Instant Payment Mode for Autobooks users

Autobooks offers a way for small businesses to receive customer payments to their bank account instantly.

Note: Not all customers will qualify for Instant Payment Mode. It is at the discretion of Autobooks to offer this option.

Small businesses traditionally operate on little cash reserves. In order to grow, money taken in from customer payments is immediately applied to purchasing supplies, meeting payroll, and other expenses. In some cases, the business needs access to funds very quickly to meet those needs. Because of this, Autobooks offers an Instant Payment Mode for qualified users.

What is Instant Payment Mode?

Instant Payment Mode (IPM) is a setting the customer can enable to speed up the deposit of their customer's payment to the bank account. When enabled, IPM deposits a customer payment to the business' bank account within seconds (as opposed to waiting up to two business days with our traditional payment processing method).

Payments processed when IPM is enabled are charged an additional 1.5% to the regular processing rate per transaction. IPM can be turned on and off as needed by the primary admin of the Autobooks account.

Autobooks requires the customer to provide account debit card details at setup of IPM. Autobooks uses the debit card information to instantly deposit payments to the bank account, essentially paying the customer before the traditional payment processing is complete.

How does my customer get enabled for Instant Payment Mode?

Only some customers will qualify for IPM once they meet certain criteria. For example, the user must be an Autobooks customer for a certain period of time to mitigate the risk of depositing payments instantly. Customers that meet Autobooks' qualification criteria will be notified that IPM is available for setup. Autobooks will notify the customer via email, as well as directly within our application.

The customer must complete some actions within our application to set up IPM upon qualification, including submitting their account debit card information to facilitate instant payment transfers.

Can the customer use Instant Payment Mode for some expected payments, and not others?

Yes! Instant Payment Mode can be toggled on (or off) as the customer needs it. Within Settings, the Primary Admin will see the Instant Payment tab. A toggle switch allows the admin to enable or disable IPM.

Note: For a payment to be deposited instantly, Instant Payment Mode must be toggled on prior to the end customer initiating their payment. Once the payment has been deposited, the admin can toggle the feature back off (or choose to leave it on).