When is payment required for Projects?
Service providers set their own payment terms and send their own invoices in accordance with the payment terms agreed to in the Project Scope before the Project begins. Payment is due 48 hours after the invoice is sent to the brand.
How much of the paid invoice do service providers receive?
For each project service providers successfully complete, they receive 92.3% of each payment made by the client minus 15¢.
When is payment due?
The payment terms are outlined in the Project Scope, meaning once a client accepts the Project Scope, they are accepting to pay according to those payment terms. Service providers are responsible for sending their own invoices in accordance with the payment terms. Brands are only responsible for paying according to the payment terms in the Project Scope. Once a client receives an invoice, they have 48 hours to pay the invoice.
How do service providers receive funds?
Service providers’ funds from paid invoices are deposited into the bank account that was added on the platform during the onboarding process. If the bank account needs to be changed, service providers must make this change by visiting the payment settings section on thefolklore.com at least 48 hours before an anticipated invoice is paid to ensure money is sent to the right account. Any fees resulting from a late change in banking details or entering incorrect banking information will be charged to the service provider and deducted from the payout amount.
Are bank accounts the only way to receive payment?
Service providers can only receive payment to a valid bank account that they personally manage and are authorised to use. There are no other ways to receive payment.
When do service providers receive funds?
Once an invoice has been paid by the client, the service provider will receive payment in their bank account within 2-7 business days depending on the banking institution and country the bank is located in.
Projects are active when payment is successfully processed through the platform by the brand, meaning work must begin once a client pays an invoice or according to the start date in the Project Scope as soon as they receive email confirmation that the payment has been made by the brand.
Service providers cannot not delay work while the money is in transit to their bank account.