This feature is only available to users in USA using Bonsai Payments for payments that were made via debit/credit card. Instant Payouts are not available for payments made via ACH (bank transfer).
With Instant Payouts, Bonsai users can enjoy the rush of having payments deposited into their accounts lightning-fast – typically within an hour and, in many cases, mere minutes, after the client pays.
If Bonsai Payments is already enabled on your account and you have been processing payments using the Standard Payout schedule for some time, then you will automatically unlock the ability to use Instant Payout schedules on your account. This would be dependent on an established good history of payment processing utilizing Bonsai Payments — more details on that here.
How to enable Instant Payouts if it is unlocked
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 Payments and click on "Manage Payouts", as pictured below:
If you are eligible, you will be able to select Instant Payouts as an option:
2. Add a compatible payout method
You'll need to add a payment method compatible with Instant Payouts:
Previously, a debit card was required, but we’ve expanded our horizons! Now, selected bank accounts are also eligible for Instant Payouts. To see if your bank qualifies, visit Stripe's list of supported banks.
Instant Payouts are also available use with Bonsai business banking, offering you another convenient way to receive funds. Find out more about Bonsai's business banking solution and how to activate it.
Heads up: For initial setup, you must have a bank account linked before adding a debit card. After that, sit back and watch the payments roll in!
That's it! Your next payment will arrive on your debit card or bank account in minutes.
Instant Payouts will only work for future payouts. Past payments will stick to the Standard Payout Schedule, but moving forward, any new payments will be eligible for the Instant experience.
Frequently asked questions about Instant Payouts
How can I become eligible for Instant Payouts?
Keep using Bonsai Payments. Eligibility is automated, based on your payment history with us. The more you use it, the quicker you'll have access.
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?
Absolutely! Find out more about Bonsai's business banking solution and how to activate it.
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. This means if your original payout amount was $100, then the fee for Instant Payout would be $1.50 plus additional processing fees by Bonsai Payments. More information about our fee structures can be found here.
Is there a limit on Instant Payouts?
Yes. There is a daily limit of $9,999.00 on Instant Payouts.
Does Instant Payouts work with ACH payments?
No.At the moment, Instant Payouts is only available for debit/credit card payments, at this time.
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. This means that once it is enabled, most future payouts will be available instantly.