What is Clover Rapid Deposit?
Clover Rapid Deposit is a financial service provided by Clover. It is not financing for the Clover equipment. It is funding for the business needs of the merchant. It is an advance on your credit card deposits. Credit card transactions don’t hit bank accounts on the weekends. Some processors do not deposit the next day but a couple of days after the batch closes. Clover deposit allows you to access your money faster! Maybe you need it for payroll Monday morning. Or perhaps you want to take advantage of a great buy on some supplies. Clover deposit helps you manage cash flow.
Clover has given merchants easy access to funds from them at the click of a button on your Clover device or through your Clover dashboard. You receive the advance on your credit card receivables in minutes!
So how does it work, you ask? The setup is a breeze. Launching your Rapid Deposit will require you to link your Clover merchant account to a Visa or MasterCard business debit card. You will always be able to view how much funds you have available for Rapid Deposit. You can choose any amount you wish from the funds available. The system sends you a one-time confirmation code to verify. When the security check is complete, the funds requested are available immediately on your business debit card. You can even schedule advances with recurring deposits.
So, how much does it cost to get this cash advance from Clover? It costs 1.5%. So, if you want to advance yourself $1000, you receive $985 on your debit card.
You can schedule advances with recurring deposits. Or you may choose to use it only occasionally. Either way, having cash readily available if and when you need it is a great advantage. Rapid Advance is a great added benefit to an already impressive POS system! Contact us to discuss getting a Clover system for your business!
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