Increasing Credit Limit using a Security Deposit

Motive Card customers can now increase their credit limit by placing a refundable security deposit.

Overview 

Motive's Underwriting team approves an initial credit limit for every Motive Card customer. Customers can increase their credit limit by placing a refundable security deposit

• Increase Credit Limit: By providing Motive with a security deposit, customers can increase their credit limit. The new credit limit reflects the sum of the underwriting approved credit limit and the security deposit backed credit limit. For example, A customer has a credit line of $30,000  per week but wants $35,000 a week. They can add a $5,000 security deposit, and the credit limit increases to $35,000 a week.
• Withdrawable Deposit: Customers can partially or fully withdraw their deposit at any time, subject to their outstanding balance.

Invoice payments

The security deposit acts as collateral, customers must still pay their weekly invoices via their linked bank account. If the account is closed, however, the deposit can be used to offset any pending invoices.

Adding a security deposit

Secured Card users can increase their credit line using a security deposit at any time.

1. Log in to the Motive Fleet Dashboard and go to Admin > Cards > Billing > Account overview > Manage.

2. Click Add funds. 

3. Make a payment by adding funds from a linked bank account. Some customers may be given a routing number to deposit funds. Deposits may take up to 3 to 5 business days to post. 

4. Once the deposit is posted, your new credit limit will equal your remaining deposit + unsecured credit line. 

Withdrawing a security deposit

Secured Card users can partially or fully withdraw their deposit at any time, subject to their outstanding balance. For security reasons, withdrawals are only permitted to business bank accounts that have been linked to a customer for a minimum of 30 days.

1. Log in to the Motive Fleet Dashboard and go to Admin > Cards > Billing > Account overview > Manage. 

2. Click Withdraw funds. 

3. The total amount available for withdrawal is displayed in the pop-up. The amount available for withdrawal is calculated by subtracting your current outstanding balance from the security deposit. 
4. Enter the desired amount to withdraw from the available amount to withdraw and click Request a withdrawal. 

5. Motive’s team will review the withdrawal request, and once verified you will receive a confirmation email. 

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