Instant Transfer is a feature that allows you to choose to access your funds immediately when your eligible customer pays you through Bill.com. Instant Transfer works the same, whether it's after hours, a weekend, or a holiday.
Currently, the Instant Transfer feature is only available to subscription-free Basic Receivables accounts, but we'll soon have it available to use with other account types.
- What's Instant Transfer?
- How much does Instant Transfer cost?
- How do standard ePayments work in Bill.com?
- How's Instant Transfer faster than standard ePayments?
- Which bank accounts are eligible to receive an Instant Transfer?
- Is there a limit to transfer instantly?
- Will I receive an email notification of an Instant transfer?
- When will I see the money in my bank account?
- Which bank account will my money go to?
- Why was my transfer amount less than the payment I expected?
- What happens to my deposit and fee if my Instant Transfer failed?
- What happens to my deposit and fee if I get an Instant Transfer error?
- Can I track the Instant Transfer status?
- Can I set up automatic Instant Transfer payments?
- Can I cancel an Instant Transfer payment after I’ve requested it?
- Will I still get my payment if I don't choose Instant Transfer?
- Is Instant Transfer available to my employees?
What's Instant Transfer?
Instant Transfer is a feature that allows you to receive payments via your bank account or debit card in minutes, rather than the standard delivery time of 2–4 business days.
How much does Instant Transfer cost?
When you choose Instant Transfer, you only pay 1% of the transfer amount.
How do standard ePayments work in Bill.com?
We debit the sender’s bank via Automated Clearing House (ACH), a secure network for clearing electronic payments between banks. To help reduce the risk of returns, the funds for the debit are made available in 2–4 business days. This allows enough time for Bill.com to be notified of any ACH returns.
Once the funds are available, we’ll start the credit via ACH to the receiver. ACH only runs on banking business days and isn't available on weekends or holidays.
How's Instant Transfer faster than standard ePayments?
Instant Transfer is processed through different networks than standard delivery, so that money can reach your bank account or debit card quicker.
To track invoices and payments in real time, download our mobile app from the iTunes App Store or Google Play Store.
Which bank accounts are eligible to receive an Instant Transfer?
Most major US banks (e.g Bank of America, Chase, Citibank, HSBC, PNC Bank, US Bank, and Wells Fargo Bank) accept Instant Transfers to checking and savings accounts. In some instances, eligible bank accounts can receive Instant Transfers by adding a debit card.
One important thing to note–some payment types are still ineligible for Instant Transfer, even if the bank account is eligible.
Is there a limit to transfer instantly?
You can instantly transfer up to $ 100,000 per transaction for eligible bank accounts and up to $ 10,000 per transaction for debit cards. Please contact Customer Support by selecting Contact Us at the top of this page for additional questions.
Will I receive an email notification of an Instant transfer?
Payment notifications will go to the user who is the administrator/bank-authorized user when you activate Instant Transfer. Administrators and bank-authorized users will receive notifications when an Instant Transfer deposits to their account.
When will I see the money in my bank account?
Payments typically process in seconds and could take up to 10 minutes to appear in your bank account. Your bank may take additional time to process the Instant Transfer on their end, so funds may not immediately be available.
Which bank account will my money go to?
We deposit your funds to the primary bank account that you set up with your Bill.com account. If your bank account is ineligible to receive an Instant Transfer, add a debit card to your payment settings page to transfer money in minutes.
Why was my transfer amount less than the payment I expected?
For the added benefit of 24/7 access to your money, we only charge you a fee of 1% of the transfer amount. This results in a deposit amount that's less than the payment.
What happens to my deposit and fee if my Instant Transfer failed?
Sometimes we'll decline a transfer if we’re unable to connect to your bank. If this happens, we'll deposit your payment via standard delivery at no additional cost.
What happens to my deposit and fee if I get an Instant Transfer error?
Instant Transfer is available until 6 pm of your payment process date. All requests after 6pm will process via standard delivery, and you won’t be charged a fee.
Can I track the Instant Transfer status?
Yes, you can track all your payments, including your Instant Transfer payments, by visiting the payment record in your Bill.com account and checking the payment tracker at the top.
Can I set up automatic Instant Transfer payments?
Yes! If you have an eligible bank account, you can enable auto Instant Transfer.
- Select Settings
- Select Instant Transfer under Your Company
- Toggle Auto Instant Transfer to on, for the bank account where you'd like for us to automatically deposit all eligible Instant Transfer payments.
We'll deposit all future Instant Transfer eligible payments into that account, minus the 1% fee. You can disable auto Instant Transfer using the same steps above, toggling the setting to off.
Can I cancel an Instant Transfer payment after I've requested it?
No, you can’t cancel an Instant Transfer once you’ve requested it.
Will I still get my payment if I don't choose Instant Transfer?
Absolutely! We'll deposit your payment via ACH to your primary bank account on your Bill.com account, using standard delivery options. You won’t be charged the Instant Transfer fee.
Is Instant Transfer available to my employees?
No. Employee accounts aren't eligible for Instant Transfer.