Setting a Payout Schedule for Reimbursable Expenses
If your team processes reimbursable expenses through SVB T&E, you can set the schedule for when payments are debited from your company’s bank account and ACH’d to your employees. The quickest way to for your employees to be reimbursed is to use the default, nightly payout schedule. However, if you would like for payouts to be weekly, semi-monthly, or monthly, this setting can be edited on the Reimbursements Tab in your Company Settings.
**Note: if you have an accounting software integration with SVB T&E, reimbursable expenses will flow into your accounting software on the day that the debit from your company account initiates. For example, if you have a weekly payout schedule, reimbursable expenses will flow into your accounting software once per week, when the debit from your company bank account is initiated.
Default Payout Schedule- Nightly Payouts
The default payout schedule on all SVB T&E accounts is a nightly payout schedule. Using a nightly payout schedule, every time a final approval admin from your company approves expenses, all the expenses approved prior to 5pm EST that day will be debited from your company’s bank account in a single debit and consequently transferred to your employees via ACH within 6-8 business days.
If you would like to use the nightly payout schedule, you are already set and do not need to take any action, since “nightly payouts” is the default payout schedule for all SVB T&E accounts.
Alternate Payout Schedules - Weekly, Semi-monthly, Monthly
To change the payout schedule, go to Company Settings, then click the Reimbursements tab and navigate to the “Payout Schedule” dropdown to select your payout schedule and then click Save.
Weekly Payouts (Once a week): If you would like for reimbursements to take place on a weekly basis, the debit from your company’s bank account will take place every Wednesday night. In order to ensure employees’ expenses are included in the batch of reimbursements for any given week, please ensure that your final approval admin approves all expenses prior to 5pm EST on Wednesday. Any expenses approved after 5pm EST will be included in the next batch of reimbursements.
Semi-monthly Payouts: If you would like for reimbursements to take place on a semi-monthly basis, the debit from your company’s bank account will take place on the 1st and 15th of every month. In order to ensure employees’ expenses are included in the batch of reimbursements, please ensure that your final approval admin approves all expenses prior to 5pm EST on the 1st and 15th of each month. Any expenses approved after 5pm EST will be included in the next batch of reimbursements.
Monthly Payouts: If you would like for reimbursements to take place on a monthly basis, the debit from your company’s bank account will take place on the 1st of every month. In order to ensure employees’ expenses are included in the batch of reimbursements, please ensure that your final approval admin approves all expenses prior to 5pm EST on the 1st each month. Any expenses approved after 5pm EST will be included in the next batch of reimbursements.