There are two sources of funds you can choose from when paying your contractors:
1) Bank account
When you schedule a payment, we will collect the funds from your bank account the next business day, regardless of the payment date. However, if you schedule a payment before noon PST on a business day, we will collect funds on the same day.
On the Pay contractors page, you'll see both the payment date and the fund collection date. We won't attempt to collect payments before the fund collection date. For example, if it says that we'll collect the payment on August 10, we won't start processing until August 10.
The reason that we collect funds within 1 business day is because of fluctuations in exchange rates over time. If you specify the amount that you're sending to a contractor in a local currency, we show you the amount, converted into USD, that we'll collect from your account. Collecting the funds immediately allows for the conversions to happen right away, so that you can lock in the exchange rate.
Our team is currently working on an update to our payroll model that will start pulling funds as close to the pay date as possible instead of when you authorize the payment.
The processing timeline for contractor payments using bank account funds is 4 business days (taking into account US holidays). Check out this article on How are payment dates calculated? to learn more about the turnaround time for contractor payments.
2) Plane balance
You can cut the payment processing time in half by first funding your balance in Plane and then using that balance for payments. When you pay through your Plane balance, it take two days instead of four. Please check this article on How to add funds to my Plane balance to learn more.
Using your Plane balance for a recurring payment schedule
We will always collect the funds from the Plane balance (for both one-off and recurring payments) as long as there's enough balance to cover the payments. You may still see the bank account displayed when setting up a new pay schedule or when the recurring payments are drafted:
However, the source of the funds should change automatically once the payments are scheduled.