Split Funding
Need a better way to manage expenses?
Split funding – saving “off the top” of your credit card batch.
One feature we provide is the ability to split a set percentage of each of your credit card batch to deposit to a separate bank account.
Much like having a portion of a paycheck that direct deposits to a savings account, these funds come are split “off the top” of your credit card batch in whatever percentage you specify from 1% to 50%. So it makes saving automatic.
There are several different deposit options for this split payment:
- To a bank account you control. An example would be sending a portion of each batch to your savings account
- To a bank account we control on your behalf. You tell us the vendor to pay, amount, and frequency of payment, and we’ll automatically send the payments for you. Great for things like lease payments, equipment, or vendor payments.
- Directly to a vendor or business partner. In this case, the percentage split deposits directly to their account.
Here are some creative ways our clients have used split funding:
- Establish a rainy day fund or retirement fund by splitting a small percentage into a savings account.
- Use to cover sales tax or workers comp. You automatically pay into the account daily, and when expenses come due, you have the funds ready.
- Deduct monthly property lease payments. Often business owners will have us hold the funds and make the disbursement directly to the property manager.
- Equipment financing or rental payments.
- Merchant cash advance repayment. This is the original reason for payment splits, and still the most popular. We can split with any cash advance company of your choosing, or we can even fund private loan repayments.
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