The questions featured in this article:
1. Do I have to be a freelancer to get a Payments Account with Wethos?
Wethos is optimized for independents and studios. If you're a solopreneur, a freelancer, a collective, or anyone who uses or issues a 1099 form, Wethos is your best option for a business payments account.
2. Why should I create a Payments account with Wethos?
Creating a payments account through Wethos is what powers the entire platform and keeps the cost of running your business low: All credit/debit card invoice payments have a 2.9% + $0.30 processing fee and invoices paid via bank transfer will have a 1% fee for Wethos Pro users and a 1.5% fee for Wethos Starter users. Our banking system automatically creates itemized payments linked back to projects you scope, a project profit & loss dashboard, and the ability to easily get paid by clients and pay out teammates. Opening a Wethos Payments Account will make your workflow more efficient.
Sound nice? Open a Wethos Payments Account today!
3. Is this meant to replace my existing accounting software?
Wethos helps you run your business day-to-day; invoice and accept payments from clients, pay your teammates, pay and track your expenses, and ensure that your projects stay on budget and profitable. It's for you, not your accountant.
*You can download a CSV of all your data via the "export" button and upload it to another platform seamlessly - if necessary.
4. Are there any fees involved in opening this account?
There are no fees to open a Wethos Payments Account! However, there are fees associated with getting your invoices paid. All credit/debit card invoice payments have a 2.9% + $0.30 processing fee and invoices paid via bank transfer will have a 1% fee for Wethos Pro users and a 1.5% fee for Wethos Starter users.
5. What’s included in my Wethos Payments Account?
Other than a huge sigh of relief that your business transactions and expenses are organized, your payments account includes:
One smart business checking account (FDIC-insured, with zero maintenance fees. Woohoo!)
One sleek virtual Wethos Visa debit card, and the option to get a physical debit card
Free ACH transfers between linked bank accounts
No fees from Wethos for ATM withdrawals or from any eligible, US-based Allpoint ATM location.
Monthly bank statements
6. How does pricing work?
For payment features, all credit/debit card invoice payments have a 2.9% + $0.30 processing fee and invoices paid via bank transfer will have a 1% fee for Wethos Pro users and a 1.5% fee for Wethos Starter users. That means no fee from us for payouts to teammates, bank transfers from linked bank accounts, or debit card transactions made with your Wethos Payments Account debit card.
7. Does Wethos offer mobile access?
Yes, we do! You can access it through your mobile browser at teams.wethos.co.
8. Who can I contact for more information?
You can reach Wethos at [email protected] for any questions, feedback, or just to say hello.