Instant Deposit FAQ

What is "Instant Deposit?"

Instant Deposit is a product offering for qualified customers that allows the Admin to choose to pay their workers immediately (money appears within a minute of payment approval, 24 hours a day, 7 days a week) using the Visa and Mastercard debit card network at an additional fee in a one-time, ad-hoc payment. 

How do I qualify?

To see if you qualify, contact support@everee.com. 

How does it work?

Once qualified, Everee Support will work with you to get the new product offering enabled on your account. Once enabled, your workers will receive an email asking them to add a Visa or Mastercard debit card to their payment methods.

When creating a one-time payment, you will see Instant deposit to debit card as an option. Select that and add your payments. When you approve the payment, workers with debit cards on file will have funds available in the associated debit card account within minutes. Anyone in the payment run that did not have a debit card on file will default to ACH and will be paid in the next ACH window per usual. They will also receive an email notifying them you tried to pay them immediately but they did not have a card on file and should add one to take advantage of the benefit next time.

Instant Deposit works 24/7, including weekends and holidays. 

*Utilizing instant deposit as a payment method comes at an additional fee to the client (not the worker). For more information, contact support@everee.com.

How much does it cost?

The company will be charged an additional $1 per line item fee to cover the additional processing costs only. So, if you have 50 line items in your one-time payment, you will be charged the regular cost of your ACH processing + $50. 

Does Instant Deposit work for payroll?

You cannot use it to pay any payroll payments. However, Instant Deposit can be selected as your payment method for W-2 and 1099 workers in a one-time payment.

Is there a limit to how much I can process using Instant Deposit?

Yes. During the qualification and feature onboarding process, Everee will work with you to set a limit as to how much money you can pay using Instant Deposit during a pay period. Everee will notify you via email when you are within 85% of that limit and when you have reached it so you can plan accordingly. We will also notify you while creating a payment if that payment is going to exceed your funding limit.