The following is an overview of Worksuite's Global Pay product for your written reference.
TABLE OF CONTENTS
- About Global Pay
- Scheduling invoices for payment
- Pay Run Schedules
- Funding Notifications
- Flexible Funding Options
- Payment Processing Funding Account
- Invoice Statuses
- Talent Notification
About Global Pay
Worksuite's Invoices module enables you or your talent to raise invoices for compensation against contract work performed.
Global Pay is an add-on product to your Worksuite subscription in which Worksuite sends payments to your freelancers for the Worksuite invoices.
Scheduling invoices for payment
- When an invoice is added to the system, it starts in the New status
- The appropriate member(s) of your team will then take two steps toward the invoice getting paid:
- Approve the invoice
- Schedule the invoice
The partner must have completed their bank details and tax information in order for the invoice to be Scheduled. The Schedule button will be greyed out if the partner is not payable.
Pay Run Schedules
The day the pay run will initiate depends on the pay run schedule you select:
- Weekly initiates on Friday nights
- Monthly initiates on the last calendar day of the month
Pay runs initiate at approximately 8:00 pm Eastern. Note that our system has a one-hour cutoff; invoices must be Scheduled by 7:00 pm Eastern on the day a pay run will initiate.
Once the pay run is initiated, all invoices will be prepared for processing on the next business day and be released to your talent partners once funding is received. Once sent, the payments will land same-day or within 1 business day for U.S. recipients and within 3-5 business days for recipients outside the U.S.
If the invoices in Worksuite are all generated in a single currency (e.g., all of your invoices are in USD):
- An automated email will be sent to the recipients of your choosing upon initiation of the pay run
- The email will include funding instructions that detail the number of payments and total amount to fund, as well as the wire details to ensure funds land in your Payment Processing Funding Account (PPFA) in a timely manner
If the invoices in Worksuite are generated in multiple currencies:
- The final funding total is determined on the business day following pay run initiation after currency trades are purchased
Once processed, you’ll receive a Currency Trades and Funding Report in the form of a spreadsheet detailing exchange rates and equivalent amounts in your funding currency to achieve the funding total
Flexible Funding Options
For each set of payments we process to your freelancers, we receive your funding in a dedicated Payment Processing Funding Account (PPFA). Upon a Compliance review of your business, we will establish your PPFA with a unique and static set of wire instructions (example below).
Worksuite offers various options to fund this account to suit your Finance/AP preferences.
For the ultimate convenience, we can obtain your one-time bank authorization to pull the funding directly from your bank account to your PPFA, via wire or ACH transfer.
You can also push the funding to your PPFA in advance or following each pay run.
Payment Processing Funding Account
The wire instructions for your PPFA are unique and static, allowing you to set up a wire transfer template in your online banking system for quick and easy funds transfer for each pay run (note that these are wire details, not ACH):
ACCOUNT NAME: Moneycorp US Inc. USD Client Account
ABA ROUTING NUMBER: XXXXXXXXX
ACCOUNT NUMBER: XXXXXXXXX
BANK CODE (BIC/SWIFT): BOFAUS3N
BANK ADDRESS: 222 Broadway, New York, NY 10038, United States of America
QUOTE THIS REFERENCE: CKXXXXXXXXXX
Including the CK reference number is crucial as it transfers the funds directly to your unique PPFA.
The invoices' status in Worksuite will advance to Processing upon initiation of the pay run; subsequently to In Flight once the funding is received and the payments are on their way; and finally to Paid after 3 days of being In Flight.
Your talent partners will be notified when you have approved their invoice, when the invoice is In Flight, and when the invoice is marked Paid. These email notifications relieve your team from needing to send additional communications.
We are here to help! If you have any questions, please reach out to Payment Operations via our group email alias or our shared Slack channel, or create a support ticket!
You can also take a look at our Payment Support knowledge base here.