Instant pay provides workers with the ability to access their earnings promptly, surpassing the delays associated with traditional pay cycles.
Instant Pay Basics:
Instant Pay operates based on the predefined percentage of funds that candidates can withdraw instantly from their account once they’ve submitted timesheets and they’ve been approved. This percentage, set by your team, ensures a balance between quick access to funds and accounting considerations, such as tax withholdings etc. It's important to note that the withdrawal percentage is typically less than 100%, preferably 60 - 70%.
The funds for Instant Pay are debited directly from your platform's Stripe account, streamlining the disbursement process.
Candidate Visibility:
To gauge the Instant Pay availability for a candidate, navigate to the accounting tab within their profile. Here, the Instant Pay amount is displayed, reflecting your platform's configured percentage. A check mark indicates that Instant Pay is enabled for the candidate, while an 'x' denotes non-enabled. Enabling or disabling Instant Pay for a candidate is as simple as clicking on the Instant Pay tag.
Accounting Tab Breakdown:
Within the candidate's accounting tab, three key sections provide a comprehensive overview:
Estimated Due:
Represents the amount owed to the candidate, providing transparency on pending earnings.
In Transit:
Displays the amount in transit once the payment process has been initiated. Typically, it takes approximately 5 minutes for debit card transactions and 1 day for bank account transfers. Keep in mind that the first few transactions might experience a slightly extended processing time.
Wallet:
Serves as a repository for the amount available for withdrawal. This section is directly linked to the Instant Pay functionality, allowing candidates to access their funds promptly.
Understanding these intricacies empowers your Internal team to navigate the Instant Pay feature seamlessly. It not only ensures timely access to earnings for candidates but also contributes to a more transparent and efficient financial ecosystem.