We overhauled our payment system on Monday, including how we handle bank account transactions.
Previously, as soon as an employer initiated a transaction from their bank account we credited that money to SafePay (or used it to pay an invoice), even if we didn’t yet have that money. If the transaction bounced back to us, we would then be forced to revoke those funds. This caused confusion and wasted time.
Now, we’re following industry standards and keeping the transaction status as “pending” while we wait for the funds to clear. This takes 2-3 business days, but we feel that this is more transparent and will help us avoid revoking funds.
Employers, if you want to use a bank account to fund SafePay or pay invoices instantly, then fund your cash account preemptively to avoid this delay.