Frequently asked questions
Highbeam is a finance platform providing banking services for ecommerce businesses. Highbeam accounts feature:
- Checking account
- High interest savings account
- Virtual and physical cards with 2% cash back on ad spend and 1% on everything else
- ACH payments, domestic and international wire transfers
- Revolving line of credit
- Real time spend management and insights
- Ecommerce platform integrations and dashboard
- Other tools and features to help you run your ecommerce business
Highbeam is open to ecommerce and omni-channel brands. To be eligible, you must be a U.S. company with the following:
- Personal identification documents from the business owner
- The business’s Employer Identification Number (if applicable)
- Business name, industry, address, email, and telephone number
- Registration certificates, business licenses, and/or articles of incorporation
Yes, our online application can be filled out from anywhere.
We use your SSN solely to verify your identity. We will always get approval prior to any credit checks while activating our credit products.
Highbeam partners with Blue Ridge Bank, N.A., Member FDIC, to store your deposits.
Yes, for Highbeam customers with deposit accounts on Thread Bank, funds up to $2,500,000 are insured by the FDIC through an insured cash sweep program managed by Thread Bank, Member FDIC. For Highbeam customers with deposits accounts on Blue Ridge Bank, funds up to $250,000 are insured by the FDIC through Blue Ridge Bank, N.A., Member FDIC. You can learn more about FDIC insurance on the FDIC website.
Highbeam makes security a top priority. We follow strict industry standards to protect your data and money and perform routine security audits. For more information or concerns, please contact email@example.com.
We believe in transparent, accessible financial services. Because of that, there are no hidden fees or costs. That is, no minimum account balance needed, no ACH, domestic wire or overdraft fees, and no monthly or annual fees. Advanced features such as Highbeam Capital charges a flat interest rate on loans, clearly called out as APR. International transfers sent in USD have a flat fee of $20 to cover SWIFT charges and non-USD transfers are free after currency exchange. International transactions made via Highbeam cards incur a 1% fee that’s charged by Visa.
Our partner bank earns a small amount of interest on deposits, and Highbeam receives a percentage of this amount. Furthermore, when you use your Highbeam Visa card, Visa charges a fee to the merchant. Highbeam receives a percentage of this fee, known as interchange. For our credit product, Highbeam Capital, we earn loan interest, clearly called out as APR on the loan.
A revolving line of credit is a preset borrowing limit that can be utilized or repaid at any time. This means you can withdraw money as needed until the limit is reached. As the loan is repaid, the money becomes available again for withdrawal.
No, we do not require a hard pull while opening an account. We will always get approval prior to any credit checks while activating our credit products.
The amount varies, but typically Highbeam will start at 15 days of sales, and grow to a brand’s average monthly revenue.
No, Highbeam provides business loans that do not require personal guarantees.
We believe in transparent interest rates and credit products. We calculate interest daily at a flat, pre-determined APR based on the amount of principal outstanding.
Yes, ACH (electronic transfers) are free with any Highbeam account.
Yes, domestic wire transfers are free with any Highbeam account.
Yes, we support international wire transfers. USD transfers have a flat fee of $20 to cover SWIFT charges and for non-USD transfers Highbeam provides no-fee currency exchange.
Yes, our debit cards can be used at any ATM. We don’t charge any fees on top of what the ATM operator charges. You can make no-fee withdrawals at any Allpoint ATM. You can locate Allpoint ATMs using the Allpoint ATM Locator.
Yes, you can make cash deposits at any eligible, US-based Allpoint ATM. Deposits are limited to $1,000 per transaction. Allpoint ATMs do not accept checks, envelopes, or non-US dollars. You can locate Allpoint ATMs using the Allpoint ATM Locator.