Using Prepaid Funds to Pay Contractors [CM]

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.

Why Use Prepaid Funds?

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.

Requirements to use Prepaid Funds

• You must be a Contractor Management customer.
• You must be onboarded or eligible to onboard to Remote Payments.

How Prepaid Funds Work

1. Access Prepaid Funds Dashboard

• Navigate to "Prepaid Funds" under contractor payments in the sidebar or through the "Invoices" tab, then click "Add Funds"

2. Add Funds to an Entity

• Choose the legal entity you want to preload funds for.
• Click Add Funds and enter the amount.
• We'll suggest recommended amounts based on your payment history.
• You must add a bank account for refunds, as any unused prepaid funds will be automatically refunded after 7 business days.
• You can choose to pay by card, direct debit or bank transfer. The following timeline applies:

3. Processing Prepaid funds

• After completing the payment, your prepaid funds invoice will be processed, and the prepaid funds balance will update in your dashboard.
• Once your prepaid funds are ready to use, you'll receive a confirmation email.

4. Use Prepaid Funds to Pay Contractors

• In the Contractor Invoices tab, select invoices to approve.
• The system shows the total required.
• If your prepaid fund balance covers 100% of the contractor invoices you want to approve and pay, you can use your available prepaid funds.
• Otherwise, you'll need to pay the contractor invoices using a different payment method.

5. Track Fund Usage

Go to the Prepaid Funds page to track your funds' history, including added amounts, used funds, allocations, and contractor invoices paid with your prepaid funds.

6. Refunds

After 7 business days of adding prepaid funds, any unused amount will be automatically refunded to your selected bank account. If you need a refund before the 7-day period ends, please contact our customer support team.