.png){kind=logo}
Whatever the reason you have for working on Instacart, the point of it is so you can earn money, and of course picking a payment method is important. On Instacart, there are two ways to get paid, Direct deposit and Instant Cashout.
We went over Direct Deposit, let’s go over the Instant Cashout system.
So in this video, We are talking about:
EVERYTHING You MUST Know about Instant Cashout on Instacart
What they tell you vs how it ACTUALLY is
Everything in between!
Disclaimer: The content of this article does not contain and is never intended to be legal, business, financial, tax, or health advice of any kind, This video is for entertainment purposes only. It is advised that you conduct your own research and consult with qualified professionals before applying anything you find online.
Instacart: Instant Cashout allows you to deposit earnings into your bank account whenever you want, up to 5 times per day.
You must have at least $5 in earnings to cash out. Each cashout costs $0.50 in the U.S. or $0.60 in Canada. You may cash out up to 5 times a day.
I know that sounds great and some might like or even need that for their market. However, if you need to use it 5 times a day, you are spending $2.50 a day just to have it sent immediately.
This doesn’t seem like much but it can add up quickly. $2.50 a day, 7 days a week is 17.50 which can be more than a lot of orders on IC!
Either way, just be responsible with it.
Instacart: To set up Instant Cashout in the Instacart Shopper app—
Tap the Earnings tab at the bottom of the Instacart Shopper app.
Tap the Cashout button under Current balance.
Tap Add debit card.
Enter a valid debit card. You’ll get a text verification. Never share your 6-digit code with anyone.
Tap Confirm Cashout.
Most transfers take a few minutes, but some may take 1-3 business days, depending on your bank.
This is one of those things that these companies actually do really well, it really is seconds in most cases. Sometimes, people have claimed that it took longer or the button just stopped being available for some reason but for the most part they do good.
Instacart: Earnings eligible for Instant Cashout
You can get all your weekly earnings—including tips—as long as you have a $5 minimum balance. This includes regular delivery earnings, bonuses, and referral bonuses. You can cash out up to 5 times daily with a $3,000 limit. You may cash out tips 2 hours after delivery.
After you complete an order, the base pay and promo pay will be available. Then after the tips finalize, you can cash out the tips as well.
Yeah, the fact that they don’t come out together is nonsense for sure.
Instacart: Any earnings from the current week that aren’t cashed out between Sunday at 11:59pm PST and Monday at 7am PST will process with your regular weekly payout, between Tuesday and Friday.
Please note—you may not be able to use Instant Cashout if your account is currently subject to a lien, withholding order, or garnishment.
Pretty standard across most gig apps tbh.
Instacart: View your Instant Cashout transaction history
Go to the Earnings page. Then, tap View All under Transaction History to view Instant Cashout and regular weekly deposits.
I don’t typically cash out as much so I don’t see that very often.
Instacart: Why am I not seeing my Instant Cashout?
There are a few reasons why you may not see your deposit in your bank account—
Your deposit is still processing. Most transfers take a few minutes, but some may take 1-3 business days, depending on the bank.
Your debit card is invalid. Add a new debit card by going to Earnings > Cashout > Add debit card.
Your bank account or debit card is canceled or expired.
Your bank doesn’t support immediate transfers. See a list of these banks.
Instant Cashout isn’t available if you're in Seattle or have pending earnings from a batch in Seattle. If Instant Cashout is unavailable, you’ll receive your earnings through the regular weekly direct deposit.
In most cases, it can be just an error with the card or within their system. Some people have reported no problems until that one time where it took WAY longer than it should, only for it to be due to a glitch.
That is across the board btw, not just IC.
Instacart: Are there additional verification steps?
Stripe, our payment processor, needs additional information such as date of birth, tax ID, or government ID. Payments automatically process once you provide all required information.
You should have that set up before even doing a gig, let alone getting a payment processed.
Instacart: What happens if a transfer fails?
If your Instant Cashout transfer fails, we’ll text you with instructions on how to fix it.
For example, if the transfer fails to process because your debit card expired, we’ll refund the amount to your account and tell you how to add a new card.
A good rule of thumb, when you get your card and activate it, go into your apps where it is linked and change it if you need to do this on a day to day basis.
Instacart: How do I cancel an Instant Cashout transaction?
You can't cancel cashouts after requesting payment.
Yeah once it is done, it is done. This is why it is so important to protect yourself from phishing scams as well, but more on that later.
Now the rest of this page is based on Canadian Banking Systems and if that applies to you, the link to this page will be in the description of the video as always. Feel free to look into that.
Instant Cashout Strategies
Some people are very particular about the instant cashout strategies they work with. Some make sure they cashout at the end of every day because they don’t want to risk letting a company hold their money for longer than they should.
This is because some gig companies in the same space have deactivated drivers and kept their money that they worked for all week!
Uber/Lyft Phoenix and Budsoda are great examples of this: losing thousands due to this shady business practice. If Budsoda didn’t know somebody after months of fighting to get his money back and his account reactivated, he would have lost it all.
That said though, they also were deactivated for reasons that are not all that possible on Instacart, but that doesn’t mean they are above that kind of scam. Just make sure you are protecting your financial safety in the best way you know how.
Avoiding Phishing Scams
One of the more important things you need to be aware of are the phishing scams that these companies are vastly subject to.
There have been a lot of scams that cost drivers their pay for the whole week because scammers see the instant cash out feature as an opening for getting someone else's money.
Don’t ever share passwords, codes or otherwise. Instacart support teams will never reach out to you to ask for that, and NEVER fall for it!
If you would like to add some other perspective to how the Instant Cash Out Feature works on Instacart, feel free to email me: drivenwyld@gmail.com and who knows? Maybe your email or perspective and be featured in a post as well!
Comments