By Stephanie Ciccarelli
February 17, 2011
At the beginning of January 2011, we implemented a change to how long it takes for payment to be sent to voice over talent in order to continue offering you great service and guarantee timely payments.
Why did we do this?
Find out in today's VOX Daily.
For the past three years, we've been issuing payments to voice talent before their client's funds had even cleared the credit card and banking system. While a lightning fast turnaround on payment was of great benefit to voice over talent, this practice didn't allow sufficient time for funds to clear the banking system. Issuing funds before they clear makes Voices.com vulnerable to the potential of fraudulent client activity.
Here's an example of how fast some talent were being paid. Let's say someone was hired and had their payment released by the client on the 14th of the month. Another variable we can add to this is the talent's preference to receive payment by PayPal.
According to the previous SurePay payment schedule, that talent would have been paid the following day. Awesome for the voice talent but not so prudent on our end. The majority of clients are paying by credit card while the majority of talent wish to be paid by PayPal. Payment by PayPal is immediate as you know.
The money that the client paid would at that point still be in the midst of processing. Technically, the funds still need sufficient time to move through the banking system. In this scenario, a talent could technically be paid by Voices.com in advance of their client's payment clearing at the bank. As you can understand, we needed to correct this situation.
What happens if the client changes their mind and wants their money back? What if a payment turns out to be fraudulent? Voices.com assumed unnecessary risks to over deliver and send our talent payment with amazing speed, and in some instances years ago, paid the price in a number of situations involving a handful of clients who were committing credit card fraud. Yes, it's happened.
The decision to add two weeks for processing time was made to improve an already wonderful service while ensuring that we could in effect continue to offer SurePay as a safe payment option for all involved.
Payments released by clients during the 1st and the 14th of each month will now be issued on the 1st day of the following month.
Payments released between the 15th and the 30th/31st will be issued on the 15th day of the following month.
Clients can still pay you through Voices.com by VISA, Mastercard or PayPal. Voices.com continues to offer mediation and dispute resolution services at no charge to you. Talent who opt to receive payment by PayPal now have their funds "gifted" to them which means no PayPal fees are charged to the talent on the receiving end. Talent who have chosen to receive payment by check also receive the full amount of the fee they quoted for the work.
The short answer is no. The escrow account that the funds are held in is a non-interest bearing account. Simply put, we aren't earning any extra money by extending the period of time between pay periods. What we are doing is making sure that the funds are all accounted for which protects Voices.com, and you, the voice talent.
From what was shared, I trust you see that the SurePay escrow service is more complex than may have been first perceived!
The good news is that a payment has never been missed, nor been late even if it's cost us significant sums in bank service fees. Our priority has always been to ensure voice talent like yourself are paid on a regular schedule in a safe, secure manner.
Thank you for your understanding.
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