Frequently asked questions

General
What is Highbeam?
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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
What do I need to apply for an account?
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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
Can I apply for an account if I’m not physically in the United States?
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Yes, our online application can be filled out from anywhere.

Security and privacy
What do you use my social security number for?
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We use your SSN solely to verify your identity. We will always get approval prior to any credit checks while activating our credit products.

Where are my funds kept?
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Highbeam partners with Thread Bank, Member FDIC, to store your deposits. Your deposits qualify for up to a maximum of $2,500,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program here and a list of program banks here.

Are my funds insured?
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Yes, your deposits qualify for up to a maximum of $2,500,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program here and a list of program banks here. You can learn more about FDIC insurance on the FDIC website.

What do you do for security?
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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 support@highbeam.co.

What is Plaid?
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Plaid allows us to securely connect your other bank accounts to Highbeam. You can learn more about Plaid on their website.

Pricing
What does Highbeam cost?
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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.

How does Highbeam make money?
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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.

Capital
What is a revolving line of credit?
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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.

Does Highbeam require a hard credit pull?
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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.

How much credit can I get from Highbeam?
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The amount varies, but typically Highbeam will start at 15 days of sales, and grow to a brand’s average monthly revenue.

Does Highbeam require a personal guarantee?
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No, Highbeam provides business loans that do not require personal guarantees.

Does Highbeam charge interest?
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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.

Sending and receiving money
Where can I find my account number and routing number?
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You can find ACH and wire details for each of your accounts by going to your Accounts page> View account details.

Can I send money via ACH (electronic transfer)?
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Yes, ACH (electronic transfers) are free with any Highbeam account.

Can I send wire transfers?
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Yes, domestic wire transfers are free with any Highbeam account.

Can I send wire transfers internationally?
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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.

I don’t recognize a transaction on my account. What should I do?
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Email us at support@highbeam.co and we’ll get it sorted for you.

Debit card
Can I withdraw cash from ATMs?
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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.

Can I deposit cash at ATMs?
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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.

I don’t recognize a charge on my account. What should I do?
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Email us at support@highbeam.co and we’ll get it sorted for you.

User accounts
Can I have multiple users on my account?
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Yes, you can add team members to your Highbeam account from the Users page.

How can I remove a user from my account?
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Email us at support@highbeam.co and we’ll get it sorted for you.

Banking that helps brands
make smarter decisions

Automate your cash flow with real-time insights, refreshingly transparent credit, and high yield deposit accounts.