Many times drivers have been strapped for cash in an instant, such as refilling gas or buying a meal, or even paying a fine, and need to find an immediate injection of capital. Waiting to be paid can be strenuous, and some drivers would prefer daily payments. Over the last few months (year to be exact) Uber has transformed from a rigid company to a more flexible one, and it now offers up to 5 daily withdrawals via its Instant Pay program.
In this article, we review a few of the main cash transfer systems that have been evolving in Uber and the applications that are now leading the “quick cash withdrawals” market for drive sharing drivers.
Rideshare Company Apps
Lyft Express Pay will let you pull out immediate cash for 50 cents per transaction. The amount they will transfer is between $50 to $5,000. In order o qualify for this application, you must have an active Lyft account and must have earned at least $50. If you link your debit card to this app, you will see it in your account within 20 to 40 minutes.
Uber Instant Pay will work with your credit and debit cards as well as with a GoBank Uber debit card. Uber will automatically transfer money to this card. Transfer to your private card will cost 50 cents, and you can cash out five times a day, GoBank has no transfer fee, so the only fee you need to consider are the ATM fees for out-bank services. This application was fully introduced after a pilot period and has already changed the way the industry approaches its driver’s demands.
Rideshare Third-Party App
Activehours is a “transfer” company that links to your bank account and analyzes your income and then gives you an advance against income. Once you are verified, they will “advance” you $100 a day or $450 a week and charge your bank for that money when it comes in from Uber or Lyft. These limits are quite restricting, but they are useful.
Activehours app allows you to choose what you need to pay each time you make a withdrawal so that you can follow your expenditure. You can make the withdrawals via the app, so it’s a quick cash alternative.
Before Uber fully incorporated Uber Instant Pay, this was a leading quick cash service provider. It should still be considered if you need that extra injection of cash beyond what Uber pays. However, living beyond your means is a sure way to go bankrupt, so before you start to find a way of accessing quick cash, check how you spend your money.
The ActiveHours registration process
To make life simple, we decided to hold your hand each step of the way and help you understand the sign-up process. ActiveHours is a simple app to integrate.
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Download the app. -
Set up an account. -
Select Ride/Task and Direct Deposit -
Select the bank you work with from the list. -
Enter your bank details -
Select your employer “Uber.” -
Enter your checking account and routing number information -
Once you have completed these steps, ActiveHours will make two deposits into your account; you need to verify these deposits. -
Log into active hours and enter the two deposit amounts, this can take up to a day, worst case scenario two days waiting to see the amounts.
Your account is now all set up.
Now you need to prepare to cash out, to do this you need to take a screenshot of your Uber income, but make sure it shows your name and the days you worked. To do this:
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Log into your Uber account on the internet (not the app). -
Take a screenshot and send it to your phone. -
Log into the ActiveHours app. -
Upload the screenshot via “upload timesheet” option. -
Active hours will verify the screenshot immediately. -
Cash out whatever amount, but remember it won't be more than $100.
Some tips regarding ActiveHours, if you are an Uber driver, it’s better to use Uber Instant Pay since that is a direct debit from your earnings without a middle person taking a fee. Also, it is not limited, well, it is limited to five daily payments, which is usually more than you need.
If you do decide to use ActiveHours, consider linking every withdrawal to a particular expense. Through linking expenses, you create transparency. This is important since you will be required to divulge all expenditure for your end of the year tax reports.
A quick review for non-Uber/Lyft drivers
If you work with Doordash, Grubhub or Fasten, you can use DailyPay to cash out daily.
DailyPay is like ActiveHours; it is a financial transfer company that pays cash against income. There are some fees, but these are negligible when moving large amounts of cash. DailyPay is more versatile than ActiveHours for high earners, the main difference between the two apps is that DailyPay requires you to divert your direct earnings to them, making them a middle-entity that channels your earnings to your bank account.
To set up Daily Pay, follow these basic steps:
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Downloading their app -
Setting up an account -
Give Daily the details of your Doordash account -
Enter your bank account information -
Then you goto your Doordash account and change where you send the direct deposits -
That’s it, all done.
DailyPay will now entitle you to take out daily payments similar to how Uber Instant Pay, which makes it a superior app for large income makers. If, however, you only need to take out quick cash withdrawals occasionally, then it would be better to stick to ActiveHours.