Using Prepaid Funds to pay contractors

Prepaid funds allows you to add funds to your Remote account in advance of paying contractors. This ensures faster, more predictable contractor payments, with fewer delays and approval bottlenecks.

Adding Prepaid funds can help you:

• Ensure on-time payments to contractors, improving trust.
• Avoid internal delays tied to complex finance or approval processes.
• Enable faster payouts, Remote can release funds without waiting for your payment to clear.

Without Prepaid funds, Remote must wait for your payment to clear before paying contractors. With prepaid funds, Remote can pay them immediately.

How to set up Prepaid funds

To use Prepaid funds:

• You must be a Contractor of Record customer.

To set this up on Remote: 

1. Go to Prepaid funds from the sidebar or the Invoices tab.
2. Click Add Funds to open the Prepaid Funds page.
3. To add funds to an entity, choose the legal entity you want to preload funds for.
   Note: Prepaid funds are specific to each entity and cannot be transferred between them.
4. Click Add Funds and enter the amount.
   
   
   
   
5. We'll suggest recommended amounts based on your payment history. 
6. Once you've inputted the amounts, click Create Prepaid funds invoice.
7. The invoice will show as Generating until ready. Once generated, you'll receive both an email and in-product notification when your invoice is ready for payment.
8. Once invoice has been generated, complete the payment to top up your prepaid balance. 
   
   
9. Pay your prepaid invoice using your available payment methods. Here's an estimate of how long each method takes to reflect in your prepaid fund balance: 

   Payment Method	Timeline
   USD ACH Direct Debit	T+4
   SEPA Direct Debit	T+2
   BACS Direct Debit	T+3
   Credit/ Debit Card	T+2
   Bank Transfer	T+1-3

Use Prepaid funds to pay contractors

To make payment for contractor invoices using the Prepaid Funds: 

1. Go to the Contractor Invoices and select the invoices you'd like to approve. The system shows the total required.
2. Click Approve to generate a CoR Payment Invoice.
   
   
   
   
3. If your prepaid balance covers 100%, the invoice will be marked as Paid. If prepaid funds balance is too low, you'll need to pay the remaining balance manually. 
   See also: Paying contractors through Remote
4. To track usage of funds, you can view your funds' history, including amounts added, amounts used, fund allocations, and associated CoR payment invoices from the Prepaid funds tab.

Additional FAQs

• Can Prepaid funds be used for all Remote payments?
  No, they can't. Prepaid funds are restricted to contractor invoices under Contractor of Record (CoR) and cannot cover management fees or reserves.

• Do Prepaid funds expire?
  No, they do not. Prepaid funds remain available until used or refunded.
• Can I request a refund for my Prepaid funds?
  We only offer full refunds for unused prepaid funds. For example, if you have USD 100 in prepaid funds and request a refund, we will refund the entire USD 100—you cannot keep USD 50 and refund USD 50. Please contact us if you want a refund issued.