There are two sources of funds you can choose from when paying your contractors: your company Bank account and your Plane Balance.
Bank account
When you schedule a one-time payment, recurring payroll, or off-cycle payroll, we will collect the funds from your bank account the next business day after the payment is scheduled, 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 tab, 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 March 2, we won't start processing until March 2.
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.
Plane Balance
You can cut the payment processing time in half for one-time payments by first funding your Balance in Plane and then using that balance for payments. When you pay through your Plane balance, it takes 2 business days instead of 4. Please check this article on How to add funds to my Plane Balance to learn more.
ℹ️ Important Information: Plane Balances shorten the processing time to 2 business days for one-time payments, not contractor payroll.
Questions?
We’re here to help! You can find more of our guides here, reach out to us at support@plane.com, or use Plane's in-app chat.