**IMPORTANT NOTICE: On May 14th, 2024 all Wethos Payments Accounts will be closed as we are transitioning to a new form of payment acceptance for your invoices. Once closed features such as debit cards, account statements, account transfers, and account and routing numbers will no longer be available. On May 14th, the Payments Tab will also no longer be available. Please download your account statements or CSVs before this date and make any withdrawals of the funds in your account. If there are any funds left in the account, they will be mailed to you within 30-60 days of account closure. You can learn more about this in our featured Help Center article HERE.
This article includes the following sections:
General Payments Account Transactions
1. Where can I find my routing and account details?
Your routing and account details will appear on your Transactions page within “Payments Account.”
2. What are my deposit, withdrawal, and spending limits?
Deposits
You may make deposits into your account using any of the methods described below. We do not charge you any fees for making deposits.
ACH (may include direct deposits)
*The recipient’s name on any direct deposit or ACH transfer must match the name on the Account or the deposit may be returned to the originator.ACH transfers to your Account from a linked payments account with another institution. Limit: $150,000/Month.
*You may transfer funds between your Account and another payments account. The linked payments account must be located in the United States.Internal transfers between eligible accounts managed by Wethos
Domestic wire (deposit only). We are working on the ability to send domestic wires in the near future.
Cash deposits can be made at any eligible, US-based Allpoint ATM. Deposits are limited to $1,000 per transaction, $2,000 per day. Allpoint ATMs do not accept checks, envelopes, or non-US dollars.
*You can use your debit card to make deposits at in-network ATMs. You can identify an in-network ATM by looking for the Allpoint logo on or near the ATM. You cannot make cash deposits at out-of-network ATMs.
Withdrawals
You may withdraw funds up to the amount of your available balance in your account using any of the following methods.
Withdrawal Method | Limitations for Your Account |
Internal transfers between eligible accounts managed by Wethos | None |
ACH transfers from your Account to a linked bank account at another institution* | $15,000/Day |
ACH transfer to a merchant or other third party you authorize to withdraw from your Account using your routing number and account number | None |
* You may transfer funds between your Account and another payments account. The linked payments account must be located in the United States.
Spending
You may use your card to access funds up to the amount of your Available Balance in your Account.
Card Use | Limitations for Your Account |
ATM Withdrawals | $500/Day |
POS Transactions and other transactions at Merchants | $5,000.00/Day |
ACH Origination Debit | $15,000.00/Day |
ACH Origination Credit | $15,000.00/Day |
3. How can I cancel a transaction that I made?
To cancel or dispute a transaction that you’ve made, call the following toll-free number, 1-833-333-0394 to contact the Visa call center.
4. What do I do if I don’t recognize a transaction?
If you do not recognize some of the activity on your card, immediately call the following toll-free number, 1-833-333-0394, to contact the visa call center. You may also reach out to us at [email protected].
5. What fees will I be charged for my Wethos Payments Account and transactions?
There are no fees for having or maintaining an account with Wethos. The only fees that apply are:
A 1% transfer fee on any money coming into your Wethos Payments Account from any external bank account (excluding any of your own external bank accounts that you set up as 'linked accounts').
A 2.9% +$0.30 fee on any debit/card card payments you receive from clients.
You’re able to move money between your Wethos Payments Account and your linked accounts for free.
When you apply for a Wethos Payments Account, you agree to pay all fees and charges applicable to your account. All fee amounts will be withdrawn from your account and will be assessed regardless of whether you have sufficient funds in your account, except where prohibited by law. Fees are subject to change at any time. We will provide you advance notice of any changes where required by law.
Fee Description | Fee Amount and Frequency | Additional Details |
Direct payments/ACH debits via ACH Origination Service (see Section 5) | Wethos Pro: 1% per transaction
| This fee will be applied to all deposits resulting from payment requests initiated from your Account. |
Direct deposit | 1% per Transaction | This fee will be applied to all direct deposits made ACH credits to your Account originated by another financial institution. Fees do not apply to bank accounts linked through Plaid. |
Payments via debit or credit cards | 2.9% + $0.30 per Transaction | This fee will be applied to all payments made to your account via credit or debit cards. |
ACH credit transfers between your Account and a linked bank account with another institution | $0
| You may transfer funds between your Account and another bank account held in your name. The linked bank account must be located in the United States. |
Inbound domestic wire | 1% per transaction |
|
Out-of-network ATM transaction fee | $0 | You may be charged a fee, including for balance inquiries, by the operator of an out-of-network ATM. You can avoid fees by using an in-network ATM. You can identify an in-network ATM by looking for the Allpoint logo on or near the ATM. |
6. Is there a free option for transferring?
There are no fees for transferring money from a linked bank account into your Wethos Payments Account. It’s also free to transfer money out of your Wethos Payments Account to a linked bank account. You can link accounts from the Transactions tab.
7. How does Wethos handle overdrafts, insufficient funds, and negative balances?
We do not permit you to overdraw your account. If the available balance in your account is not sufficient to cover any transaction you have authorized, we may return the transaction or refuse to process the transaction. However, there may be instances where your account can still go into the negative, such as if a deposit you make is returned.
You must make a deposit immediately to cover any negative balance. If your account has a negative balance for 60 calendar days or more, we may close your account. Please contact [email protected] for any further clarification.
Deposits & Withdrawals
1. What types of electronic fund transfers (EFTs) does Wethos support?
Your account supports the following types of electronic transfers:
Direct deposits from your employer or another source of income
Transfers to or from your payments account to or from a linked bank account
Transfers to or from your payments account to a merchant or other third party by providing the third party with your account routing number and account number
Business purchases or transactions using your physical or virtual debit cards
ATM withdrawals using your debit card or ATM card
Contact us by email at [email protected] with questions concerning EFTs that occur on your account or call the following toll-free number, 1-833-333-0394, to contact Unit.
2. How can I deposit or transfer money into my payments account?
You can deposit and transfer money into your Wethos Payments Account by going to the Transactions tab within “Payments Account” and clicking the make a transfer button. Note that you must set up a linked account before transferring money.
You may make deposits into your account using any of the methods described below. We do not charge you any fees for making deposits.
ACH (may include direct deposits)
*The recipient’s name on any direct deposit or ACH transfer must match the name on the Account or the deposit may be returned to the originator.ACH transfers to your Account from a linked bank account with another institution
*You may transfer funds between your payments account and another bank account. The linked bank accounts must be located in the United States.Internal transfers between eligible accounts managed by Wethos
Domestic wire (deposit only). We are working on the ability to send domestic wires in the near future.
Any eligible, US-based Allpoint ATMs accept cash deposits up to $1,000 per transaction, $2,000 per day. They do not accept checks, envelopes, or non-US dollars.
*You can identify an in-network ATM by looking for the Allpoint logo on or near the ATM. You cannot make cash deposits at out-of-network ATMs.
For more information about deposits and when funds from a deposit will be made available to you, please refer to Section 3.2 of our Business Deposit Agreement.
3. Can I deposit checks into my Wethos Payments Account?
We do not accept deposits by mail, paper check, or foreign currency deposits. We are not liable for deposits of any kind that you mail to us, including if it is lost in transit, lost in the mail, or otherwise not received by us.
Please make a deposit via ACH wire transfer or internal bank transfers between a linked account.
4. How can I withdraw or transfer money out of my Wethos Payments Account?
You may withdraw funds up to the amount of your available balance in your account using any of the following methods:
Internal transfers between eligible accounts managed by Wethos (No limitations)
ACH transfer to a merchant or other third party you authorize to withdraw from your Account using your routing number and account number (No limitations)
ACH transfers from your payments account to a linked bank account at another institution (Limitation: $15,000/Day)
ATM withdrawal
*You may transfer funds between your payments account and another bank account. The linked bank account must be located in the United States.
You cannot withdraw funds by check, and we do not permit you to create checks drawn on your Account.
Before permitting a withdrawal or other transaction, we may request that you provide us with additional information or documentation that we deem necessary to confirm your identity or to prevent illegal activity. We may refuse the transaction if you do not comply with our request.
Steps to withdraw money:
Select the make a transfer button. Note that you must have a linked account to withdraw funds.
Under “Transfer Type” choose “withdrawal”
Designate the account you want to transfer to/from.
The screen will show the available balance that you have to transfer. Write the amount that you’d like to transfer in “Transfer Amount”
Click “deposit” and review the summary on the following page.
Click “agree” if everything looks good.
You’ll get a confirmation summary that states how long it’ll take for the funds to be withdrawn.
5. When will my deposit be available in my Payments Account?
It is our policy to make deposits made to your Account each business day available for withdrawal according to the table below.
The end of the business day is referred to as the "deposit cut-off time". If you make a deposit before our cut-off time on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off time or on a non-business day, we will consider the deposit to be made on the next business day that we are open.
If you make a deposit via… | The cut-off time is… | And those funds are available… |
Internal transfer between two accounts you have with us | N/A | Immediately |
Direct deposit | 3:00 PM ET | Same business day |
Domestic wire | 3:00 PM ET | Same business day |
Cash deposit at in-network ATM | 3:00 PM ET | Next business day |
For deposits or transfers into your Wethos Payments Account, we will debit your linked bank account 1 to 2 business days after you initiate the transfer. The transfer can take up to 5 business days to settle and once the funds have settled, you’ll see them credited to your Wethos Payments Account.
For withdrawals or transfers out of your Wethos Payments Account, we will debit the funds from your account immediately after you initiate the transfer. The financial institution that holds your linked bank account determines when those funds will be made available to you in your linked bank account.
Invoicing
1. Does my teammate have to invoice me for work they do on my scope?
The Wethos platform doesn’t require you to invoice a teammate or to be invoiced in order to send or receive money.
Client Payments
1. How can I request payment from clients?
You can request payment from your client by creating and sending an invoice.
Check out this article for a step-by-step walkthrough in how to create and send an invoice.
2. What payment methods can my client use to pay my invoice?
You can receive payments via the following methods:
Your client can submit an ACH payment directly from within the invoice you've sent them. Keep in mind ACH/Bank Transfer Payments (powered by Plaid) have a 1.5% payment processing fee for Wethos Starter 🌱 users and 1% payment processing fee for Wethos Pro ⚡️users.
Your client can pay the invoice via credit or debit card. Keep in mind that all card payments have a 2.9% +$0.30 fee per transaction.
3. How can I schedule an invoice?
Check out this article to see how you can schedule an invoice to be sent on a particular day.
4. What does my client see when I send an invoice?
The client will see...
Your brand and logo
Invoice #
Who the invoice is sent to / who the invoice is from
Tax ID
The due date and issue date
The fee summary
You can see a preview of that email while you’re creating the invoice and can choose to remove details like the description, quantity, and/or price.
You can also send a test email to yourself to preview everything before officially sending it to your client.
Team Payouts
1. How do teammates actually get paid?
Teammates will need to set up a Wethos Payments Account to get paid. We include more information about how to get set up during their onboarding process.
2. Can I pay out/get paid internationally?
Teammates can’t pay out internationally yet as our system only supports US dollars right now. We’re planning to expand to non-US currency in the upcoming roadmap, so stay tuned!
3. What happens if I don’t have enough money to pay out my team?
If you don’t have enough money in your payments account to pay your team, you can transfer money into your account through a linked account to ensure you have a sufficient available balance.
4. What does my teammate see when I pay them?
Your teammate will see a transaction receipt with the following:
Pay date
Amount paid
Payout line items
Project title
Download receipt
To view receipts of the transactions you’ve sent, visit your Bank Account page and click on the 3 dots on the far right of the transaction you want to view. Click “view transaction receipt.”