Whether you’re paying a contractor, a supplier or a friend, you’ll find all the functionality you need right in your Found business bank account. You can send payments with Found in 3 different ways:
Found to Found payments. Payments to other people on Found are deposited instantly. To make a payment to someone that uses Found you can search a person by their phone number, email or Found Tag. You can identify another Found customer on the list by the Found logo on the right bottom corner of their profile photo or logo.
Send payment via text message or phone number. You can send a payment to someone with only their phone number or email address. This allows your payee to choose where to deposit their payment and protects their banking information. They receive an email or text message with easy steps to claim their payment by choosing a bank account or payment app like Cash App, Venmo or PayPal to deposit their payment into. If they don’t claim their payment within 7 days, your payment will be returned to you.
Send a direct deposit. You can also send payment to a business or individual when you have their bank account information. You will need to provide their account and routing number, account holder’s name and what type of account it is. Money will be sent directly into that bank account and it will take between 1-2 business days depending on the receiving bank.
Other powerful payments functionality that will help you run your business include:
Scheduled and recurring payments. Found allows you to schedule payments in advance and set up weekly, biweekly or monthly recurring payments.
Scheduling a payment. To schedule a payment start a payment from the App and tap the button that says “Today” to change the date when you want the payment to be sent.
Setting up recurring payments. To set up a recurring series of payments just start a payment from the App, once you’ve selected a contact and the amount, tap the button that says “One-time” and change the frequency of your payments. Also choose when you want your series to start and end.
Canceling a scheduled or recurring payment. Your scheduled and recurring payments will be saved in your “Payments” tab under the sub-tab “Scheduled”. Tap on any payment to manage the start date, end date, amount or canceling the scheduled payment or series.
Notes. You can send a note attached to your payment to let your payee know details of your payment.
Categorization. After you’ve sent a payment, Found will ask you if you want to categorize this payment. Selecting a category will consider your payment a business expense and automatically deduct it from your taxes.
Tracking payments for contractors. You can see all payments that you’ve made to a specific business contact by going to their contact details.