![]() Our goal is to get processing times down to 2-3 business days for our customers. To mitigate the risk of a failed debit, we’ll wait for the full debit/credit cycle to complete.Īs withdrawals are successfully completed, your company will build a good standing reputation with Abacus, and we will be able to speed up the reimbursement processing. Occasionally a withdrawal will fail due to insufficient funds or a change in the company’s bank account information. This is to ensure that the withdrawal completes successfully. Variability in reimbursement turnaround timeįor the first few reimbursement cycles, we will aim to build up the reputation score of the organization by waiting for the withdrawal on the company bank account to fully settle in the escrow account before issuing payments to employees. The transfer to the employee’s bank account takes 1-2 business days. The expense will now be visible under 'My Pending Expenses' on the app home. Click on a transaction to create and add detail to the expense form. When accessed, we display your card transactions sorted by connected card. If an employee has more than one expense approved on the same day, he or she will receive one payment for the sum of those approved expenses. On the app home screen tap on the three lines on the left hand corner and then select 'Cards'. Once settled, the funds are automatically transferred (credited) into the bank accounts of the employees who submitted the corresponding expenses. Abacus fulfills two requirements that help us make our expense reporting more efficient - a simple interface that helps our employees submit accurate expenses in real time, and powerful rule-based automation that we can customize to our policy so expenses are auto-approved or sent to the best person to review and approve. This sum is transferred into an escrow account and can take up to 6 business days to fully settle. At the end of each day, Abacus makes a batch withdrawal (debit) on the company bank account for the sum of all approved expenses from that day. Once an expense is approved by an admin, the reimbursement process is automatically triggered. Expenses are reimbursed via ACH ( Automated Clearing House) transfer. The full lifecycle of a debit and credit can take up to 8 business days.
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