Answers to: Payment Process, Payment Delays, Holidays, Estimated Day of Arrival, ETA, Payment Status
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Understanding How the Payment Process Works
At VPM Solutions, we are committed to providing transparency and clarity regarding how payments are processed, tracked, and received. This guide will walk you through each step of the payment journey, explain how to interpret your Estimated Time of Arrival (ETA), and provide insight into payment statuses. Additionally, we’ll cover how holidays can impact payment timelines and when delays might occur, helping you better understand what to expect and when.
TIP: If you haven't watched the video on Payment Onboarding, click this link to get a clear overview of the Payment Process.
To make this process easier to visualize, we’ll use a relatable analogy—taking a flight with a layover—to illustrate how payments move from initiation to completion. This guide will ensure you feel informed and confident about every aspect of the payment process.
The Payment Journey: A Flight Analogy
Just like flying on a plane with a layover, the payment process follows a predictable timeline, but there are variables that can impact when it’s completed. Here’s a breakdown:
How the Payment Process Works with VPM, Stripe, and Banks
Step 1: Payment Processing Starts (VPM)
The payment process begins with VPM Solutions. Once payment is triggered, it’s sent to Stripe, our payment processor. The time it takes to initiate this step depends on when the payment request is submitted and processed in our system.
Step 2: Payment Sent to Your Bank (Stripe)
Stripe processes the payment and sends it to the recipient’s bank. This step is typically seamless but may be delayed by factors like weekends or holidays. During these disruptions, payments may not move to the next stage until the banks reopen.
Step 3: Your Bank Processes the Payment
Once Stripe sends the funds to your bank, they control the timeline. Each bank has its own processing times, which can vary based on their internal systems and policies. Unfortunately, this part of the process is beyond our control.
Step 4: Funds Arrive in Your Account
Finally, the bank deposits the funds into your account. While we understand the urgency of receiving payments, this step depends entirely on how quickly your bank can finalize the transfer.
Understanding the Estimated Time of Arrival (ETA) and Payment Statuses
TIP: This section will guide you on how to interpret your Estimated Time of Arrival (ETA) and when to consider your payment as delayed.
Where to Find Your Payment ETA
Company payments are charged on Tuesday around 2 AM UTC, and the ETA will be available within 24 to 48 hours. The ETA will be displayed on your home dashboard and on the payment quick view section.
The Estimated Time of Arrival (ETA) is determined by Stripe's payment timeline, which typically ranges from 4 to 10 business days after the payout is initiated. Since this is only an estimate, it should not be regarded as the exact date your payment will arrive but rather as a reference based on Stripe's stipulated timeline.
When to Consider Your Payment Delayed
If you receive your payment exactly on the ETA date, this is within the expected timeframe. However, if it doesn’t arrive, you should not immediately assume the payment is delayed. 'Paid' status indicates the payment has been sent from Stripe to your bank but does not guarantee it has cleared your account. A payment is only considered delayed if it exceeds Stripe's specified threshold of 4 to 10 business days.
IMPORTANT: Checking with Your Bank
If the payment status shows as 'Paid' and you have not yet received the funds in your account, this means the payment has successfully been sent from Stripe to your bank. At this point, the payment is in your bank's hands, and neither Stripe nor VPM Solutions has access to or control over the funds.
We recommend reaching out directly to your bank to inquire about the status of the payment. They will have the most accurate information regarding when the funds will be deposited into your account. Neither Stripe nor VPM Solutions can expedite this process, as your bank is solely responsible for clearing and releasing the payment to your account.
We encourage you to check with your bank as the first step for resolution.
Payment Statuses:
Important Note: How Bank Holidays Impact Payment Timelines
Bank holidays can naturally affect the payment process, as banks are closed and unable to process transactions during these periods. If a holiday occurs during the payment timeline, it may introduce a slight delay, typically adding at least one extra business day before your funds can proceed through the system.
It’s important to anticipate that when banks are closed, payments cannot move forward, even if they’ve been initiated on time. This interruption is temporary, and once the banks reopen, processing will resume as usual.
Planning ahead around holiday schedules can help set realistic expectations for payment arrivals. If you have concerns about timing, checking for upcoming holidays in your region or internationally can provide a clearer picture of when to expect your funds.