Your payout platform delaying your funds is more frustrating than getting out of the shower and realising your towel is out of reach. It is particularly worse if you already have time-sensitive plans for the funds. You might go through the cycles of grief a couple of times before the funds finally arrive.
A payout delay can feel like a major setback. This article explores the steps you can take if your payout platform delays your funds.
Also read: How Grey helps you spend less time chasing payments
Why do payment delays happen?
Knowing why your payment is delayed gives insight into how to resolve it or avoid it in the future. These are the commonest causes of payout delays:
- Operational delays: Payment solutions may experience delays in processing transactions due to operational issues, particularly on days with high transaction volumes or those involving cross-border payments.
- Compliance checks: Platforms may flag transactions for anti-money laundering (AML) or know-your-customer (KYC) verification.
- Currency conversion hassles: Payments in multiple currencies often go through intermediary banks for conversion. This could pose some delay.
- Technical downtimes: Outages, poor network, or system updates can temporarily disrupt disbursements.
- Public holidays or weekends: Transfers may be delayed when banking systems are closed.
- Bank-related issues: There may be problems with the bank account you provided, issues with local banking regulations, or slow processing on the receiving bank’s side..
Also read: Why freelancers lose productivity chasing late payments
What to do if your payout platform delays your funds
If you are experiencing delays in receiving your payouts, here are the steps you should take.
- Review your payout timeline and dashboard: Check your payout platform's expected payment processing time to confirm it is actually delayed. Due to operational reasons and depending on the network, payout speeds vary from platform to platform, taking into account the currency and whether it is a local or cross-border payment. Ensure you don’t get worked up prematurely.
- Confirm account details: If there is an error in the bank details you provided, thetransaction may be delayed. Review the account number, SWIFT codes, or card details. Also, ensure the account name matches what you have.
- Check your notifications: Check your payout platform’s dashboard or email for notifications regarding anticipated delays in processing transactions. Platforms often notify users if payments are under review or delayed due to regulatory reasons.
- Contact customer support: If, at this point, you still have no reason why your payout should be delayed, don’t hesitate to reach out to the platform’s support via phone call, email, text message, or by visiting their physical service point.
- Keep transaction records: Save screenshots and receipts of your payout request. These can come in handy when filing a dispute or complaint.
- Check with your bank: Sometimes, the payout platform has processed the funds, but your bank is taking time to fund your account. Reach out to your bank to confirm whether they’ve received a pending transaction.
- Escalate if delays continue and you do not get helpful responses: If customer support is not responding or the delay is too long, ask to speak with a manager. You can also file a complaint with the platform’s regulator. Sharing your experience on social media may help you connect with others who have faced similar issues, and it might encourage the platform to resolve your case more quickly.
Also read: How to switch from traditional banking to Grey for remote work payments
Avoiding payment delays with Grey
If you often experience payout delays or poor service, consider switching to a more dependable provider. Choosing a payment solution like Grey can give you better control over your earnings. With Grey, you can open foreign currency accounts, receive your funds more quickly, and avoid the stress of unexpected delays.
Sign up on Grey today to enjoy swift international payments.
.svg)
