Invoice2go is expanding its online payment options to provide an easy, effortless, and secure connection with your existing Invoice2go account with the introduction of Invoice2go Money Banking.
General
What is Invoice2go Money Banking?
Invoice2go Money Banking is a new feature that lets your clients pay by secure online bank transfer. Built with small businesses in mind to provide our customers an additional way to get paid faster, safer, and more securely.
In addition to best in class customer support, Invoice2go Money Banking offers customers:
- Safe and “branchless” banking
- No monthly bank fees
- No hidden fees
- No minimum balances
- Faster payment processing
- Effortless admin - Payments are auto-matched to invoices and estimates
Invoice2go Money Bank Accounts are provided by Blue Ridge Bank, and deposits are FDIC-insured through Blue Ridge Bank; Member FDIC.
Are there any fees associated with an Invoice2go Money Bank Account?
Currently, there are no transaction fees related to use of our banking services, including:
- Bank management services
- Invoice2go ACH Payments
- Transferring money to/from Invoice2go to an external account
Onboarding
What information do I need to provide when applying for an Invoice2go Money account?
At a minimum, we require the following pieces of information:
Key details about your business:
- Business type
- Business registration number (EIN)
- Contact details
- Date and State of incorporation
Key details about you:
- Full name
- Address & contact details
- SMS text capable phone number
- SSN
- Residency status
In some cases, we will need to conduct additional identity verification where we may ask for:
- Photo of your passport, driver's license, or government-issued ID
- Proof of address, such as:
- Utility bill (Gas, Electric, Telephone, Cable, etc.)
- Pay Stub
- Lease Agreement
- Vehicle Registration Card
- Voter’s Registration Card
- Mortgage Statement
- Bank Statement
- Proof of external bank account ownership, such as a bank statement
Why does Invoice2go Money Banking require so much sensitive data to apply for an account?
Federal law requires Invoice2go Money Banking and other financial institutions to put Customer Identification Programs in place to identify and verify the identity of our customers to prevent abuses of consumer financial information and with the overall purpose of reducing the risk of money laundering and financial fraud. This is known as Know Your Customer (KYC) and Know Your Business (KYB).
In some situations, the information you provide during your application process may require additional verification to ensure the details provided are accurate.
Why do I need to connect my bank with Invoice2go Money Banking?
If connected, all ACH payments will be automatically disbursed into your verified and selected bank account to allow access to the funds collected from ACH payments.
Additionally, you will have the option of manually requesting a payout transfer rather than funds automatically being transferred to your nominated bank account.
About 10% of US banks are not covered through Plaid. If you don't see your bank listed, check out this article.
What or Who is Plaid?
Invoice2go Money Banking partners with Plaid to provide a way for you to seamlessly link your bank accounts for over 3,000 different financial services while maintaining total security and control using a secure API that helps us communicate between our platform and our users banks.
This allows your customers to authorize ACH payments via our client portal and allows them to be able to make payments to you with a connected and verified ACH account.
Plaid also allows you to connect and verify your bank account with Invoice2go Money Banking. Doing so enables the automatic transfer of any new ACH payments.
These are some other organizations that use Plaid:
- Venmo
- Coinbase
- Robinhood
- Expensify
- Stripe
For more information, you can check out their website here: https://plaid.com/what-is-plaid/.
About 10% of US banks are not covered through Plaid. If you don't see your bank listed, check out this article.
Transactions
Does Invoice2go Money Banking support multiple currencies?
Currently, Invoice2go Money Banking only supports USD.
How long does it take for transactions to be processed?
ACH Transfers (Debits)
Typically most ACH transactions (when clients pay you) will take 3 business days to process.
For eligible customers, ACH transfers will be processed and deposited next-day (see cut-off times below).
ACH Transfers (Credits)
If you have auto-transfers i.e. payouts, enabled then transactions will typically take 1-2 business days to process. The same applies to manual transfers from your Invoice2go Money Bank account to your linked external bank account.
ACH Transfers
Once payouts are processed by Invoice2go, ACH transfer funds availability is determined by your external bank and their deposit timelines.
Please note: all ACH transactions have a cut-off time of 3 PM Eastern Standard time. Any transactions made after this time will be processed the following business day and will follow the timing schedule above. Transfers are not processed on weekends and bank holidays.
Direct Deposit into your Invoice2go Money Bank account:
Your direct deposit will be posted to your Invoice2go Money Bank account as soon as it is received from your employer or payer and processed by Invoice2go Money Banking. If you have questions about the timing of your direct deposit, please contact your employer or payer.
Bank transfers from an external account to your Invoice2go Money Bank account:
These deposits are typically received within 3 (three) to 5 (five) business days from the date the transfer was initiated by the external bank. Once the funds are processed by Invoice2go Money Banking and are applied to your Invoice2go Money Bank account, they will have same-day availability. Refer to the external bank for more information on their transfer time frames.
What are my transfer limits?
Transfer limits are determined by a number of factors such as if your account is in good standing and general account activity as well as other factors associated with your account.
As such the limits between different customers may vary.
ACH transfers
Invoice2go Money Banking originated ACH debits (Payments made on the Client Portal):
-
Daily range: Up to $1000 to $10,000 USD
-
Monthly range: Up to $5000 to $50,000 USD
Invoice2go Money Banking originated ACH credits (Auto-transfers and manual transfers)
-
Daily range: Up to $1000 to $10,000 USD
-
Monthly range: Up to $5000 to $50,000 USD
Debit Card transaction limits
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Purchases (online, in-store): Up to $2,500 to $10,000 USD daily
-
ATM deposits: Up to $2000 daily
-
ATM withdrawals: Up to $250 to $2000 daily
How do auto-transfers work?
For accounts that have been verified via Plaid, Invoice2go Money Banking will automatically attempt to push new ACH payments into your selected bank account after 3 p.m. EST each business day.
Please note, if you activate an Invoice2go Money Banking debit card, auto-transfers will be disabled and will need to be manually enabled should you wish to have auto-transfers on your account.