How does SteadiPay secure my account information?
The security of your information is a top priority for us. To ensure the safety of your account information:
- All of your account information is stored on highly-encrypted, fully PCI-compliant servers
- Your banking login credentials are never stored on our servers
- We do not sell or share your account data
- We monitor for unusual transfer and login activity, and send you notifications any time we see something
Are funds in SteadiPay FDIC insured?
Yes. Funds in SteadiPay are FDIC insured up to $250k. Additional insurance is available for accounts with balances greater than $250k. If interested, please inquire with Customer Support.
What are the main uses of Dashboard?
The Dashboard is the central source of truth for your operation’s cash usage. Think of it as a second set of hands performing real-time analysis that result in suggestions to improve cash flow. By linking your accounts, Dashboard will give you not only a single location for up-to-date balances, but much more importantly, it will provide you with a forecast of where your business is going on a cash basis. Dashboard can highlight important information you may have missed and give key insights into optimizing your cash balances. When used in conjunction with Goals, Suggestions can be tailored to help you reach them. In leaner times, Dashboard can help you determine what AR may be most collectible and what bills can be moved to a different payment source. When times are good, let us help you make your cash do more for your business, like moving excess money to a higher yielding account.
How do you provide a robust Forecast?
Through analysis of linked accounts, our system can create an accurate forecast. In this way, the more complete picture the Dashboard has (i.e., by linking more accounts), the more accurate it can be. Once a forecast has been created, you can manually review the entries to either correct or add/subtract items that you may know that wouldn’t otherwise be captured through account analysis.
What is the Forecast used for?
Well, the Forecast is useful to you as a financial decision maker to see where the business is heading, but also to us as the basis for accurately providing suggestions to help optimize your cash flow and reach your goals.
If I see a Suggestion for moving excess cash to a high yield account, do I have to do anything to create that account and move the funds?
One of the features of the Dashboard is its Cash Optimizer. This is a high-yield account that provides next day liquidity, transfer limits, and with full FDIC insurance. If a suggestion is made to transfer some excess cash to this account, all you’ll have to do is to fill in some additional information that we need and we’ll do the rest! We will complete that transfer from the account(s) of your choice and allow you to set thresholds on when money is moved back to your original account. Of course, you can manually transfer at any time.
If I have my own comprehensive cash flow plan, can I use it?
Of course! You have the option to upload your own plan and we can track actuals against it. You will also have the ability to compare it to our Forecast.
Can I connect my QB to improve functionality?
Yes! By connecting your QuickBooks Online account (Desktop coming soon), you will not only improve the accuracy of your Forecast, but you will also open up the functionality Dashboard can offer. Features like real-time variance analysis, customer and vendor specific insights, and industry-specific benchmarks (coming soon), all geared towards optimizing your cash position, are opened up with QuickBooks connected.
Do you have other products that can assist me in my financial operations?
Yes, Dashboard integrates to not only our Cash Optimizer (as described above), but also to our Credit Optimizer which enables us to assist in optimizing Credit Card usage as a tool to increase rewards, manage availability, handle payments, and other uses. We will also be introducing a loan procurement tool which automatically identifies cash flow shortages or specific goals you may have and generates pre-approved loan opportunities, as applicable.
Is Dashboard a “set it and forget it tool”?
No! While certain tools, like the Cash Optimizer, were created to automatically ensure your cash is where it needs to be to maximize it, the Dashboard is a “living” creature. It is constantly updated with the latest daily information and is meant to assist you with all of your decision making. That doesn’t mean that there is daily maintenance for you to handle – that isn’t the case at all. But if you’re looking for the pulse of your business, Dashboard is going to provide you with that peace of mind.
Do I have to change banks to earn the interest rate?
No. Once enrolled, we establish a high-yield account with our bank partners and then we simply transfer excess funds to it to deliver industry-leading interest rate returns to you. Then, when you need it back, we automatically transfer it back into your account.
Can I use multiple accounts to maximize my interest returns?
At this time, we are limiting the number of accounts you can connect to one. We expect this limitation to be lifted in the near future so you can maximize the funds you are earning interest on.
Are funds pulled (swept) from my accounts automatically?
Every Monday morning, SteadiPay will evaluate the available balance in your bank account in relation to the thresholds you set for that account to determine if funds have to be transferred in or out of SteadiPay. If so, an appropriate transfer will be initiated.
Keep in mind, you may always initiate a Manual Transfer, if necessary.
If I have multiple accounts, can I transfer all funds in SteadiPay back to one of them?
Multiple accounts are not yet an option, but when they are, you will not be able to move your funds between one another through SteadiPay. You can only transfer funds back to the account which they came from.
Will I receive a 1099-INT at the end of the year for interest earned?
Yes. SteadiPay is responsible for furnishing you a form 1099-INT for the calendar year by March 15th of the following year.
Can I modify or cancel a transfer once it’s scheduled?
Yes, as long as it’s before the cutoff time. When a transfer is created, it is “Initiated” in SteadiPay. In this state, it can be modified or cancelled. At 8pm EST (5pm PST), all Initiated transfers will be executed and change state to “In Process.” At this point, no further modifications or cancellations can be performed. When we receive confirmation that a transfer has been completed, the transaction will change state to “Completed.”
How does the Credit Optimizer work?
You link your credit cards and bank account to SteadiPay. As you spend money on your credit card, SteadiPay will set aside money from your checking account each day to cover those expenses. When payment on your card is due, or more frequently, if desired, SteadiPay uses that money to pay your card for you, on-time.
In addition, you get to earn rewards on your preferred credit card, build credit and ensure that your team always has credit availability when they need it.
How can SteadiPay help me increase my credit score?
Two of the most important components of your credit score are on-time payments and credit utilization. SteadiPay may help with both.
By automating the process of bill payment, even frequently, SteadiPay ensures that your card always has availability and is paid on time each month.
Credit utilization means the amount of available credit you are using. If you tend to carry a balance on your card, that increases your credit utilization (the amount of credit you’ve been given versus the amount you’re using), which in turn can negative impact your credit rating.
By helping ensure that your balance cycles effectively each month and can be automatically paid down, SteadiPay helps make sure your credit card balances don’t get too high. We’ll be adding features soon to help stay on top of this even more, so stay tuned!
Does SteadiPay issue me a credit card?
No, SteadiPay does not issue credit cards at this time. You can link whatever credit card you have to our platform. We want you to be able to get the benefits of SteadiPay while using a card with whatever rewards you like best and banking wherever you want!
Can I use SteadiPay if I don’t have a credit card?
You need a credit card to use Credit Optimizer product. If you would like to start earning credit card rewards and building credit without worrying about overspending or getting into debt, you can sign up for one of these great starter credit cards and then link it to SteadiPay:
Petal – Smart approval that looks at more than just credit score.
Capital One Platinum – Great if your credit score isn’t perfect.
Chase Sapphire Preferred – If you want to maximize travel rewards (and have good credit).
What if I have an existing balance?
SteadiPay will start covering your credit card spend from the time you link your accounts. You will still need to pay any balance on your credit card, ideally, prior to joining SteadiPay. An option, and for certain credit cards, this product can be set to automatically ensure the full statement balance is paid each month, which would include any beginning balances on the card.
We are launching some features to help pay down existing debt shortly, so stay tuned!
How long does it take for a transfer to appear in my SteadiPay account?
At the end of each day, SteadiPay will initiate a transfer from your checking account to your SteadiPay account to cover transactions that have posted to your credit card statement that day. These transfers usually take 1-2 business days to settle (the same if you are refunding something from your SteadiPay account to your checking account).
So if you buy coffee on Monday, we’ll initiate that transfer early Tuesday, and it should settle in your SteadiPay account by Wednesday.
Funds typically take three days to fully clear the ACH process, so they may not be available for bill payment or transfer back to your checking account immediately after they hit your SteadiPay account.
Does SteadiPay prevent me from using my credit card if I overspend?
No, we can’t prevent you from continuing to use your card. We log the expenses we weren’t able to cover and try to catch up on them when you have more money in your checking account.
When does SteadiPay pay my credit card?
When you link your card, we will attempt to pull your statement due date. If we can’t identify it, we’ll have you manually enter the day of the month you’d like your bill paid. Either way, we will make the payment to your card a couple days prior to the due date.
You can always adjust the day of the month you want your bill paid in the card settings section of the app.
What if I have insufficient funds in my checking account?
If you use your credit card but don’t have sufficient funds in your checking account to cover the expenses, we will send you an alert. In this situation, we will not make any transfers, nor will we prevent you from using your credit card.
We will queue up the transactions we were unable to cover and will attempt to cover them when sufficient funds are available. You can always exclude a transaction from the queue by swiping and setting it to “excluded”.
As we always check your balance before transferring funds, we will never take your checking account below zero. You can also set a higher floor in the Settings > Manage Checking area of the app and we will not take your checking account below that floor.
What if my SteadiPay balance doesn’t cover my whole credit card bill?
If your SteadiPay balance doesn’t cover the full amount due on your card, we’ll still pay as much of the bill as we can. We’ll also send you an alert so you know to pay the rest of the balance off directly, if desired.
Can I transfer money back from my SteadiPay account to my checking account?
Yes, but remember that money is covering your credit card expenses. Moving it back to your checking account may mean we can’t cover your card payment in full.
To initiate a transfer between your checking account and your SteadiPay account, go to Settings > Manual Transfers. If you have multiple cards linked, you’ll be able to choose which card’s covered funds you want to transfer in or out of.
Can I cancel a SteadiPay transfer before it comes out of my checking account?
Yes. Whenever we create a new transfer, we send you an e-mail (unless you opt out) telling you a transfer is pending. You can go to the transfer history tab in the app and swipe the Scheduled transfer to cancel it. Transfers process at 2 PM Eastern, and once a transfer is In-Process we cannot cancel it. You can, however, refund the transfer to your checking account once it settles in your SteadiPay account.
Where does SteadiPay hold my money?
We store your funds in FDIC-insured accounts through our banking partner, NBKC.
How do I dispute a transaction?
If you see a transaction on your credit card that you believe is fraudulent, you should contact your credit card company directly. If you believe SteadiPay has made a transfer in error, please contact us at [email protected] and we will address it as soon as possible.
How does SteadiPay treat returns on my credit card?
If you return something and receive a credit on your statement, we will factor that credit in when calculating your daily coverage. For example, if you spent $60 but had a refund for $50 we would transfer $10 to cover you.
If your refund is larger than your daily spend, we’ll carry that credit over to future days’ spending.
Does my SteadiPay account earn interest?
At this time, SteadiPay accounts do not earn interest but we are looking at this for the future.