How do payments work?

Explaining the Payment Timeline.

Why does VPM payment reports look different from my bank statement?

  1. The billing period is Monday - Sunday.
  2. Times are auto-approved Sunday at 11:59 AM UTC.
  3. You can dispute any timecard from when it is entered through the Monday after the pay period ends.
  4. After the dispute window, employers are charged Tuesday at 5:01 AM UTC.
  5. Payouts initiate shortly after. (The payment process starts on Tuesday and in most cases will be paid the following Monday to the Virtual Assistant's bank account.)
What can delay a payment?
    1. Your first payment may be delayed due to the payment processing companies performing extra verification to protect your account to ensure there is no fraudulent activity.
    2. Your first payment may be delayed if the employer is new to the VPM  platform. The payment processing companies may perform extra verification on the employer's bank account to ensure there is no fraudulent activity.
    3.  U.S. Bank Holidays can delay payment.  Banks do not process payments during U.S. Holidays. Here is a list of common bank holidays, dates may vary for more information contact your bank.
    • New Year’s Day,
    • Birthday of Martin Luther King, Jr.,
    • Washington’s Birthday,
    • Memorial Day,
    • Independence Day (July 4),
    • Labor Day,
    • "Columbus Day" (also observed as Indigenous Peoples Day),
    • Veterans Day,
    • Thanksgiving Day,
    • Christmas Day.

    If you still have more questions please email us at info@vpmsolutions.com

     

    Here's an interactive tutorial

    https://www.iorad.com/player/1827280/The-Billing-Cycle-Explained

    10 STEPS

    1. This is the payment process timeline, or the billing cycle.

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    2. The process begins on Monday.

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    3. The virtual assistant is reminded on Friday by the system to enter all of their time for the current billing period.

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    4. If an employer has not approved or disputed the time it will be automatically approved Sunday 11:59 UTC. Expect payment by Thursday, Friday latest (Expect minor delays if payouts land around a holiday).

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    5. Typically virtual assistants will input their times each day, but in case they forget or miss a day, they can submit all of their times on Sunday. Times they input cannot overlap.

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    6. On Sunday, the employer receives an email that reminds them to review the time submitted.

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    7. A dispute window opens up at this time. During this window, employers are able to dispute or approve submitted time cards.

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    8. On Wednesday, the virtual assistant is paid for the previous week's time. This is when your account will be charged. VPM solutions does not keep any banking information on our site.

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    9. Depending on the location of the virtual assistant, payment can take up to 7-10 days. Typically, funds are available between Sunday and Friday of the next week.

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    10. That is the payment or billing process!

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