This article is a comprehensive guide about payouts on RecruitiFi. It covers terms, bank account setup, invoicing, and a few other common questions.
Candidate Guarantee Period: 60 days
Candidate Ownership Period: 180 days
Ownership Rejection Period: Employers may reject ownership with visual proof that they have actively communicated 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. (e.g. A candidate passes a guarantee period on March 24th, the payout is initiated the first business day of April.
Fee: Fees are based on the country of the job and if you are a legacy for that employer. You can review your fee by clicking on the "estimated earnings" of any JobCast.
Conversion Rates: All earnings are calculated in USD. If your candidate's salary is not in USD, it is converted to USD at the moment the hire is marked so RecruitiFi can calculate your earnings. If you choose to be paid in a currency other than USD, your earnings are sent to our payment processor in USD and converted to your currency of choice by your bank on the day of transfer.
Bank Account Setup
Setting up a Bank Account is critical to being paid. You cannot be transferred any money until you complete all steps of the process including Address, Payment Method, and Taxes.
To add your payout information, click on your photo on the upper right corner, and select "Payouts". Then, on the left side, select "Payout Information"
RecruitiFi is fully automated, and all payouts 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.
You can also download RecruitiFi's W-9 if your company requires it for accounting purposes.
DO NOT send an invoice to the client. Technically, RecruitiFi is the vendor and they will pay all bills 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 recordkeeping, 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 Payout Questions
When can I expect my payout?
Click Total Earnings badge to the left of your name to review the exact status of each of your payouts.
Your payouts are grouped into two tabs, "Upcoming Payouts" and "Completed Payouts". Upcoming Payouts are all payouts that you are due to be paid, while Completed Payouts are all payouts that have been processed.
Each of your payouts will have a status and a date associated with it. There are four possible statuses for a payout:
Expected Payout Date - Your payout will be processed assuming that the candidate passes their guarantee and that RecruitiFi collects from the employer.
Scheduled Payout Date - The necessary criteria have been met, and your payment is ready to be processed on this day.
Completed Payout Date- This is the date that your payout was processed by our system. Payouts are typically visible in your bank account within 1-3 business days from this date.
Guarantee Failure Date - A guarantee failure was confirmed by RecruitiFi after being reported by the employer on this date. No money will be processed.
What happens if my candidate fails to make it past the guarantee period?
RecruitiFi acts as an escrow service on all hires. If a candidate fails to complete the guarantee period, the funds are automatically refunded to the employer.
While there is no backfill requirement, the Employer can choose to repost the role to our community or just to your agency.
Are there additional fees?
The fee that you see on the JobCast is the amount RecruitiFi will transfer to your bank account. There maybe be minor transaction fees from your bank due to currency conversion. These are made clear when you select your payment method.
How long do fund transfers take?
Like any ACH transfer, the funds typically take 1-3 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 the 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 where the candidate has fulfilled the guarantee and the Employer has paid.
So long as payment is made prior to your due date, nothing is affected.
On rare occasions, an Employer will be delayed in making payment. This reschedules your payout 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.