One of the biggest advantages in the gig economy is flexibility — yet that flexibility is somehow missing for a crucial moment in the working week: payday.
Many platforms transfer earnings to your bank account once or twice a week, making it difficult for drivers who need to cover an unexpected expense or just want to get paid fast.
Thankfully, some companies are offering solutions. Uber’s Instant Pay is one option that lets drivers get paid when they need it.
What is Uber Instant Pay?
Uber automatically transfers drivers’ earnings to their bank accounts once a week through ACH (Automated Clearing House) transfers. While the process is seamless, having to wait up to a week to get paid can be problematic for drivers when they need funds immediately.
This can lead drivers to rely on less-than-ideal payday loans and other means to get cash in a pinch.
As evident from the name, Instant Pay allows Uber drivers to immediately cash out their earnings when needed. Directly to their debit card and up to 5 times a day. In most cases, the money is transferred to the account immediately.
How to sign up and use Uber Instant Pay
There is no separate sign-up process for Uber Instant Pay, just have to add a supported debit card to your Uber driver account.
You can do that in the Payments section of the Uber Partner app. Then navigate to the Earnings tab in your Uber Partner app, click the ‘Cash out’ option, confirm the payment details on the next screen, and tap ‘Confirm Cash Out’. Then it’s payday on your terms!
The service is completely free when you sign up for the Uber Debit Card. Otherwise, there is a $0.50 fee per transfer when cashing out your earnings. Most debit cards from visa, MasterCard, and Discover are supported.
Since Uber partners directly with the banks to make Instant Pay possible, they have the ultimate control over when you get paid. According to Uber, some banks delay the transfer of funds up to 3 days, including:
- Bank of New York Mellon
- Webster Bank
- First-Citizens
- Northern Trust
- First National Bank of Omaha
- Amegy
- H&R Block
- BOKF
- Silicon Valley Bank
- California Bank and Trust
- UBOC
What if you lose access to Instant Pay?
Having the option to immediately cash out your earnings is pretty great, and you may find yourself regularly using and planning your payments accordingly.
If that’s the case, losing access to this feature would be a big hit to your business. Here are some common reasons drivers lose access to Instant Pay:
- Your account is flagged by Uber’s systems during periodic security checks
- Your account is not active for at least 24 hours after signup or reactivation
- You haven’t linked a checking account to your Uber driver account
- You started renting or leasing a car through Uber’s vehicle financing program recently
- You stopped renting or leasing a car through Uber’s vehicle financing program recently (It may take up to 2 weeks for Uber to enable Instant Pay in such cases)
- You are a new delivery partner who hasn’t uploaded his/her profile photo and driver’s license/state ID.
So, what can you do?
- Follow Uber guidelines and meet all the requirements for Instant Pay
- Ask for help! Join our driver community and download the Gridwise app for tips on maximizing your earnings
Get the cash you need to grow!
The option to cash out immediately is certainly helpful for day-to-day expenses — but it may not be enough for drivers who are looking to scale their revenue.
While business loans, personal loans, and renting a vehicle are common ways to fund rideshare business growth, rideshare and gig drivers have a few other offers available specifically for their business.
Specialized platforms like Giggle Finance are a better fit for small businesses, Uber drivers, and other gig economy workers.
They offer a simple application process, instant access to funds, and flexible payment options. Giggle Finance promises instant funding up to $5,000 in less than 8 minutes.
The application process is simple and funding is provided instantly if your business meets the qualification criteria — it’s basically an Uber Instant Pay advance on hours you haven’t been to drive yet.
Just a heads up, Giggle analyzes your bank statements to determine your eligibility for financing.
How else can drivers own their earnings?
Financial freedom for rideshare and delivery drivers only starts with having an immediate cash-out option for earnings. Drivers also have access to financial products and services that offer easy access to savings, investments, and income protection.
Here’s are a few ways to do more with your earnings:
- Effortlessly save for retirement and emergencies by investing your change with Acorns
- Invest some of your earnings – platforms like Public or Betterment are good for beginners and help your money go farther.
Your ultimate co-pilot on the path to bigger payouts
If you’re looking for a spotter, look no further than Gridwise! The #1 gig-driving assistant pulls together all of your driver data, so you can see exactly how much you’re earning at a glance, all in one centralized location.
Plus, we provide you with driver perks and an engaged community to take your earnings to the next level. So download the app today and get started on the path to higher earnings!
And if you have experience driving with one of these companies, we’d love to hear from you. Drop us a comment below or join our Facebook Group!
