The following article will give a comprehensive understand about how payments work on RecruitiFi for international agencies. We'll cover the payment terms, how to get set up, how to handle invoicing, and a few other common questions.
NOTE: If you're looking for information on domestic payouts in the U.S., click here.
Candidate Guarantee Period: 60 days
Candidate Ownership Period: 180 days
Ownership Rejection Period: Employers may reject ownership with visual proof that they have been in active communication with the candidate in the 180 days prior to your submission
Timing of Payouts: If the candidate passes the guarantee, and the Employer has paid, your funds are released on the first business day of the following month (71 days average).
Community Fees: Each country has a unique fee for our community hires. The fees that you will receive are posted on the JobCast.
Legacy Fees: If you have a prior relationship with an Employer they may designate you as a Legacy Agency and invite you with a Legacy Fee. The fees that you will receive for this Employer are posted on the JobCast.
Fill out your payment preferences and banking information on this form.
You will need the following information available:
• Name & Email of the user on RecruitiFi
• Name & Address of the Bank Account holder (typically your business name and address)
• The preferred currency for your payments
• Name & Address of your bank
• SWIFT #
• Account #
• IRC # (depending on your country)
You can also download RecruitiFi's W-9 if your company requires it for accounting purposes.
If you need to update your banking information, please email our finance team at email@example.com.
RecruitiFi is fully automated, and all payments to your agency are paid electronically according to our Terms of Service. As such, it is not necessary to send invoices to RecruitiFi in order to get paid for your placement.
DO NOT send an invoice to the client. Technically, RecruitiFi is the vendor and they will pay everything through the RecruitiFi platform. Sending invoices only creates unnecessary confusion that tends to annoy the client.
DO NOT send an invoice to RecruitiFi. We keep an electronic record of your payment statement accessible through your account. Since RecruitiFi is the vendor, there are different fee and tax implications, and it's likely that whatever invoice you're generating has not accounted for this.
If your company requires invoices to be created for internal record keeping, there is no need to send it to us. A live record of fees and payments is maintained and viewable through the RecruitiFi platform. This is the system of record.
Frequently Asked Payment Questions
Do you pay in U.S. dollars or local currencies?
RecruitiFi is a U.S.-based company. Therefore, we collect and record all fees in USD. However, you do have the choice to be paid out in a number of different currencies. Here's how that process works.
When hires are made in currencies other than USD, we instantly convert the salary and fee information at the mid-market rate for USD. This is an even exchange—RecruitiFi takes no profit and makes no markup on this rate. If you have a bank account that receives USD, you will be paid this amount.
If you choose to to be paid out in a currency other than USD, our platform takes the USD amount that was converted upon hire and converts to your desired currency at the mid-market rate the day of the payout.
Note that there is a small currency exchange fee that is deducted from your payment by the bank that processes your payment. Also note that the fluctuation in exchanges can mean that you may be paid slightly more or slightly less than you expected.
The following example uses fake exchange rates to demonstrate the collection, conversion, and payout process.
A hire is made in the UK by an agency in India on April 25th, and is paid out on July 1st.
Salary: £100,000 GBP
Fee Percentage: 12%
Fee: £12,000 GBP
Collected by RecruitiFi: $15,472.20 USD (£12,000 GBP fee multiplied by 1.28935 GBP to USD exchange rate on April 25th at time of hire).
Payout by RecruitiFi: ₹1,074,156.69 INR ($15,472.20 USD collection multiplied by 70.16500 USD to INR exchange rate on July 1st at the time of payout, minus a 0.66% exchange fee charged by the international payment processor).
When can I expect payment?
As mentioned in the Terms, if the candidate passes the guarantee, and the Employer has paid, your funds are released on the first business day of the following month (71 days average).
Please click on the dollar amount underneath your name to check your dashboard for exact days on particular hires, as pictured below.
What happens if my candidate fails to make it past the 60-day guarantee?
RecruitiFi acts as an escrow service on all hires. If a candidate fails to complete 60 days, the funds are automatically refunded to the employer. This prevents agencies from having to provide a refund, and allows Employers to post more jobs internationally to third party agencies, knowing that their money is secure until the guarantee has been met.
While there is no backfill requirement, the Employer can choose to repost the role to our community or just to your agency.
How long do fund transfers take?
Like any money transfer, the funds typically take 1-5 days to reach your bank account, however, banks reserve the right to hold fees longer than this. RecruitiFi has no control over the timing of transfer and release of your fund, as it is dependent on your individual bank. This is also dependent on your locations, as banks in certain countries like China may hold funds or reject payments, which may cause delays.
What happens if the Employer pays their bill late?
You will always be paid according to the terms, which means the first business day of the month following the candidate fulfilling the guarantee and the Employer making payment. RecruitiFi does this to batch payments and streamline processes, allowing us to keep our fees as low as possible.
So long as payment is made prior to your due date, nothing is affected.
On rare occasion, an Employer will be delayed in making payment. This reschedules your payment to be processed in the next available batch on the first business day of the upcoming month.
While we recognize that late payments are a reality of doing business, we work hard to minimize their occurrence and lessen their impact on our agencies in a number of ways. RecruitiFi does credit checks on all Employers prior to accepting their jobs to ensure that we're only working with reputable companies. Our finance team works closely with the global accounts payable and TA/HR leadership at all Employers to ensure that invoices are being received, approved, and paid in a timely fashion. And in the case of late payments, we aggressively collect on your behalf by going straight to the global finance leadership at the Employer, bypassing many of the collection hassles that an individual agency may run into by trying to work their way up the chain of command across multiple countries and departments.
If you have additional questions, please write to our customer support by clicking the bubble in the bottom right-hand corner. This allows us to provide you with the faster service as our support team can route your question to the proper team.
Tags: payment, bank account, terms, fees, international