What exactly is the Payments Feature, what does it do?
You can connect your Collaborators account to an account at Wise so that you can use Wise payment features from Collaborators.
Once connected, you can add bank details for each of your Collaborators and then set up bulk payments to those Collaborators.
The bulk payment feature is a way for you to reduce the number of payments (and therefore the cost and time) needed to get money to all of your Collaborators.
NOTE:The Collaborators App does NOT send any money to the collaborators directly. You still needs to send one payment, for the total amount, to Wise. Wise then takes care of the individual payments to each Collaborator.
I've never heard of Wise, who are they?
Wise is an online money transfer service that facilitates the secure bulk transfer of funds with a focus on low and transparent fees. For more information on Wise, check out their website here.
Do I have to pay all Collaborators their full balance?
No, you can manually enter or edit the amount you want to send for each collaborator.
I made a mistake, can I cancel the payment?
Yes, payment batches can be canceled anytime before you send the funds to Wise. If Wise has already received your funds, you can no longer cancel the payment.
Can I edit a payment batch?
No, if you need to change something in a batch that is already set up, you will need to cancel the entire batch and create a new one.
How do I know when a payment has been successfully made to a Collaborator OR if there is an issue with payment being delivered?
The status of payments made to your Collaborators using Wise can be tracked by logging in to your Wise account. Here, you will see the up-to-date status of each transfer, including when the funds were sent and whether there were any delays.