Instant Deposit and Fast Transfer options are both available for expediting the payment delivery time. These features are currently available for clients located in the US, sending/receiving domestic payments within the US.
We have now increased the limit that can be transferred when the sender or the receiver opts to use any of these 2 options.
- The maximum amount that can be received using the Instant Deposit option has now been updated to $50,000 USD.
- The maximum amount that can be expedited using the Fast Transfer option (formerly known as Faster ACH) has now been updated to $100,000 USD.
How much is the current fee for these payments?
- The fee for processing Instant Deposit payments is 1% (with a minimum of $1.50) of the total amount being transferred.
- The cost of Fast Transfer payments is 0.5% of the total amount being transferred
How long does it take to process these payments?
- Instant deposit payments are usually processed in 1-3 hours after being verified.
- Fast transfer payments are usually processed in 1 business day after being verified.
When will these features be live?
The change is live as of Wednesday, October 6th, 2022.
How do these features work?
- The instant deposit option can be used when the receiving account set is an active debit card.
- Fast Transfer can be used when the payer and receiver's funding method is the bank account. The sender will see an option for “Fast Transfer” in the funding method carousel for an additional fee. Standard ACH payments are still available at no cost.
How do I set up these features?
- Click here to learn how you can set up an instant deposit on your Veem account.
- Click here to learn how to set up Fast Transfer.
How can I disable these features?
- To disable the Instant Deposit, simply change the default receiving account from the debit card to your bank account. To change the account you automatically receive payments to, please navigate to: - Settings > Get Paid > Defaults > Default receiving account > **update this to your preferred receiving method.
- Click here to learn how you can disable the Fast Transfer option.
Need more help? You can chat or call our Customer Success team here.