and grants to stay afloat.
We at Clover want to help support our merchants in every way we can, so we’ve waived the fees associated with Clover Rapid Deposit through the end of May. Read on to learn more about Clover Rapid Deposit and see if it might help you navigate these difficult waters.
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.
We’d like to emphasize that Rapid Deposit is not a loan. There is nothing to pay back or worry about. It’s your money, and Rapid Deposit simply lets you use it faster.
Clover Rapid Deposit is available 24 hours a day, 7 days a week, so you can access your money on weekends and even holidays. You can’t always control when your bills come due or when you need to buy more supplies.
You can access Clover Rapid Deposit on any of your Clover 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 Rapid Deposit. Then, you can choose the amount you’d like to access immediately. For your security, the system will send you a one-time confirmation code. Once the security check is complete, your funds will be ready for you in your linked account!
We’re also introducing a new feature—scheduling. Now you can set up a Rapid Deposit schedule on the date and time that works for you. You can even set up recurring deposits if you like, which helps you bridge the gap in these difficult times. Consider maximizing your funds by scheduling your Clover Rapid Deposit daily, just prior to your close of business.
There are a few limitations to this service. If you’re using Clover Capital, you won’t be eligible for Rapid Deposit until your loan is repaid. Pass-through transactions (like American Express or Discover) aren’t eligible either.
Now is the perfect time to try Clover Rapid Deposit. Usually, Rapid Deposit transactions carry a 1% fee. For example, if you transferred $1,000, you’d get $990.
For the month of May, however, we are waiving this fee for all merchants. If you transfer $1,000, you get $1,000. It’s as simple as that.
We recognize that waiving this fee doesn’t solve all of your problems right now. Your challenges are real, and we want to support you as best as we can. So every little step we can take to help you, we are more than happy to do so. We encourage you to take advantage of this offer, since there’s no risk to you or your business.
For more information on how to navigate the COVID-19 crisis, check out these web pages on financial relief, business preparedness, and our general merchant resources.
* The Clover Rapid Deposit fee waiver is valid through May 31, 2020. No fees will be charged and no references to Clover Rapid Deposit will appear on your statement for any Clover Rapid Deposit usage or activity through May 31, 2020. Normal processing fees continue to apply subject to other applicable waivers. Clover Rapid Deposit fees will resume on June 1, 2020.
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