VendorPay is Snapdocs' direct deposit payment system. Companies that use Snapdocs can choose to use VendorPay to pay the signing agents they work with. As a signing agent working with a company using VendorPay, you'll receive payment automatically via direct deposit.
For VendorPay, we invoice companies for their notary payments and then 2 business days later, process their payments and notify you that we've started your payment transfer. It takes some time for the company's payment to clear, which is what takes the most time in the VendorPay process.
Twice each month, on the 3rd and 18th, companies using VendorPay will be invoiced for the signings they processed in the previous billing period. An order must be both completed and closed before the 1st and the 16th, respectively, in order for payment to be processed.
Companies are then charged 2 business days after they are invoiced, and this is the day that we initiate payment transfers to signing agents. From the date we initiate payment transfers, it takes about 8-10 business days for the transfer to complete and for payments to actually show up in your bank account. Overall, notaries can typically expect to receive payment directly in your bank account within 1-3 weeks after a company closes an order.
We immediately then transfer the company's payment to you - this part of the process actually only takes 1-2 business days.
In total, the time that it takes for a company's payment to clear (this is when we notify you of your direct deposit payment) and the actual transfer time into your bank account can take between 8-10 days.
If you'd like to learn more about the payment cycles for VendorPay, please see the first paragraph of our VendorPay FAQ.