Subcontractors - Accepting a Payment and Payment Statuses

Video Walkthrough

Instructions

At the top of the page, you will see a banner notifying you of any payments that are ready to accept. Click the Accept Payment button.
From there, you can select your deposit account for payment. Select your preferred bank account and click Next.
If a lien waiver is required, you will be prompted to review and sign the lien waiver. Click Start on the top right hand side.
Once you complete the required fields, click Finish on the top right hand side.
Once the document is finished, you can choose to download it before clicking Next.
From there, you can review your payment details before clicking Accept Payment.
Once you have accepted payment, you can track its status by viewing the payment tab.

Payment Statuses And Definitions

Status	Description
Not Sent	The payor has not yet initiated the payment.
Processing	The payor has initiated the payment, and if internal approval was required it has been received. Money is on its way to an escrow account, where it will sit until accepted by the payee.
Ready to Accept	Funds have arrived in escrow and the payee is now able to accept the payment on their end. Payees can choose between two options for how soon to receive funds: 1) Instant - receive funds within minutes, even on weekends and bank holidays, for an additional fee. Note that some banks may not support instant payments. 2) Standard - receive funds by end of day the same business day (if accepted before 12pm CT) or the next business day (if accepted after 12pm CT) for no additional fee.
Accepted	The payment has been accepted by the payee and funds are on their way to the payee’s account. This can take up to 2 business days to be reflected in the payee’s account, but typically payments accepted prior to 12pm CT will be received by the end of the same business day, and payments accepted after 12pm CT will be received the next business day.
Paid	Funds have been delivered to the payee’s account.
Failed	The payment was initiated by the payor but failed to complete, usually due to either insufficient funds in the payor’s account or incorrect account information entered by the payee.
Canceled	The payment was initiated and then canceled by the payor. Typically, funds will still be withdrawn from the payor’s account and sent back once they arrive in escrow.

Common Issues and Resolutions

Is the payment ready for the Vendor to accept?
- Problem: The vendor is unable to accept the payment because processing isn’t fully completed.
- Resolution:
  - Payments can take 2-3 business days from submission to be available for the vendor to accept.
  - Check the payment status:
    - If the payment status is Processing, funds are not yet available to accept.
    - Built will notify the vendor via email once the payment is ready to be accepted.
Has the Vendor verified their business?
- Problem: To prevent fraud, vendors cannot accept payments without To prevent fraud, vendors cannot accept payments without verifying their business.
- Resolution:
  - Navigate to Account Settings in Built.
  - Select Payments, then click the Start Verification button.
  - Fill out and submit the form, noting that inaccuracies can delay the time it takes to get verified or cause the need to provide documentation.
Has the Vendor Added a Bank Account?
- Problem: Vendors cannot accept payments without a linked bank account.
- Resolution:
  - Navigate to Account Settings in Built.
  - Select Bank Information and add the desired account.
  - Save the information and return to the payment acceptance flow.

Note:
Generally speaking, payments accepted using the instant delivery option will be received within minutes. Standard delivery payments accepted prior to 12pm CT will be received the same business day, and standard delivery payments accepted after 12pm CT will be received the next business day. Depending on their lending institution.
However, depending your financial institution, it may take 1-2 business days before you see funds in your account.
Additionally, if a waiver needs to be notarized and uploaded instead of e-signed, the timing of the payment will be dependent on GC approval of the waiver.

FAQ

What steps should I follow to select my deposit account for payment?

To select your deposit account, click on the Accept Payment button, choose your preferred bank account, and then click Next.

How can I track the status of my accepted payment?

You can track the status of your accepted payment by viewing the Receivables page.

How long does it typically take for accepted payments to reflect in my account?

Accepted payments can take up to 2 business days to be reflected in your account, but payments accepted before 12pm CT on a business day are usually received the same day.

Can I view all receivables at once for all projects?

Yes, you can click “Receivables” in the top navigation menu and update filters as preferred.

Why can I not see all the receivables for a project?

If you cannot see all receivables for a project, it is likely because you are viewing receivables at the commitment level rather than the project level.

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