Frequently Asked Questions
What is eDeposit?
eDeposit provides Suppliers and Buyers in variety of industries with a simple to use, secure online payment service. All funds are held in FDIC-insured accounts. Deposits are guaranteed, allowing payments to settle to Suppliers immediately.
Is eDeposit secure?
Yes. eDeposit uses today's most advanced encryption technology and adheres to strict federal and state banking regulations to protect your personal and financial information. Additionally, eDeposit’s secure systems ensure that the transacting parties do not receive each other's financial information, such as bank account numbers and credit card numbers.
Do you offer any guarantees?
Yes. All eDeposit settlements are guaranteed according to eDeposit’s Terms of Service Agreement.
Do you charge a fee?
eDeposit charges nominal fees to Suppliers that wish to make and receive payments through the eDeposit network. The service is free to eDeposit Buyers that make payments on the eDeposit network if they use bank transfers (ACH) to make deposits and withdrawals from their account. Standard handling fees are charged if deposits or withdrawals are made via credit card, check by mail or bank wire. There are never any fees to Buyers for sending or receiving payments.
What can I do with my eDeposit account?
eDeposit offers two types of accounts: Supplier accounts and Buyer accounts.
Suppliers use eDeposit to send “Payment Requests” or “Hold Requests” to their Buyers to request settlement of financial obligations between the two parties. Suppliers may include invoice attachments and other billing data with their transaction and receive payments from their Buyer customers on the eDeposit network. Suppliers may also issue disbursement payments to users of the eDeposit network.
Buyers may make payments to their Suppliers on the eDeposit network and may also place money on “hold” on behalf of a Supplier (for example a security deposit) to verify that they have funds available for a purchase or other obligation.
What are the Benefits of using eDeposit?
Suppliers using eDeposit -
- Never have to waste time waiting to receive payment upon delivery
- Know they are doing business with qualified Buyers
- Get paid with guaranteed deposit funds from Buyers
- Manage their real-time account information online, using secure access
- May withdraw eDeposit account funds immediately following transaction settlement of a payment made to them
- Rely on the security of knowing their eDeposit account is fully FDIC-insured.
Buyers using eDeposit -
- Have greater control of their Supplier payments by not having their payments “direct debited”
- Approve payments in real-time from any location and no longer have to be available onsite to pay a Supplier
- Establish themselves with Suppliers as having the credentials as a legitimate Buyer and therefore possibly qualify for better terms
- Know their private financial banking and credit card information remains private and is not available to Suppliers
- Have flexible ways to deposit money into their eDeposit account: electronic bank transfer (ACH), credit card, cash, wire, or paper check
- See real-time account information online, using secure access
- Rely on the security of knowing their eDeposit account is fully FDIC-insured
- Obtain increased online fraud protection by using eDeposit’s payment and financial settlement services
Does eDeposit give me checks or a debit card to use?
No, an eDeposit account is used to transact business and make payments online only to other participants on the eDeposit network.
How do I open an eDeposit Account?
Suppliers should contact the eDeposit sales group for information about a merchant agreement and pricing.
Buyers simply go to the website provided by one of their Suppliers or to the New Member link on the eDeposit.com website and fill out our online application form, answering a few basic questions. Once the form is completed, we will open your account. You will also receive an email with the subject "Welcome to eDeposit" that confirms your registration is complete.
What information will I need to register?
Suppliers who have signed an eDeposit Merchant Agreement provide their company name, Employer Identification Number (EIN), address and phone number. Suppliers will also register their employees who will have access to the eDeposit service.
Buyers need only provide their name, address, phone and Social Security numbers to register for an eDeposit account.
Do you support business and personal accounts?
Yes, both business and personal accounts may be registered.
As a business, can I set up multiple employees to each have an account?
Yes. Because you may have multiple people responsible for accounts receivable, you can register multiple users for your account and assign them each a permission level role appropriate for their position.
Can I open more than one eDeposit account?
How old do I have to be to have an eDeposit account?
You must be at least 18 years of age to open an eDeposit account.
How do I deposit money into my eDeposit account?
You can choose the most convenient option for your needs and timeframe, including:
- Transfer from your bank account (via ACH)
- Transfer from your card (credit or debit card)
- Wire transfer
- Check by mail
- Cash via any of our 5,000 agent locations
How do I withdraw funds?
It's easy to withdraw money from your eDeposit account using any of these methods:
- Transfer to your bank account (via ACH)
- Request a check (which will be mailed to you)
- Request a wire transfer
How do I know that my withdrawal was completed?
You will receive a withdrawal notification via email.
How can I link a bank account to my eDeposit account?
When you set up an eDeposit account, you will be asked to link your bank account. Once you have entered your bank account information, eDeposit will make a small deposit of a couple of cents into your bank account. We will also make a withdrawal of a smaller amount. Once you see these amounts hit your bank account, which may take 2-3 business days, log back into your eDeposit account and you will be guided to the External Accounts screen where you can verify the bank account is yours by entering the two amounts. If the amounts are correct, you will receive confirmation that your account has been linked.
How can I link a credit or debit card to my eDeposit account?
Go to Settings/External Accounts/Add an Account, then select Credit or Debit Card. Enter your card information and that’s it!
How many bank accounts and credit/debit cards can I link to my eDeposit account?
eDeposit allows you to link up to 10 different bank accounts and up to two credit/debit cards to your account.
Can I link a foreign bank account to my eDeposit account?
No. Currently, eDeposit does not support foreign bank accounts.
Can I use eDeposit if I don’t have a bank account or credit card?
Yes, you may deposit cash via a store front like Western Union. You’re also able to request that eDeposit mail you a check to cash when you make a withdrawal.
When I add money to my eDeposit account, is it available right away?
Deposits by credit or debit card are made available immediately. If you deposit cash or wire money into your account by 3:00 pm Eastern Time, it will be available in your eDeposit account on the same day.
Does it cost anything to add money to my eDeposit account?
Not if you transfer money directly from your bank account. If you wire your money, send a check, or use a credit or debit card, there will be an associated fee.
How long does it take for me to withdraw money to my bank account?
It may be different depending on your bank, but you should expect to see your funds in 2-3 business days.
Can I schedule automatic deposits?
Yes, under the Manage Money tab in your eDeposit account, select Set Automatic Deposits.
How can I request payment?
eDeposit provides Supplier accounts with the ability to send Payment Requests to others within the eDeposit network. Attachments such as an invoice or other support documentation may be added to the request by the sender. The recipient of the request is notified by email that they have a request and may log in to eDeposit to see who it is from, open the attachment, and view other details about the request. They may then accept the Payment Request if their Available Balance is greater than or equal to the amount of the request. The instant they click “Accept”, the amount moves from their account to the sender of the Payment Request.
How can I send payments?
The Send Money feature allows Suppliers or Buyers the ability to send money from their Available Balance to others within the eDeposit Network. Buyers may send payments to their Suppliers, Suppliers may send payments or disbursements to Buyers or other Suppliers. You can even set up recurring payments to be sent at specific intervals (daily, weekly, monthly). Use this feature in combination with Automatic Deposits to put your recurring payments on auto-drive.
Can I request a payment from someone that does not use eDeposit?
How do I know when my Payment Request has been accepted by the other party?
You will receive an email notification when your Payment Request has been accepted.
If I am a Supplier, can I cancel a Payment Request before the Buyer has accepted it?
Do you have a mobile app?
Yes, our mobile app operates on the Android and iOS platforms and is available through the Google Play store and Apple’s App Store.
Can I add or withdraw money using the mobile app?
Can I request and send payments using the mobile app?
How do I check my account balance using the mobile app?
After you log on, your account balance is displayed. To view detailed information about your account, click "Account Activity" and select the month you would like to view.
What is a Hold and how does it work?
A Supplier may request that a Buyer set aside money for the Supplier. This will allow the Supplier to see that the Buyer has the money available in their eDeposit account. This functionality has numerous uses from security deposits to assurance of payment before a delivery is released. When a Buyer accepts a Hold Request from a Supplier, the amount cannot be used by the Buyer for another transaction unless the Hold Request is released by the Supplier.
If I am a Supplier, can I cancel a Hold Request before the Buyer has accepted it?
How do I contact eDeposit support?
If you have any questions, contact our toll free Customer Care line (888) 269-1629, or email [email protected]. We’re here to help!
Can I use eDeposit outside of the US?
Currently we are unable to offer the eDeposit service to companies and individuals outside of the U.S.
What web browsers do you support?
We support most web browsers including but not limited to Internet Explorer, Google Chrome, Mozilla Firefox, and Safari.
Do you provide monthly statements?
Yes, we provide monthly statements for your eDeposit account online at any time. In addition, we send email notifications out to current customers on the first day of each month letting them know that a statement for the previous month is available online.