How Long Payments Take And When Your Supplier Gets Paid
When you make a payment through RewardPay, your supplier is paid within two business days of you submitting it. This applies to both payment methods, whether you pay by American Express or Pay-by-Bank.
Below we explain how the timing works, why it takes two business days, and what can cause a delay.
The short version
Submit your payment, and provided we have everything we need, your supplier receives the funds within two business days, counted from when you submit. In some cases we may need something from you first, such as an invoice, an answer about the payee, or the last steps of your account setup. If that happens, your payment cannot progress until you get back to us, so responding quickly is the best way to keep it on track.
Why it takes two business days
The timing reflects how funds are settled, reconciled and then cleared into your supplier’s account.
When you submit a payment, you pay RewardPay first, either by American Express or by transferring the funds for a Pay-by-Bank payment. We reconcile those funds on our side, and provided we have everything we need, we pay your payee by bank transfer the next business day. As with any bank transfer, the funds may then take until the following business day to appear in your payee’s account.
If your payment is finalised in the portal by 5pm NZST on a business day, it is paid out the next business day. For deadline-sensitive payments, we recommend allowing three to four business days to be safe.
If you have opted to earn loyalty partner points on the payment, they will appear in your business loyalty account within 7 days of the payment landing in your payee’s account.
What can delay a payment
Most payments move through within two business days without any action needed from you. Delays usually happen when we are waiting on something from you. The most common reasons are:
- We need more information about the payment. For your first few payments we may ask for an invoice as part of our due diligence, or we may have a question about the payee. If we need to reach you, the payment cannot progress until we hear back.
- Your account setup is not yet complete. If your identity verification is outstanding, or your beneficial owners have not all been added and verified, we cannot approve payments. You can read exactly what we need in our guide, Everything you need to know to set up your RewardPay account for transacting.
The single best way to avoid a delay is to have your account fully set up before you transact, and to respond to any request from us as quickly as possible. If we reach out and do not hear back, your payment will be held until we do.
Questions
If you are unsure about the status of a payment or need to get something to us quickly, our support team is here to help at support@rewardpay.co.nz.
Still have questions? Chat with us.