The Ambrook Wallet acts as another bank account that you can use to collect payments from customers, send bills, and pay for purchases across your team.
Benefits of an Ambrook Wallet
Ambrook is not just a bookkeeping platform – it also offers embedded payments, meaning you can send and receive money directly on the platform. This opens up a variety of benefits, including:
Complete your bookkeeping while you manage your day-to-day workflows. This will keep you on top of your books even during the busy season.
Rather than trying to remember what that check on your Ledger was for, write one directly through Ambrook and add tags while it’s fresh in your head.
Finish your categorization at the same time as creating an invoice for your customer. When the money arrives, the income is already categorized.
Get prompted to tag transactions and upload a receipt when you spend money on your Ambrook card. Let the app chase down receipts from your team members on your behalf.
Collaborate with your team to stay on top of bills and invoices. Oftentimes, the person who receives a bill isn’t one who will be paying it. Staff members and managers can create bills with attachments in Ambrook for you to later review and pay. No more piles of paper on your desk, and you can see an up-to-date total of your outstanding accounts receivable and accounts payable.
Save yourself and your business partners time. No more dropping off a check at the post office – you can pay for bills with a check right from the Wallet that Ambrook mails for you. You can also offer your customers a faster way to pay. Each Ambrook invoice includes an online payment link and QR code, and you can customize how you prefer to receive funds (via cash/check to a certain address, ACH, or credit card).
Using the Wallet let’s you take advantage of other features including:
Collecting revenue through Ambrook-generated invoices (via ACH or credit card).
Depositing checks via Ambrook’s mobile deposit feature (RDC), available on mobile.
Funding your team’s one or many Ambrook cards.
Note that all of these features draw money from the same account. You can use built-in features, like spending limits on cards, to help manage the money coming out. Keeping your Wallet funded with enough money ensures that your bill payments go through on time and that your cards don’t get declined.
Frequently Asked Questions
What is the difference between the Wallet and my current bank account? The key differences between the Wallet and a standard checking account is that there are no physical locations to visit, meaning you cannot withdraw or deposit cash. You also cannot open up ancillary accounts such as a certificate of deposit.
Where can I find my routing number and account numbers for the Wallet? Navigate to your Wallet and hover over the information icon by your available balance. This will show you your routing and account numbers you might need to set up bill pay.
Is the Wallet FDIC insured? Yes, each account is FDIC insured up to $250,000.
Can I have more than one Wallet? At this time, only one Wallet can be connected to each Ambrook account. If you have multiple business entities and want to set up a Wallet for each of them, reach out to our team to discuss your options.
How long does it take money to reach my Wallet? Transferred funds will be available the same day or the next business day, depending on when the transfer was initiated. For more details, see our article on funding your Wallet here.
How long does it take money I’ve transferred out of my Wallet to reach my bank account? Though actual times vary depending on your bank, outbound transfers generally take 1-2 business days.