Disbursement Methods Explained:
The Beam platform provides five different payment methods. The payment methods available within your platform may not include each listed below because they need to be enabled by the institution during the implementation of the program.
Standard Payment Processes
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Direct Deposit (ACH)
- Direct deposit payments require applicants to provide their name, bank routing number, and bank account number to receive payment. ACH payments are processed within one business day and often appear in funding recipient accounts within 1-3 business days.
- Direct deposit payments require applicants to provide their name, bank routing number, and bank account number to receive payment. ACH payments are processed within one business day and often appear in funding recipient accounts within 1-3 business days.
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Zelle
- Zelle's payments require applicants to confirm that the email address on file with Beam is tied to their Zelle account. The platform will display the current email from their file in the prompt and ask the funding recipient to confirm the email address. If the address is found, the payment will be issued to the recipient, and funding is generally available to them within 30 minutes.
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Check
- Check payments require applicants to provide their name and a valid mailing address to receive payment. Paper checks are mailed to funding recipients and can take 7-10 business days to arrive, depending on the recipient's location.
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Physical Prepaid Card
- Physical Prepaid Card payments require applicants to provide their name and a valid mailing address to receive payment. Prepaid cards are generated and mailed to funding recipients and can take 7-10 business days to arrive, depending on the recipient's location.
- Physical Prepaid Card payments require applicants to provide their name and a valid mailing address to receive payment. Prepaid cards are generated and mailed to funding recipients and can take 7-10 business days to arrive, depending on the recipient's location.
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Virtual Prepaid Card
- Virtual Prepaid Card payments require applicants to create an account on our prepaid card provider Usio's website. A Virtual Prepaid can then be generated to provide funding immediately.
Alternative Payment Processes
Note: These methods would have to be enabled by the institution prior to the program launch. Applicants should have a clear understanding of which process is accessible to them during the claim process. Only one payment process flow can be used per program.
- Recurring Payments Process: The Recurring Payments Process allows applicants to receive regularly scheduled award payments. During the application process, applicants will select their preferred payment method for recurring payments to be automatically administered to each payment cycle. The institution will set the payment frequency as well as the amount of each payment the applicant will receive.
- Partner Issued Payments Process: The Partner Issued payments process allows applicants to have their awarded funding issued directly to vendors/third parties. (Ex: Utility Company)