Below are some additional questions about CloudTrucks Contractor Payroll.
In this article:
- Why is my fleet not eligible for faster ACH or instant transfer speeds?
- How are transfer fees calculated?
- Why did my payment fail?
- Can you edit a payment that has already been submitted?
- What are the different payment statuses?
- When is the actual ACH sent out?
- When is the ACH cut off time?
- How can you check the estimated arrival date of funds?
- How can you identify a payroll transaction on your bank statement?
- How can a contractor update their destination account or card?
- Who can I contact if I have a question?
Why is my fleet not eligible for faster ACH or instant transfer speeds?
To be eligible for T+2 ACH settlement or instant transfer, your fleet must have a bank account linked automatically with Plaid. Manually verified Plaid accounts are not eligible for faster transfer speeds.
How are transfer fees calculated?
ACH transfers are free. Instant transfers cost 2% of the total transfer amount.
Currently, the fees are additive meaning they are added to the base transfer amount and taken from the source account.
For example, if the admin wants to pay a contractor $1000, $1020 would be charged from their account.
In the future, we will create an option to support a subtractive fee, where the fee is deducted from the base amount and essentially passed on to the contractor.
Why did my payment fail?
The main reason that payments fail is due to insufficient funds. At the point that the ACH debit is processed, there must be enough funds in the source bank account.
Can you edit a payment that has already been submitted?
No, we do not currently support editing or canceling submitted payments. Before you submit a payment, please make sure all of the details are correct.
What are the different payment statuses?
We show a few different payment statuses:
|The payment has been submitted to our processing partner, Astra
|The payment succeeded and reached its end destination
|The payment failed. Funds should be in the original account
|The payment was cancelled by the user
When is the actual ACH sent out?
All ACH’s submitted before the cutoff time of 5pm ET are batch processed and sent out the next business day.
When is the ACH cut off time?
The ACH cutoff time is 5pm ET / 2pm ET. This only applies to ACH-based transfers. Instant transfers do not have a cutoff time and work 24/7.
How can you check the estimated arrival date of funds?
On the payment details, you can see the estimated arrival date of the funds.
How can you identify a payroll transaction on your bank statement?
The description of the transaction will show “CloudTrucks”
If multiple ACH’s were sent out on the same day, you may see them grouped together in one transfer.
How can a contractor update their destination account or card?
1. Go to contractor payments page
2. Go to “Bank Account” tab
3. Edit either the bank account or card on file
Who can I contact if I have a question?
If you have any questions, please don't hesitate to reach out to firstname.lastname@example.org.