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How Payments Work

Overview

LiquidTrust™ lets businesses pay and get paid by their counterparties. There are two payment types:

  • Simple Pay — a direct payment. The payout is sent to the payee once the payment is funded.
  • Protected Pay (Micro Escrow®) — the payout is sent only after the payee requests release and the payor approves it. See Creating a Protected Pay.

When to use each

  • Use Simple Pay for straightforward payments.
  • Use Protected Pay when the payment should go out only after work is delivered or conditions are met.

How it works

  1. Add your counterparty. If you haven't worked together on LiquidTrust before, invite them. They'll need to finish verifying their business before the payment can move forward.
  2. Create the payment. Choose Send Payment or Request Payment, then Simple Pay or Protected Pay.
    • Sending: you choose how you'll fund it.
    • Requesting: you choose the bank account you'll be paid to. For a Protected Pay, you can confirm or change it when you request release.
  3. The other side reviews and accepts.
    • Payor sent a Simple Pay: the payee accepts and chooses the bank account they'll be paid to.
    • Payor sent a Protected Pay: the payee accepts the terms. They choose or confirm their payout account when they request release.
    • Payee requested the payment: the payor reviews and pays.
  4. The payment is funded.
  5. The payout is sent to the payee's chosen account.
    • Simple Pay: see the timing below.
    • Protected Pay: after the payee requests release and the payor approves it.

If you're receiving a Simple Pay

If the "Funding started" email arrives before 11am PT, your payout is sent around 5am PT on the 2nd business day after it. If it arrives after 11am PT, it's sent on the 3rd business day. Your bank then usually needs 1–2 business days. You can follow each step in your transaction's details.

If you're receiving a Protected Pay

See Creating a Protected Pay for the steps, emails and timing.

Notes

  • If an approval policy is turned on, some payments may need a manager's approval before they move forward.
  • Both businesses need to be verified to complete a payment.
  • If you're paid in local currency, the amount shown when you choose your payout is an estimate. The final rate is set when your payout is sent.
  • Have a balance from the previous LiquidTrust platform? It has its own withdrawal screen. New payments pay out automatically.

Related articles: Creating a Protected Pay · Creating a Simple Pay · Funding a Payment · Approval Policies