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.
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.
How does it 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 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!
You can also 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 can help you bridge the gap when funds are tight. 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.
Rapid Deposit transactions carry a 1.5% fee. For example, if you transferred $1,000, you’d get $985.
To learn more about this feature, contact a Clover Business Consultant today.