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.