Insights
Everything You Need to Know About Using Zelle® for Your Small Business
The ability to efficiently collect payments is key to business success.
Choosing a system that is user-friendly, cost-effective and reliable can enhance the transaction experience for business owners and their customers. While there are several important issues to consider, small business owners may find that Zelle® for your small business is the solution they’ve been looking for.
What is Zelle® for your small business?
Zelle® for your small business allows small businesses to send and receive money between eligible bank accounts in the U.S.1 Small businesses only need to share their email address or U.S. mobile phone number with their customers to receive payments. Transactions typically occur in minutes between enrolled Zelle® users.1
Who can use Zelle® for your small business?
To use Zelle® for your small business at East West Bank, you must have a qualifying business bank account that is eligible for enrollment in our BusinessExpress2 Mobile App3 and Online Banking service. Enrolled small businesses and their customers do not need to have accounts at the same bank to send and receive money using Zelle®. Simply log in to BusinessExpress2 and enroll in Zelle® for your small business to begin sending and receiving payments from persons and businesses you trust, regardless of where they bank.1
How to send and receive payments using Zelle® for your small business
Sending and receiving payments using Zelle® for your small business is a straightforward process when both the sender and recipient have Zelle® in their banking apps. For example, a hair salon owner using Zelle® for your small business can send payments to or receive payments from other small businesses that use Zelle® for your small business. The hair salon owner also can receive payments from their customers.
To send a payment using Zelle®, the sender would start by entering the email address or U.S. mobile number associated with a recipient’s account. It’s always a good idea to double-check with a recipient that you have entered the right email address or U.S. mobile number. Then the sender would enter the payment amount and send the payment.
A second example is when a Zelle® for your small business user accepts or requests payment for services from a customer. The hair salon owner could initiate the request for payment, or the customer could initiate a payment using Zelle® within their banking app.
Costs of using Zelle® for your small business
At this time, East West Bank does not charge for using Zelle® for your small business. There also are no limits imposed for receiving Zelle® transactions.
Benefits of using Zelle® for your small business
- Contactless payments
Zelle® allows customers to make contactless payments, eliminating the need for credit cards, cash or even a checkout terminal. This can save additional funds, allowing business owners to avoid the cost of a point-of-sale system or the services of another payment processor.
- Fast transfers
Zelle® for your small business facilitates payments, typically in a matter of minutes1. This can be a significant advantage for business owners who want to receive their funds without the delays that commonly occur when using other forms of payment, such as checks or credit cards.
Get Started with Zelle® for your small business
Incorporating BusinessExpress and Zelle® for your small business into your small business banking transactions streamlines the sending and receiving of payments, offering you a fast, safe and user-friendly option1, with the security you already know and trust from East West Bank.
It’s also easy for your customers to send money with Zelle®, creating a convenient experience and allowing you to accept payments from wherever you are—no extra hardware required. Learn more today.
1 A U.S. checking or savings account is required to use Zelle®. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution’s online or mobile banking experience. Transactions between enrolled users typically occur in minutes.
2 See the East West Bank BusinessExpress Online Banking Agreement for additional details, including qualification requirements, cutoff times and limits.
3 East West Bank does not charge for Mobile Banking. However, your mobile service provider may charge for sending and receiving text messages on your phone. Check with your service provider for details on specific fees and data charges that may apply.