To provide more visibility into payment timelines, each invoice has an accompanying payment status that updates automatically. Some of these payment statuses can only be changed by actions taken by the company you have an independent contractor agreement with ("your company"). The five payment statuses are defined as follows:

1. Pending: Payment is awaiting authorization by your company to process payment

2. Authorized: Payment has been approved by your company for processing. Borderless AI can not authorize payments on behalf of your company

3. Processing: The Borderless AI platform has automatically sent payment instructions to our global payment partners, and your payment is in their queue for processing

4. In Transit: Our global payment partners received an update that the payment was successfully sent to the bank

5. Paid: Our global payment partners have received an update that the payment was successfully received by your bank

Please note Borderless AI's global payment partners mark a payment as "In Transit" according to your bank's standards and processes. There are some instances where a bank will receive the payment but may not immediately credit the bank account.

 
For example, all USD transfers going to bank accounts in the US can take up to 3 business days to be credited to the account. This is because the US banking system does not provide instant confirmation of transfer completion. Nevertheless, most banks will still credit the payment within those 3 business days. 

Understanding Payment Delays During Pending Status

A "Pending" payment status indicates that the payment is still awaiting processing by the company you're working with. Payments are not automatically processed upon Invoice approval and an additional step is required to process payments. Unfortunately, Borderless AI is unable to process payments on behalf of our clients / your company and we can only assist once the payment status has changed to "Processing".  If your payment status is stuck in Pending, please reach out to your company directly to inquire about the delay.

Payment Timelines Per Country

The time it takes for payments to be deposited into your bank account will vary depending on the destination country and currency. The 2 tables below outline estimated payment timelines, categorized into two types:

• Standard (98%): 98% of payments to this currency are processed and deposited within the time frame listed.
• Maximum: In rare cases, payments may take up to the maximum time frame to be deposited. Factors such as the destination bank, invoice amount, local holidays, compliance flags, and other variables can add to these delays. The payment is still being processed as normal.

If your payment has been in the "Processing" status for more than the "Maximum" processing time, please reach out to support@hireborderless.com.

The Borderless AI team is committed to maintaining our promise of industry-leading payment timelines and high customer satisfaction. However, delays can sometimes occur due to the complex nature of international payments. 

Note: The below timeline will apply once your payment status has changed to "Processing"

* SWIFT transfers are commonly used for cross-border payments. For example, if you're receiving USD to a bank account located outside of the United States, the payment is sent over the SWIFT network. Payments sent over the SWIFT network are slower than local transfers and incurs a higher fee.

Note: The timeline table above includes the most common payment destinations for Borderless AI's clients. If your country or currency isn’t included in the table above, contact us at support@hireborderless.com for more details. Borderless AI currently supports payments to over 100 countries through its platform