The new Autopay system improves payment handling by reducing errors, simplifying fund tracking, and ensuring seamless payouts. This document explains the key changes, benefits, and processes to ensure smooth adoption.
1. Escrow Account Integration
Old System: Payments entered a "pending balance," moved to "available" the next day, and deposited on the following banking day.
New System:
Payments are routed to an escrow account immediately.
Funds are distributed after two banking days to ensure accurate reconciliation.
No more "pending balance."
2. Error-Free Payments
Eliminates cross-pay issues.
Refunds are processed directly from the escrow account, ensuring no adjustments or pulls from distributed accounts.
3. New Reporting Features
Comprehensive Ledger Report includes:
All transactions by day.
Credit card totals, pay-on-pickup usage, platform fees, driver earnings, and restaurant payouts.
Reconciliation of balances with payouts for seamless bookkeeping.
4. Flexible Payout Options
Daily Payouts:
Funds deposited with reserves for specific needs (e.g., pay-on-pickup cards).
Configurable to hold specific amounts for operational readiness (e.g., weekend demands).
Weekly Payouts:
Distributes funds on Friday following the previous week.
If Friday is a holiday, funds are deposited the next banking day.
Monthly Payouts:
Funds delivered before the 10th of each month.
Benefits of the new Partner Pay system
Streamlined processes: No pending balances; direct movement of funds.
Error reduction: Flawless payouts to restaurants and drivers.
Improved financial tracking: Clear, itemized reports for all financial activities.
Enhanced cash flow control: Flexible payout structures and fund reserves.
Actionable Steps
Setting Up Escrow and Payouts:
Daily Payout Setup:
Reserve specific amounts for daily operational needs:
Example: $500 for Monday, increasing amounts to cover weekend operations.
Navigate to
Payout Setupand configure the required hold amounts for each day.
Weekly Payout Setup:
Ensure all transactions from the current week are reconciled by Thursday evening.
Funds will move to the Stripe account on Thursday for deposit on Friday.
Monthly Payout Setup:
Funds will be reconciled and moved for delivery before the 10th.
Ensure all transactions are completed by the end of the previous month.
Reviewing and Using the Ledger Report:
Navigate to
Financials>Ledger Report (Beta).Use filters to select specific date ranges or transactions.
Review the following sections:
Credit Card Totals
Pay-on-Pickup Usage
Platform Fees (with order-specific details)
Driver Earnings, Cash on Hand, and Payouts
Restaurant Earnings and Payouts
Remaining Balances
Notes for Pay-on-Pickup Card Users
Orders for the current day won’t cover immediate purchases.
Build a reserve balance in the account to ensure uninterrupted operations:
Example: Hold $600 on Tuesday, $700 on Wednesday, etc., as per operational needs.
Adoption Timeline
Testing Phase: Ongoing until Q1 2025.
Planned Switch: February 2025 for all users.
FAQ
What happens if a holiday delays payouts?
Funds will be deposited on the next available banking day. For example:
If Friday is a holiday, deposits occur on Monday.
If both Friday and Monday are holidays, deposits occur on Tuesday.
How does this system handle refunds?
Refunds are processed directly from the escrow account. This ensures no adjustments or disruptions to distributed funds.
Can restaurants opt for different payout frequencies?
Yes. Restaurants can choose between weekly and monthly payouts.