The following article will give a comprehensive understand about how payments work on RecruitiFi for U.S. agencies. We'll cover the payment terms, how to get set up, how to handle invoicing, and a few other common questions.
If you're looking for information on international payouts, 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.
To add a payout method, click on the cog next to Dashboard in the top right next to Dashboard. Then select Payouts:
Depending on whether you're being paid as an individual or a business, there are slightly different requirements. In general, you will need the following information and documents handy:
• Your business W-9 (General business info like EIN, business address)
• A photo of your passport or government-issued ID
• Your Social Security #
• Banking info (Account # and Routing #)
If you need to update your banking info, click the 'X' next to your payment method. That will delete the bank account on file. Then go ahead add add your new account.
You can also download RecruitiFi's W-9 if your company requires it for accounting purposes.
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
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 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.
Why does RecruitiFi require so much information to set up a payment account?
In order to send large sums of money that are common in the recruiting industry, RecruitiFi and our payment processors are held to high standards of verification to ensure that we are in compliance with federal regulations like Know Your Customer (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT).
For a more detailed answer, please review this help article.
Are there additional fees?
The fee percentage that you see on the JobCast is your take-home fee for that Employer. RecruitiFi does not take additional fees from that percentage unless there are currency conversion and banking fees, which don't generally apply to domestic transactions.
How long do fund transfers take?
Like any ACH transfer, the funds typically take 2-5 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.
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.
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.
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.
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