Estimated setup and payment timing for Supplier Payments powered by MineralTree
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Learn about the estimated time frames for setting up and using Supplier Payments powered by MineralTree. Find out how long it takes to subscribe and set up the service, enable accounts and suppliers, and for a supplier to receive payment.
Vendor Payments is only available to pay US suppliers in USD currency.
Setup
| Task | Estimated duration | Notes |
|---|---|---|
| Subscribe to the service | 1-3 days |
You can subscribe to Vendor Payments powered by MineralTree by following these steps. |
| Complete the MineralTree onboarding workflow | 10-15 days |
Onboarding is a collaboration between you and MineralTree. It generally takes approximately 10-15 days to complete the onboarding workflow, which includes setting up your accounts and preferred payment methods, and receiving the application determination. This timeline assumes that you have all required documentation available and no major errors are found during the process. |
| Set up suppliers | Immediate |
After you enable your suppliers, they're immediately subscribed to the service. MineralTree will work with you and your suppliers to ensure your suppliers receive payments in their preferred method. |
| Complete your first payment run | 1-5 days |
After your bank account is approved, MineralTree will work with you to schedule your first payment run to one of your suppliers and verify that your first payments are processing as expected. |
*The average setup time for Vendor Payments powered by MineralTree is approximately 20-25 days from the initial subscription date to your first payment run. This timeline assumes that onboarding tasks are completed in a timely manner and no major errors are found during the application process.
Payment timing
| Payment method | Cut-off time | Funding | Estimated time for supplier to receive payment* |
|---|---|---|---|
| Virtual card | 7:00 pm EST | On supplier swipe | 24 hours after cut-off |
| ACH | 7:00 pm EST | 24 hours | 3-4 business days after cut-off |
| Cheque | 11:59 pm EST* | On supplier deposit | 3-5 business days after cut-off |
*Business days exclude weekends and holidays. Payment timing assumes that transactions follow standard controls for supplier payments (sufficient funds are available, funding accounts are allowed for ACH debits, payments comply with your established fraud rules, etc.). Timing can also fluctuate based on your supplier's bank ACH policies.
