Here’s a comprehensive guide to RecruitiFi's recruiter payouts, covering key terms, bank account setup, invoicing, and common questions related to payments:
Key Terms:
Candidate Guarantee Period: 60 days. If the candidate doesn’t remain in the role for 60 days, the employer may request a refund.
Candidate Ownership Period: 180 days. This means if you’ve had documented communication with a candidate within the last 180 days, you retain ownership of that candidate.
Payout Timing: If the candidate successfully completes the guarantee period and the employer has paid, your payout will be processed on the first business day of the following month.
Fee: The payout fee is based on the job's country and any custom fee agreements you have with the employer. You can view your estimated earnings directly on any JobCast.
Bank Account Setup:
Setting up your bank account is essential for receiving payouts. You need to complete your address, payment method, and tax information.
To add or update payout information, click on your photo in the top-right corner, select "Payouts," and then go to "Payout Information" on the left side.
Invoicing:
RecruitiFi handles invoicing automatically and pays agencies electronically according to its Terms of Service.
No need to send invoices to RecruitiFi or clients. RecruitiFi is the vendor, and all payments are processed through the platform.
If your company requires it for internal record-keeping, you can download a W-9 from RecruitiFi.
Frequently Asked Questions:
Payout Statuses:
Expected Payout Date: The payout will be processed if the candidate passes the guarantee and RecruitiFi collects from the employer.
Scheduled Payout Date: All criteria are met, and the payment is scheduled to be processed.
Completed Payout Date: When the payout has been processed by RecruitiFi and will be visible in your bank account within 1-3 business days.
Guarantee Failure Date: If the guarantee fails, no payment will be processed.
What if the Candidate Fails to Meet the Guarantee Period?:
If a candidate doesn't complete the guarantee period, funds are refunded to the employer. The employer may repost the role to the community or work with your agency again.
Additional Fees:
The payout amount is based on the JobCast fee. Minor transaction fees may apply due to currency conversion.
RecruitiFi’s platform handles all fee-related matters, so you don’t need to worry about invoicing.
Transfer Time:
Funds typically take 1-3 days to reach your bank account, depending on your bank's processing times.
What Happens if the Employer Pays Late?:
Payouts are still processed according to the terms, but if the employer is late, your payout will be delayed until the next available batch (first business day of the next month).
How Does RecruitiFi Ensure Timely Employer Payments?:
RecruitiFi conducts due diligence on employers, including credit checks to ensure they are reputable.
The collections process includes automated and manual outreach, starting with emails and phone calls to the employer’s accounts payable team and escalating to the legal team if necessary.
For any further questions, you can review your payout status directly through the Total Earnings badge or consult the platform’s FAQs for specific issues.
