Everlance Payments: Manage Reimbursements with Your Admin Wallet

To start using Everlance Payments, admins need to apply for a 'Wallet' account, which is a real bank account through Lincoln Savings Bank. This Wallet will serve as the central hub for funding reimbursements. To open the account, you’ll need to gather the following information:

• Business Information: Legal name, address, and Employer Identification Number (EIN).
• Officer Information: Contact details and the Social Security Number (SSN) of an officer listed on the account.
• Beneficial Owner Information: Contact details and the Social Security Number (SSN) of anyone who owns more than 25% of the business.

Once your Wallet application has been approved, you can start adding funds so that you are ready to pay your drivers. There are three methods to choose from: Wire Transfer, ACH Credit, or ACH Debit. Here’s a breakdown of each method and the associated timeline:

• Wire Transfer: Admin transfers funds via an external bank. Funds are usually available in the Wallet on the same day.

• ACH Credit: Admin transfers funds via ACH services from an external bank. Funds typically take 2-5 business days to be available.

• ACH Debit: Admin transfers funds from the Admin Wallet using ACH services. Funds usually take 2-5 business days plus an additional 3-day clearing period.

Once the wallet is funded, you can easily pay out entire pay periods or one-off reports. 

On the driver's side, in order to receive reimbursements, they will need to set-up their direct deposit. Drivers will see a reminder added to their 'To Do' list in the Everlance app to connect their bank account. They'll have the option to sync their account through Plaid or by manually entering their details into the app. You can see the process that drivers will take to set up their direct deposit here. 

To help you keep track of which employees have or haven't set up their direct deposits, follow the steps in this tutorial to download a list of your members and their direct deposit status. This enables admins to see and follow up with any employees who haven't completed the setup.

Once the wallet is funded, admins can easily pay out entire pay periods or one-off reports.  Most payments are typically received within 2 business days. Next-day payments are available if initiated before 12 PM PT / 3 PM ET using ACH Credit from the Admin Wallet. However, delays may occur due to late initiation (payments after 12 PM PT / 3 PM ET may be processed the next business day), weekends or bank holidays, and additional clearing periods imposed by some banks so keep this in mind to ensure your drivers will be paid on time. 

The entire application is completed in the Dashboard. Here is a list of what you'll need:

1. Business Information:

• Legal name
• Address
• Employer Identification Number (EIN)

2. Officer Information:

• Contact details
• Social Security Number (SSN) of an officer listed on the account

3. Beneficial Owner Information:

• Contact details
• Social Security Number (SSN) of anyone owning more than 25% of the business

Click here for a step-by-step tutorial. 

Most Wallet applications are approved within 5-10 minutes. If flagged for manual review, the process usually takes a few hours to a day, assuming there are no issues. In rare cases, additional documentation may be requested.

While you see the balance of your Admin Wallet in your Dashboard, these funds are not located within Everlance, as Everlance is not a bank. Your Admin Wallet business deposit account is a checking account provided by Lincoln Savings Bank, member FDIC.

Yes, Lincoln Savings Bank is an FDIC member. Deposit Insurance covers the failure of an insured bank. Under FDIC rules, all deposits owned by a corporation, partnership or unincorporated entity (including a for-profit or a not-for-profit organization) at the same bank are added together and insured up to $250,000, separately from the personal accounts of the owners or members.

No, Everlance Payments is only available to our US-based customers with employee direct deposit accounts that are located within the USA.

Admins can fund the Wallet using three methods: Wire Transfer, ACH Credit, or ACH Debit. Here’s a breakdown of each method and the associated timeline:

1. Wire Transfer

• What It Is: Admin initiates a transfer of funds through an external bank.
• Timeline: Funds are typically available in the Wallet on the same day they are received.

2. ACH Credit

• What It Is: Admin initiates a transfer of funds through an external bank using Automated Clearing House (ACH) services.
• Timeline: Funds usually take 2-5 business days to become available.

3. ACH Debit

• What It Is: Admin initiates a transfer from within the Admin Wallet using ACH services.
• Timeline: Funds generally take 2-5 business days, plus an additional 3-day clearing period before they are available.
  

Each funding method has its own lead time, so please choose the method that best suits your needs and plan accordingly.

The time it takes to pay reports depends on whether the Admin Wallet is already pre-funded or if it requires funding (refer to the funding methods for details). Under normal circumstances:

• Most Payments: Typically received within 2 business days.
• Next-Day Payments: Available if payment is initiated before 12 PM PT / 3 PM ET using ACH Credit from the Admin Wallet.
  

However, there are certain factors that might extend the payment cycle to approximately 2-5 business days:

• Late Payment Initiation: Payments initiated after 12 PM PT / 3 PM ET may not be processed until the next business day.
• Weekends or Bank Holidays: Payments initiated on or before weekends or bank holidays may experience delays.
• Receiving Bank Clearing Period: Some banks may impose additional clearing periods before releasing funds.

For the quickest processing, ensure that the Admin Wallet is pre-funded and initiate payments within the specified timeframes.

No, the Everlance Payments system cannot track the exact moment when funds are deposited into a Driver's account. We can confirm when a payment is sent into the Federal Reserve Bank's Automated Clearinghouse (ACH) system and if a payment has been returned due to an error. However, we cannot determine the precise time when the funds are credited to an employee’s account. A report is considered "paid" when it is sent into the ACH system, unless it is returned due to an error.

Yes, Admins can initiate a payment for a driver who has not yet set up Direct Deposit. However, the driver will not receive the payment until their Direct Deposit enrollment is complete. Once the enrollment is complete, the payment will be processed immediately, provided there are sufficient funds in the Admin Wallet.

This design ensures that other drivers who have already enrolled in Direct Deposit can still be paid during the pay period.

Here’s how the report and pay period statuses will be affected:

• Driver’s Report: Will show as "Payment pending" if Direct Deposit is not set up.
• Pay Period: Will show as "Partially paid" if at least one report has not been processed due to:
  • A driver not having set up Direct Deposit.
  • Any separate payment errors (though rare, some payments might fail or be returned due to errors).