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 (1% transaction fees on client payments). 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 payments account through Wethos is the best way to make your workflow more efficient.
Sound nice? Open a Wethos Payments Account today!
3. Is this meant to replace my Quickbooks or 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.
4. If I’m not replacing Quickbooks, how do I get the information to my Quickbooks account?
You can download a CSV of all your data via the "export" button and upload it to Quickbooks seamlessly. We plan to create an integration soon!
5. Are there any fees involved in opening this account?
There are no fees to open a payments account with Wethos! The only fee that applies to your payments account is 1% transaction fees on client payments or payments from non-linked bank accounts.
6. What’s included in my 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
Monthly bank statements
7. How does pricing work?
New Wethos users receive all features free except access to the Wethos Services Library, which is free for 60-days and then requires a $25/month subscription. Monthly subscription plans are billed month-to-month.
For payment features, the cost is 1% on inbound payments from non-linked accounts. That means no fee from us for payouts to teammates, bank transfers, or debit card transactions.
8. Does Wethos offer mobile access?
Not yet - but we're working on it! For now, you can do all your banking through our desktop site at teams.wethos.co.
9. Who can I contact for more information?
You can reach Wethos at [email protected] for any questions, feedback, or just to say hello.