Subcontractor User Guide: ePayments & Waiver Exchange

Summary

Utilizing the ePayments functionality within GCPay allows companies to make efficient, secure electronic payments to subcontractors while collecting necessary waivers and other required documents. GCPay protects both parties by brokering the exchange of payment for waiver(s). 

How it Works 

GCPay collects and watermarks the unconditional waiver with the subcontractor’s application for payment (AFP). The general contractor reviews and approves the AFP and the unofficial unconditional waiver. Approved payment applications can be paid at any time. The watermark is removed automatically when payment is received by the subcontractor.

Pricing 

Any fees associated with payment will be disclosed at the time of AFP submission. Subcontractors must acknowledge and agree to the fee before the associated AFP can be submitted.

This fee may be covered by your General Contractor. Please confirm any associated ePayment fees with the General Contractor that has requested you use GCPay.

Subcontractor Set Up & Requirements

Setting up Bank Account

When ePayments are enabled on a project, subcontractors will be prompted to enter a new bank account or select an existing bank account to receive payments.

1. From the Project Overview screen, click + Choose Account. 
2. Follow the prompts to setup a bank account and digitally sign the agreements provided. 

Submitting an AFP and Payment Exchange Waiver 

Subcontractors will be prompted to sign an unconditional payment exchange waiver at the time of pay app submission (if Payment Exchange Waivers are enabled). GCPay will lock the waiver with an "Unofficial Copy" watermark until payment is received, at which time the watermark will be removed.

Once the waiver is uploaded or digitally signed, GCPay will apply an "Unofficial Copy" watermark over the document. This watermark will remain on the document (digitally or printed) until payment is confirmed by the subcontractor’s bank. Only then will the watermark be removed and this waiver will become a legal document. 

ePayments Tab

Understanding Payment Statuses

When a payment application is paid in full, the watermark is removed from the associated waiver. Payments move through some or all of the following statuses, which can be seen in the ePayments table. 

Subcontractors will be notified via email when the payment reaches the PAYING status and can view the payment details within the ePayments tab of the project.

1. PAYING - FastPay is releasing payment to the Payee. 
2. PAYMENT_ERROR - FastPay attempted to deposit the funds to the Payee account and Credit Failed.
3. PAID – Funds have been received, and a watermarked waiver is released.