Instant Payouts is a feature available to Bonsai Payments users that allows money to arrive in your account within an hour (and often within minutes) of the client paying!
How Enable Instant Payouts
👉 Note: Instant Payouts are available for users on Bonsai Payments only. If you'd like to be eligible for Instant Payouts, your first step is to enable Bonsai Payments! If that's not already the case, this can be done by clicking on "Edit Payment Methods" in the Invoices page.
If Bonsai Payments is already enabled on your account, Instant Payout schedule will be available for your account as soon as you're on the Standard Payout Schedule (depending on an established good history of payment processing with Bonsai Payments.)
1. Update Your Payout Schedule
Instant Payouts is available to select users who have a history of good payments on Bonsai. To check if you're eligible, go to Balance.
If you are eligible, you will be able to select Instant Payouts as an option:
2. Add a Debit Card
You will also need to add a debit card as your Payout Account since Instant Payouts are not supported by bank accounts.
Note: you will first need to add a bank account as a Payout Account before you are allowed to add a debit card.
That's it! Your next payment will arrive on your debit card in minutes!
👉 Note: Instant Payouts will only work for future payouts.
Any payments made prior to enabling Instant Payouts will be deposited on the Standard Payout Schedule.
Frequently Asked Questions About Instant Payouts
How can I become eligible for Instant Payouts?
Process payments through Bonsai Payments!
Instant Payout eligibility is determined automatically based on your processing history with Bonsai Payments. The more payments you have over a period of time, the more likely you are to qualify.
Can I turn Instant Payouts on or off at any time?
Absolutely!
Once you're eligible you can turn Instant Payouts on or off from your payments tab.
Is Instant Payouts available in combination with Bonsai business banking as a payout account?
Not yet, but we are working towards making this available.
Is Instant Payments available for Stripe Payments or Paypal?
No.
Instant Payouts is an exclusive feature only available to Bonsai Payments users.
What does Instant Payouts cost?
1.5% of the payout amount.
eg. Your original payment amount was $100.
The regular processing fees are calculated at a rate of 2.9% + $0.30, so this payout amount would be $96.80.
If this payment was then on an Instant Payout Schedule there would be an additional 1.5% calculated against the $96.80 and you would receive a deposit amount of $95.35.
Is there a limit on Instant Payouts?
Yes.
There is a daily limit of $9,999 on Instant payouts.
Does Instant Payouts work with ACH payments?
No.
At the moment, Instant Payouts is only available for credit card payments, but we're working on expanding the availability to ACH payments soon!
Does Instant Payouts work outside the US?
No.
Instant Payouts are available in the US only, but we're working on supporting other countries as soon as possible!
I was paid yesterday and turned on Instant Payouts today. Will I get my money in an hour?
No.
Instant Payouts will only impact payments made after the feature is enabled.
eg. Let's say a client makes a credit card payment on Day 1 and you enable Instant Payouts on Day 2, then another client pays you on Day 3. Only the payment on Day 3 will work with Instant Payouts. The payment on Day 1 will still be on a Standard Payout Schedule.