How do I use the Beam balance to make payments more quickly?
Think of your Beam Balance like a checking account built for contractors. It holds your available funds, earns 2.5% APY, and is a great place to store your operating balance while using those funds to pay vendors, subs, or expenses directly from Beam.
What's the Beam balance?
The Beam balance is a checking account held in Beam that's designed for contractors and earns an 2.5% APY. It is FDIC-insured up to $250,000 and allows you to transfer funds in and out in one business day. There are no account minimums or monthly fees.
The Beam balance allows you to make payments more quickly. Card payments take one business day, ACH bank transfers take 1 business day, and you can even pay your Beam Card balance from the Beam balance.
You can add to or transfer from the Balance balance and download statements here
This article explains how to use your existing Beam balance to send payments more quickly.
It does not impact how long it takes to receive funds from a client payment.