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Clover Rapid Deposit

Clover Rapid Deposit

Cash flow is often a concern for small business owners, especially now with a worldwide pandemic. The cash-flow gap is real, and many owners haven’t found success in accessing government loans and grants to stay afloat.

Clover POS small business owners can now enjoy access to their funds faster at no extra cost.

Clover Rapid Deposit allows you to access your funds faster.

This service provides you faster access to the funds generated by your credit/debit card transactions. With different processors, funds can take up to 72 hours to reach your account. When you have an account with TekkPay and our partners, your funds are deposited in your checking account within 24 hours/next business day. Adding Rapid Deposit, allows you to access your funds at any time and day of the week 24/7.

How does it work?

First and foremost, you must have a merchant /credit card processing account with TekkPay. You can access Clover Rapid Deposit on any of your Clover devices or through your web dashboard. Setup is easy. All you need to do is link a Visa or Mastercard debit card through your Clove dashboard. The dashboard/control panel is where you access info about your clover POS devices to make changes, add products, and customize apps.

Once you link your debit card to your Clover account, you’ll be able to see how much of your funds are available for Rapid Deposit. You can cash all funds available or a smaller amount. For your security, the system will send you a one-time confirmation code. Once the security check is complete, your funds will be ready for you in your linked account!

We’re also introducing a new feature called scheduling. Now you can set up a Rapid Deposit schedule on the date and time that works for you. You can even set up recurring deposits if you like, which helps you bridge the gap in these difficult times. 

There are a few limitations to this service. If you’re using Clover Capital, you won’t be eligible for Rapid Deposit until you pay your loan in full. Pass-through transactions (like American Express or Discover) are unavailable with Rapid Deposit.

No fees in May* and possibly June

Now is the perfect time to try Clover Rapid Deposit. Usually, Rapid Deposit transactions carry a 1% fee. For example, if you transferred $1,000, you’d get $990.

For the month of May, however, we are waiving this fee for all merchants. If you transfer $1,000, you get $1,000. It’s as simple as that. We understand that this won’t solve all your problems, but we at TekkPay and our partners are doing everything we can to minimize the impact this pandemic caused on all of our clients. 

For more information on how to navigate the COVID-19 crisis, check out these web pages on financial reliefbusiness preparedness, and our general merchant resources.

The Clover Rapid Deposit fee waiver is valid through May 31, 2020. No fees will be charged, and no references to Clover Rapid Deposit will appear on your statement for any Clover Rapid Deposit usage or activity through May 31, 2020. Standard processing fees continue to apply subject to other applicable waivers. Clover Rapid Deposit fees will resume on June 1, 2020. Stay tuned for possible changes to this cut off date.