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OwlPay payout flow

Overview

The payout flow for Company to pay Vendor, including requesting order reconciliation, reviewing reconciliation, specifying payout date, and completing payout.

What is the payout status on OwlPay?​

  • Processing payout: OwlPay has sent payout instructions to the bank and the bank is ready to pay to Vendor.
Please note

After OwlPay notifies the bank, the payout will be executed according to the actual operation status of the bank. If the transaction is closed due to (1) a non-business day (2) force majeure (3) other reasons, it will be executed again on the next business day.

  • Awaiting payout: reconciliation order that has been approved and is available for the company creates payout on the "Awaiting payout" page

  • Payout failed： bank attempted to pay the designated vendor but failed due to unexpected reasons, please check the system message on the Payout page for more details.

  • Payout successful： the bank has successfully paid the designated vendor.

What is the payout flow on OwlPay?​

Let’s say your company is an e-commerce platform and many vendors (stores) sell different products on your website. An order payout goes through the following stages from initiating to completing.

  1. Create order： an order is created on your website when a customer buys products from the vendor, and this order is imported to OwlPay.
  2. Initiate reconciliation order： when it is close to paying your vendor, your company staffs apply for order reconciliation on the Reconciliation page.
  3. Review request： the reconciliation order is reviewed by individuals who have “review” permission
  4. Specify payout date： approved request will be displayed on the Payout page and can be applied to the payout instruction.
  5. Complete payout： bank receives the payout instruction and remits it to the vendor’s bank account.