If you notice that the payment transfer date for a signing has been pushed back, this is most likely because the order was not closed in time to make the cut-off for the previous billing cycle.
Every month has two billing cycles. If an order misses the cut-off for the previous billing cycle, our system automatically updates the payment transfer date to reflect that of the next billing cycle. If the order still does not get closed in time, the payment transfer date will be updated and pushed back again. This will continue to happen until the order is completed and closed.
Breaking Down the Billing Cycles
An order must be completed and closed before the 1st of the month if the company is to be invoiced on the 3rd. Your payment will then start transferring two business days after the 3rd.
An order must be completed and closed before the 16th of the month if the company is to be invoiced on the 18th. Your payment will then start transferring two business days after the 18th.
Requirements for Payment to be Processed
Orders need to be both completed and closed in order for us to process payment. You can complete an order by adding a signing status to it. However, only companies can close the order, or our system automatically closes orders after a certain period of time if it detects that there has been no new work done on it.
If you notice that the payment transfer date for a signing continually gets pushed back, we suggest contacting the company that contracted you for the signing and letting them know that the order will need to be closed in order for your payment to be processed.
Orders that are open, on-hold, or canceled will not have their payment processed.
To learn more about VendorPay, please refer to our VendorPay FAQ here.