FAQ - My Bank/Payouts Section
Payouts Setup:
By clicking the Payouts Setup button, users are directed, via a secure API link, to a 3rd-party financial services company website to elect their Payout options and provide related deposit details (below). All Service Provider payments are facilitated by a trusted 3rd-party financial services partner.
Rapid Pay:
Service Providers have the option to enroll in Downtime Trace Rapid Pay. In general, with Rapid Pay, accountholders can expect to be paid within 3-5 business days for the successful completion of an approved Trace Ticket. Downtime Trace's financial services partner initiates payout deposits to Service Provider users within 2-3 business days, following the approval of a completed Trace Ticket. The fee for the Rapid Pay option is 5% of the final payout amount. All Service Provider accountholder usage fees, including Rapid Pay, are withheld/deducted from final Payout amounts. A line-item deduction, labeled "Rapid Pay Fee", is transparently displayed in the Earnings Tracker screen, and on the final payout receipt. All Downtime Trace usage fee rates and descriptions are transparently listed and made available to Service Providers in their My Bank, Downtime Trace Price Table (see below).
No Rapid Pay:
Service Providers who do not choose the Rapid Pay option will not be promised a specific payout deposit date (or date range). Service Provider users will be paid according to their elected payout method, only after Downtime Trace is paid by a customer. Payout deposits will be initiated within 2-3 business days of Downtime Trace receiving a cleared payment. While Downtime Trace (and our financial partners) makes every effort to expedite every receivable, it is simply not possible to predict when any given customer will remit payment for any given invoice. Downtime Trace often engages in upfront customer negotiations in an attempt to obtain the most favorable NET payment terms possible, on behalf of our Service Provider accountholders; however, it is not uncommon for healthcare institutions to require NET payment terms ranging anywhere from NET- 30 days, up to NET-90 days (or longer).
Payout Method:
Currently, Service Providers can choose to receive Payout deposits via ACH bank transfers, or via paper check mailing. If ACH deposit is the elected payout method, users are guided to provide relevant banking account data to our financial services partner, directly on their website. If a Service Provider elects to receive a paper check, a printed check will be mailed via normal, stamped, US Mail only. Paper checks mailed via USPS cannot be tracked, guaranteed, or expedited by Downtime Trace or our financial services partner. Once the US Postal Service has possession of a stamped envelope, they are responsible for the proper delivery of the paper check. Lost, missing, or stolen paper checks should be reported to support@downtimetrace.com
Payout Frequency:
Currently, payout deposits are sent on a per-job basis. One approved Trace Ticket = one payout deposit. (Example scenario: a Rapid Pay user completes a Trace Ticket service visit and submits a Final Invoice on a Monday evening. The customer approves the Final Invoice, and Downtime Trace immediately follows with a final approval of the Trace Ticket on Tuesday morning. Meanwhile, the Service Provider completes another service visit on Tuesday morning and the approvals are finalized by Tuesday afternoon. Payout deposits will be initiated for each Trace Ticket, separately, using 2 different ACH transactions, even if both deposits were ready and initiated at the same time.) Payout deposits cannot be grouped or batched together at this time. We will update accountholders when additional Payout deposit frequency options are available to you in the future.