InstaPay to Deliver Quicker Payments
Dwolla is a U.S.-based online payment system that facilitates automated clearing house (ACH) payments to deliver fast funds to bank accounts. InstaPay is partnering with Dwolla to increase speed in same-day payments starting October 1, 2019. The Dwolla account is integrated with our online portal. The new payment processor also gives carriers extra time to get in their invoices for same-day payment.
In the past, carriers had to submit invoices by 11:30am ET to get paid the same day. Now they have an extra hour and can submit invoices until 12:30pm ET and ensure same-day payment! Carriers will face no new fees or changes to the existing process on their end. All carriers have to do is go to account.getinstapay.com, log in, and re-enter their banking info by September 30, 2019. InstaPay will still offer a flat rate with free same-day payments to carriers. Other factoring companies typically charge a $20-$30 fee for same-day ACH transfers or wires.
Dwolla was created in 2008 to make money-moving fast and affordable for customers. Today, Dwolla moves millions of dollars everyday without the large fees one would incur from credit cards. The platform is automated with the banking system, which includes every major bank within the United States, giving carriers that additional hour to submit invoices and less hassle and no paperwork for InstaPay.
“We are always striving to improve our service and know that some carriers have experienced payment delays. Dwolla is going to help InstaPay’s operations team make quicker pay-outs. We’re really excited to be using this new technology to transform the trucking industry! The extra hour allows us to put money in the hands of small business owners even quicker than before. And unlike many factoring companies, we do not charge for these same-day payments,” said Charisse Castagnoli, General Manager of InstaPay. There are many benefits to adopting Dwolla: the automation, accuracy, and high-level security. Since InstaPay holds time and security as top priority for its clients, switching to Dwolla’s technology was a no-brainer.
Here are a few frequently-asked questions answered to make this transition easier!
1) Why are you switching to Dwolla?
We’ve partnered with a new payment processor to make faster payments. Carriers will have additional hour, until 12:30pm ET, to submit invoices to get paid the same day through ACH transfer. It is required by financial authorities that you resubmit your banking info.
2) Don’t you already have my banking info?
We actually don’t. It is stored securely by Velo (our former partner), so even we don’t have access to your information therefore we need you to provide it again.
3) Can you update it for me? I’ll send you my banking info.
Unfortunately, we cannot. You need to accept our updated terms and enter bank info. It’s not secure to handle your payment info via phone or email.
4) Okay, what do I need to do and how?
Simply go to account.getinstapay.com and you’ll see instructions. They’re pretty straightforward. We will ask you to enter your remittance info, verify account ownership, agree to our terms, and choose your bank.
5) What if I don’t remember my password?
Click "Forgot Password" and enter your email. You should get an email to reset your password.
Not already using InstaPay? Now is a great time to switch! With an extra hour available to submit invoices for same-day pay, InstaPay has one of the most competitive offers. Apply today and start saving time and overhead with us, your new financial partner.