When your business experiences a record-breaking day of sales, waiting for the funds to hit your bank account can be nerve-wracking. Quick access to funds is crucial for maintaining a healthy cash flow.
For businesses seeking fast payment solutions, the top credit card companies offer free next-day deposits and even same-day deposit options. Here are some top picks for businesses looking for quick and convenient payment processing:
Square: Best for most brick-and-mortar businesses
Square is a reliable choice for businesses with physical storefronts that require an affordable POS system. Square offers next-business-day deposits as a standard feature, with the option for same-day transfers available for a 1.75% fee. It’s a cost-effective and easy-to-use solution that caters to various industries like food, retail, and service-based businesses.
Pros:
- Free next-business-day deposits
- Same-day transfers available for a fee
- No long-term contracts or termination fees
Cons:
- Complex industries may prefer more specialized systems
Finix: Best for larger small businesses
Finix caters to larger small businesses processing over $5,000 monthly. It offers free next-day deposits and same-day deposit options for an additional fee. Unlike flat processing rates, Finix charges a monthly fee for lower interchange-plus rates, making it a cost-effective choice for high-volume businesses.
Pros:
- Same-day transfers available for an extra fee
- Subscription model can save money for high-volume businesses
- No long-term contracts or termination fees
Cons:
- Limited POS hardware options
- No direct accounting software integrations
Chase Payment Solutions: Best built-in banking partner
Chase Payment Solutions offers free same-day deposits for businesses using a Chase business checking account. Deposits are available on weekdays for transactions processed before 10 p.m. ET. It’s a convenient option for businesses looking to streamline their banking and payment processes.
Pros:
- Free next- and same-day deposits with a Chase business checking account
- Using your bank for processing makes deposits more convenient
- No long-term contracts or early termination fees
Cons:
- Chase Business Complete Checking Account has a $15 monthly service fee under certain conditions
Payanywhere: Best for tracking customer reviews
Payanywhere is ideal for businesses looking to manage customer reviews effectively. It offers free next- and same-day deposits, with a cutoff time of 10 p.m. ET for next-day deposits and 10:30 a.m. ET for same-day deposits. Businesses can connect Payanywhere to their Google Business Profile for easy review management.
Pros:
- Free next- and same-day deposits
- Easy review management for businesses
- Free POS software plan for mobile reader
Cons:
- Same-day deposit cutoff time is early at 10:30 a.m. ET
- Lack of shopping cart integrations
QuickBooks Payments: Best for invoice payments
QuickBooks Payments is an excellent choice for service-based businesses that rely on invoicing and use QuickBooks Online for accounting. While normal deposits take two business days on average, businesses can opt for same-day deposits for a 1.75% fee. It’s a convenient option for businesses already using QuickBooks Online for invoicing.
Pros:
- Built into QuickBooks Online
- Same-day deposits available for an extra fee
- No long-term contracts or termination fees
Cons:
- Normal deposits take two business days on average
For businesses looking for efficient and reliable payment processing solutions, these top picks offer a range of features to suit various needs. Whether you run a brick-and-mortar store, a high-volume business, or rely heavily on invoicing, there’s a solution tailored to your specific requirements.