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    Crowdz Knowledge Base > Payment/Repayment

    payment-rePayment/Repayment

    Payment

    How does payment work to receive my funds?

    Crowdz works with Western Union to automatically deposit funds into your connected default bank account upon integration. This process can take up to 5 business days.

    How long does it take to get funded?

    Once the offer is accepted, payment typically occurs within the 5 business days.

    How long does it take to reflect my payment? (Video)

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    Repayment

    How does repayment work?

    Since someone (potentially Crowdz itself) is using the Crowdz platform to purchase your
    receivables, that “Purchaser” now owns that debt. When your buyers pay you for the
    receivables that were purchased, we just have you forward those amounts to the correct
    Purchaser. There are instances where the buyer pays the Purchaser directly and in those
    contracts we will make it clear.

    How do I make a repayment? (Video)

    Users have one payment method (or two for US users) and will receive bank account details and reference number to complete a manual payment transfer via your personal bank account or online. This will require you to transfer funds manually through your banking app or online. For USA members: There is also the option of ACH-debit. Western Union will collect funds directly from your bank account only after you authorize the transaction. Settlement time is between three and five days, and you must secure sufficient liquidity in your bank account within 24 hours of authorizing the transaction. It’s easy and allows you to pay multiple invoices at once. With Crowdz, you always have complete control over your payments. We never retrieve money from your account without your prior authorization. Crowdz also helps you keep tabs on each transaction through your dashboard and by email.

    HubSpot Video

     

    When I receive my funds or pay, I see Western Union Business Services as the Payer/Payee. Is this correct?

    Yes. With its 170 year history, Western Union is our chosen partner to help move your funds securely. Your funder will receive your payment securely and fast via the Western Union Business Services solution.

    What new payment features can members expect?

    Our team is working hard to introduce real-time payment networks wherever available. Additionally, we plan to create a more secure and frictionless payment experience by implementing the new European/UK open banking infrastructure. This update would allow members to pay from their bank account without leaving Crowdz InvoiceXchange.

    I got paid for an invoice and it's in my account, is it too late to stop payment?

    Yes, it is too late to stop payment. Once the pay now process is complete, the user is locked in for repayment. We cannot undo this payment. We cannot undo this payment. You will have the option to repay it immediately.

    Still have a question?

    Feel free to contact us by email at  or log in to use live chat now.