Velocity Global Contractor Management makes a best effort to deliver payments 24/7/365 via our instant payments program. To do this we rely on a network of partners and payment systems. Ultimately there may be issues across one or more of these elements that results in a longer than anticipated delivery time on rare occasions.
Instant Payout Refund Policy
Velocity Global Contractor Management will refund instant payout fees for payouts whose delivery is not received within the service level agreement (SLA) described below. Delivery time is calculated from the date an invoice is moved into the paid state.
Payouts whose delivery is late due to rejection by the receiving bank are excluded from the refund policy.
During Business Hours (Monday - Friday, 9:00 PM - 5:00 PM ET excluding holidays), Wingspan offers the following SLA’s for Instant Payouts:
To the Wingspan Wallet: As processed
To External Accounts: 90 Minutes from processing
Outside of Business Hours, VGCM offers the following SLA’s for Instant Payouts:
To the Wingspan Wallet: As Processed
To External Accounts: By 10:00 AM ET the following business day
Note: SLA time is tracked from when an invoice is moved into the paid or deposited state for default instant payouts, or when an instant payout is requested from within the app for an individual invoice.
VGCM does not control when an invoice is processed to be paid out, only the delivery of a payout from this point forward. Delays caused by a client processing your payout do not qualify for an instant payout fee refund.
Most Instant Payouts process within minutes. While we strive to address unforeseen operational issues promptly, some delays may require banking services to resolve.
Instant Payout Service Definition
Our instant payout service is an optional method of receiving the funds of a paid invoice typically within minutes. These payments are delivered via an available instant payment service network such as push-to-card (PTC) or Real-Time Payments (RTP.) These payments are capable of being delivered 24/7 including on weekends and holidays.
FAQs
How do I calculate the processing time of my payout?
There are two ways in which the processing time is calculated depending on whether instant payout is your default method or you're requesting an instant payout on an individual invoice.
If instant payout is your default method:
The processing time of a payout is calculated from when your invoice moves into the Paid or Deposited state. You can find this time on your individual invoices at the bottom.
If you've requested an instant payout on an individual invoice:
The processing of a time of payout is calculated from when you complete the request in the UI.
My invoice was created late, can I receive a refund for the instant payout fee?
The instant payout service is for the delivery of a paid invoice. It is your payer's responsibility to create and process invoices to the paid state. The instant payout service in no way guarantees or is related to the timetable of invoice creation by your payers and fees will not be refunded due to an invoice by processed for payout later than anticipated.
Why is your SLA different outside of business hours?
VGCM relies on a network of payment processing partners and payment systems to deliver your instant payouts. While the vast majority of instant payouts are delivered within minutes, when instant payouts outside of business hours encounter a delay our team is limited by the availability of partners to resolve issues.