Instant Deposit is an option for expediting the payment delivery time from three (3) business days to a an hour after being verified. This option is available for clients located in the US receiving domestic payments within the US.
In order for Veem to continue processing instant deposit payments on the current timeline, we have removed the cap on our fees for this feature.
How much is the current fee for Instant Deposit Payments?
The fees for processing these payments will be 1% of the total amount being transferred.
When will this feature be live?
The change is live as of Thursday, September 9th, 2022.
How does this feature work?
This option can be used when the receiving account set is an active debit card.
How do I set up Instant Deposit?
Click here to learn how you can set up an instant deposit on your Veem account.
Are these payments processed in real-time?
Payments processed to debit cards and Veem wallets are real-time payments.
Is there a maximum on the total amount being transferred?
The maximum amount that can be expedited is $5,000 USD. More updates coming soon for the maximum limit.
How can I disable this feature?
To disable this feature, 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.
Need more help? You can chat or call our Customer Success team here.