Veem payers can now expedite ACH payments with the new Fast Transfer option–speeding the payment delivery time from three (3) business days to one (1). When funding payments with your bank account, using ACH, you 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.
Read through the frequently asked questions (FAQ) below for more information.
When will this feature be live?
The change is live as of Thursday, April 25th, 2022.
How much is the fee for Fast Transfer Payments?
The cost of fast transfer payments will be 0.5% of the total amount being transferred.
Is standard ACH functionality impacted?
Standard ACH still remains a free domestic payment option for U.S. customers. The payment delivery timing will change slightly to approximately three (3) business days. This change of timing aligns with industry best practices in order to reduce risk and fraud.
How will this affect my current payments?
Some ACH payments already scheduled will be affected on the rollout day and will take an additional day to receive. The following payments are affected:
- Any applicable payment that is created on the day the Fast Transfer roll out is affected.
- Any applicable payment that is created and in the process of transferring from the payer bank account to Veem. The tracker status will read: Transfer from your bank account to Veem initiated
How do I select Fast Transfer Payments?
Click here to learn how to set up Fast Transfer.
Is there a maximum on the total amount being transferred?
The maximum amount that can be expedited is $100,000 USD.
What's the Timeline for the payment to arrive when expediting?
Payments will arrive within (1) business day.
When can a payer use the Fast Transfer option?
The option will be available if all of the following apply:
- Domestic payments: Sending payments within the USA.
- Sending account: Sending payments using the bank as the payment method.
- Payment amount: Sending amount is $50,000 USD or less.
- Receiver account: The payee is receiving the payment into the bank.
Why the option to send payment in 1 day - Fast Transfer- is greyed out?
The Fast Transfer option may be unavailable or grayed out for any of the following reasons:
- Payment amount is over $50,000 USD.
- The payee is not located in the USA.
- The payee default receiving method is not set to bank.
- The payer and/or payee's account is pending verification.
Can I use Fast Transfer for international payments?
At this time, this option is only available for domestic payments within the USA.
Can I Send standard ACH payments?
Customers can still use standard ACH for free. It will take about 3 business days to receive the payment.
What are the other payment options Veem Offers?
Click here to learn more about Veem's payment options.
For more information, concerns, or inquiries, please reach out to client services.