There are several factors to consider when projecting fund availability. First consider when the Federal Reserve will route funds between financial institutions. Typically Monday - Friday, excluding weekends and holidays. The second factor is which reimbursement model your company has chosen:
Daily | Reimbursements are processed during the business day they are approved, or the following business day when approved after-hours. |
Monthly | Reimbursements are only processed monthly. Reports submitted after the end of the month will not be processed until the following month. |
Semi-Monthly | Reimbursements are processed on the 1st and 15th. Reports need to be approved before the end of business, or they will pay out during the following reimbursement period. |
The final factor that will impact reimbursement is your subscription model:
Paid subscriptions: | Reimbursements pay out as soon as they are approved, during the applicable reimbursement schedule. |
Other subscriptions: | Reimbursements are paid to the employee 5 days after they are collected from the employer. |