In today’s competitive and ever-evolving business world, it seems like no one has time to waste. That is why it is advantageous to maintain an open mindset towards alternatives that can simplify our daily routines. Zelle is a powerful tool that can change how businesses handle financial transactions. Zelle is a peer-to-peer (P2P) payment solution that makes it easier than ever to send or receive money from individuals on the fly without the added financial strain of having to pay fees.
In this post, we’ll discuss what Zelle is, how it works, and the advantages of Zelle for business. We then give you a step-by-step guide on how to use Zelle for your business. For those considering sending or receiving Zelle payments for their business, this article aims to provide the information needed to make an informed decision quickly.
Let’s start!
What Is Zelle?
Zelle is like the buddy system for money transfers. It provides a super easy and fast way to send and receive cash directly from your bank account to someone else’s or vice versa. Whether paying suppliers, receiving payments from clients, or splitting the lunch bill with colleagues, Zelle makes handling business money a breeze.
Zelle is a peer-to-peer (P2P) payment solution that allows you to accept customer payments and pay suppliers and employees hassle-free and in minutes. With Zelle, waiting around for checks to clear is a thing of the past with a more streamlined process.
Zelle zips the money from one account to another in a flash, making it a valuable and much-appreciated tool in the world of business and peer-to-peer transactions.
What Are the Benefits of Zelle for Business?
One of the benefits of Zelle for business is that it’s built into the apps of over 2,000 popular banks, so your bank most likely integrates with it. Another benefit of Zelle for business is that it lets you send money to someone’s email or phone number, even if they bank somewhere different than yours.
Plus, there is no cost involved, and it’s fast! With Zelle, businesses can receive or send money from end to end within minutes. Zelle is a digital payment network that won’t hold on to transactions.
Unlike most money transfer solutions, which take days to verify, Zelle may take a few minutes. Even with PayPal, 3-5 days is standard before recipients receive transferred funds, and that can be a hassle, especially in times of financial stress.
With Zelle, money transfers once the sender authorizes it—there is no need to worry about accounts or passwords. Only the recipient’s email or mobile number is needed to send money with Zelle, and the recipient will receive the transfer in minutes.
Just a few clicks and transfers are received in minutes!
How to Use Zelle for Business
When businesses use Zelle, handling financial transactions, including paying vendors, accepting payments from clients, or purchasing office supplies, becomes effortless.
So, here’s how to get started with Zelle for business:
- Sign Up: The first step in using Zelle for business is to sign up for a Zelle account. Enrolling with Zelle can be done through your bank’s mobile app or website.
- Connect Your Bank: The next step of using Zelle for business is to link a business bank account to Zelle. This is the connection Zelle needs to send and receive money.
- Send Money: After a bank is connected, when there’s a need to pay someone, or when a business needs to receive a payment, the sender can open their Zelle app or online banking app, select the person or business to which to send money, enter the transfer amount, include a note if desired, and send. The system will prompt them to confirm, providing a valuable safety feature to prevent hasty money transfers in case of overpayment.
- Receive Money: If a business wants to send money to the user once Zelle is set up, all that needs to be done is to provide them with the user’s email or phone number linked to Zelle, enabling a quick transfer of funds.
- Security Measures: Like any online payment solution, users are advised to keep their login details safe and exercise caution when sharing them. While Zelle is a secure platform, it’s always wise for individuals to take smart precautions on their end.
Zelle Helps Businesses
Zelle represents a modern, secure, and efficient solution for businesses in the digital realm, offering substantial time-saving benefits and catering to its wide and constantly growing user base.Amerant Bank has observed firsthand how Zelle can transform how small businesses manage financial transactions and provides a strong recommendation for its use.
Explore the benefits of Zelle for businesses and stay updated on the latest financial trends through a visit to Amerant Bank. Please follow and engage with Amerant Bank on all our social media platforms. Find us on Facebook, Twitter, Instagram, and LinkedIn, and stay connected with industry experts and community-focused organizations to make everything as easy as possible.
FAQs
Get paid with Zelle ®
- Go to Send Money with Zelle® ...
- Read and accept the Zelle® Transfer Service Addendum.
- In Zelle Preferences, select Manage payment profiles to enroll or update the U.S. mobile number of email address that you would like to use to receive payments. ...
- Select a business account for receiving payments.
The main difference between using Zelle for business transactions and personal transactions is that personal transactions are free; business transactions may have fees imposed by one or both banks involved in the transfer of funds.
Does Zelle charge a fee for business? ›
Zelle itself does not charge any fees for business transactions, and most banks don't either. However, banks that offer Zelle often have transaction limits, some being within 24 hours, over a week span, per month, or per transaction. If using the Zelle app independently, users can send up to $500 per week.
Can I use Zelle without a bank account? ›
You may find you can't use Zelle without a bank account - the only commonly available workaround is by using an eligible prepaid Visa or Mastercard debit card from within the Zelle network.
Is Zelle safe for business transactions? ›
As a digital payments network, Zelle is one of the quickest, easiest, and most secure ways to send funds to other people or businesses. Additionally, it's a great payment solution for new, small, or service-based businesses in select circ*mstances.
Does Zelle report to the IRS? ›
Zelle® does not report any transactions made on the Zelle Network® to the IRS, even if the total is more than $600. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.
Why can't I Zelle a small business? ›
In order to use Zelle® with your business account, your bank or credit union must currently offer Zelle® for your business account type. Please note that not all banks and credit unions offering Zelle® to consumers offer Zelle® for small businesses. So, contact your bank directly to confirm.
Why is Zelle saying I need a business account to receive money? ›
Business account scam
After the scammer tells you they want an item, you receive an email that looks like it's from Zelle, saying the “buyer” paid with a business account and to access the payment, you must also upgrade to a Zelle business account—for $300.
Is Zelle or Venmo better for business? ›
Venmo's higher transfer limits make it better suited for larger businesses than Zelle. But the downside with both of these payment platforms is that in either case, you are sacrificing something.
How much can I send with Zelle for small business? ›
Small-Business Zelle Limits
Small-business owners can typically get higher sending limits through Zelle, depending on their bank. Bank of America has a $3,500 daily limit for personal accounts, but with a small-business account, the daily limit jumps to $15,000.
The easiest way to find out is to simply ask the business if they accept Zelle®. If they accept Zelle® and you're already enrolled with Zelle® through your banking app, you and the business will be able to use the service to send and receive money in minutes1.
What banks do not use Zelle? ›
Some notable financial institutions that NerdWallet has reviewed and that don't participate directly in the Zelle network include Alliant Credit Union, American Express, Barclays, Connexus Credit Union, LendingClub Bank, Marcus by Goldman Sachs, Pentagon Federal Credit Union, SoFi and Synchrony Bank.
What happens if you Zelle someone who doesn't have Zelle? ›
What if the person I'm sending money to hasn't enrolled with Zelle®? If the person you're sending money to hasn't enrolled yet, they'll receive an email or text notification letting them know you've sent them money. They'll be guided through a few simple steps to get enrolled.
Can I use the same phone number for two Zelle accounts? ›
Money sent with Zelle® will be sent to the account enrolled with the email or U.S. mobile number used to send the money. You will not be able to enroll by linking the same U.S. mobile number or email address to multiple accounts with Zelle®.
How do I send money to my business account? ›
How to Put Personal Money into Your Business
- Use a Business Checking Account. ...
- Identify the Source of Personal Funds. ...
- Move Personal Funds into Your Business. ...
- Record the Transaction Properly.
To locate your own Zelle® QR code, click the “My Code” tab. From here you can view your QR code and use the print and share icons to text, email or print your Zelle® QR code. Note: The QR code is not available at all Financial Institutions, or within the Zelle® app.
Can I use Zelle with Chase business account? ›
Enrollment in Zelle® with a U.S. checking or savings account is required to use the service. Chase customers must use an eligible Chase consumer or business checking account, which may have its own account fees. Consult your account agreement.
Can I use Zelle with my PNC business account? ›
Zelle® is a fast, easy, and free way for eligible PNC Business Banking clients to send, request, and receive payments directly between bank accounts in the U.S. If your customers are enrolled with Zelle® through a financial institution, they can send payments directly to your checking account with just your email ...
