What pay schedules are available?
The majority of our customers are on either a Weekly or Monthly pay cycle.
- Weekly pay schedule runs from Monday to Sunday before midnight. This means that all earnings entered into Qwil during the period will be added up and invoiced at the end of the period. Your company account will be debited at the end of the cycle every Monday. Payments to your contractors will be released as soon as the funds settle 3 business days later.
- Monthly pay schedule runs from the 1st of the month to the last business day of the month. This means that all earnings entered into Qwil during the period will be added up and invoiced at the end of the period. Your company account will be debited on the first business day of every new month. Payments to your contractors will be released as soon as the funds settle 3 business days later.
When will my contractors get paid?
Contractors generally get paid within 4-5 business days of the end of your company pay cycle depending on their bank and country. This is the time it takes for Qwil to debit your company account and allow the funds to settle 3 business days later prior to sending the payments to contractors. For example, if your payment cycle ends on a Sunday, Qwil will automatically debit your account on Monday. As soon as the payment settles 3 business days later, Qwil will send remaining earnings in the form of a rebate payment to your contractors at the end of that week.
In the event the contractor takes a cash advance ahead of the pay cycle ending, the contractor will receive those earnings as quickly as the same day (PayPal and prepaid debit card) or next day (ACH) depending on payment method and specific time they initiate the cash advance.
The calendar views below display the weekly and monthly pay cycle options in more detail, highlighting how banking holidays in the U.S. may impact the regular schedule.
Example Weekly Pay Cycle Calendar (example: January 2018)
Example Monthly Pay Cycle Calendar (example: January 2018)
*Direct deposit via ACH takes 1-3 business days to transmit (for larger banks the payment will land the next business day). The exact deposit day may vary slightly based on the contractor's payment method and bank details. For international payments, there may be extra payment delivery time based on the country.
Can I run an off cycle payment?
Please reach out to your account manager or our support team if you need to run an off cycle debit. Our team can initiate an off cycle debit payment to your company's account for all payments added to Qwil since your last invoice in the case that you miss the end of your previous pay cycle. Please note that this will initiate the debit payment and release all payments after the standard 3 business day settlement period ends for all payments that have been approved by your company since the end of your last pay cycle.
Can I schedule payments for my contractors?
Qwil has a new feature that allows you to schedule payments to contractors to be debited from your company's account on a specific date. If you are interested in signing up as a beta user for this feature, please reach out to your account manager or our support team at firstname.lastname@example.org.
How do federal holidays in the U.S. impact my payments through Qwil?
There are 10 federal holidays in the U.S. during which banks are closed and payments from Qwil cannot be transmitted, meaning payments will land one business day later than the regular schedule. 2020 Federal Holidays include:
New Year's Day
Martin Luther King, Jr. Day
Independence Day (4th of July)
*When a federal holiday falls on a Saturday, it is usually observed on the preceding Friday. When the holiday falls on a Sunday, it is usually observed on the following Monday.