Scheduled Payment Overview

Modified on Mon, 16 Oct 2023 at 01:59 AM

Scheduled Payment is a feature in Jack that allows users to schedule a transaction to a specific date and time or payment cycle, instead of releasing transactions immediately all the time. Jack’s Scheduled Payment is equipped with multiple capabilities such as Payment Cycle, Cards Auto Payment, and Scheduled Transactions Monitoring.

Scheduled Payment to Streamline Business Finances
Scheduled Payment Feature in Jack

Scheduled Payment to Streamline Business Finances

Scheduled payments are a financial lifeline for businesses seeking to manage their cash flow efficiently and meet financial obligations with ease. At its core, a scheduled payment is a pre-arranged transaction where funds are automatically transferred from one account to another on a specified date.

Businesses commonly use scheduled payments to meet various financial commitments. From guaranteeing on-time employee payroll to effortlessly covering recurring expenses like rent, utilities, and loan repayments, this automated approach reduces the risk of late payments and associated penalties. More than just a time-saving tool, scheduled payments provide businesses with financial predictability, allowing them to allocate resources strategically, nurture vendor relationships, and fortify their financial stability. In the dynamic world of modern finance, scheduled payments have emerged as an indispensable asset, offering businesses enhanced control and peace of mind in their financial endeavors.

Scheduled Payment Feature in Jack

Schedule Transactions on a Specific Date or by Payment Cycle

Before the Scheduled Payment feature, when a Releaser opted to Approve and Release a transaction, it would be executed instantly. This meant that if a business aimed to process payroll on the 25th day of the month, the Releaser had to time the approval and release precisely on the 25th.

No more such complexity with Jack's Scheduled Payment feature! Now, Releasers can conveniently schedule transactions for Payroll, Bill Payments, Reimbursements, and Local Transfers to occur either on a specific date and time or in alignment with a Payment Cycle created by your Admin or Business Owner. Find detailed instructions on how to schedule a transaction in this article.

You also have the option to pay immediately, reschedule, or cancel the transaction even if it's already been scheduled!

Create Payment Cycle Based on Your Business’ Spending Management

As briefly discussed in the section above, your Admin and Business Owner have the capability to create a Payment Cycle tailored to your business needs. For instance, suppose you wish to set up a Payment Cycle for your Payroll, ensuring that every payroll transaction, by default, is scheduled for payment on the 25th day of each month, with the flexibility to advance to the preceding Friday or delay to the next Monday if the 25th falls on a weekend. Moreover, if your company's financial policy necessitates paying Bill Payment transactions as near to the due date as possible, Jack's Payment Cycle feature makes this process easily attainable! You only need to create the transaction once, the subsequent transactions will be scheduled in accordance with your payment cycle configuration. Explore the step-by-step guide on creating a payment cycle in this article for more details.

A payment cycle serves as a 'schedule template' for specific products. The approval process remains unchanged.

Pay Your Card Bills Automatically

Are you a user of Jack's Corporate Card and currently managing your card bills manually every month? With Jack's Card Auto Payment feature, you can streamline the process by setting up automatic payments based on the billing day. You can easily modify, turn it on or off as your business evolves. For example, if you want your card bills to be paid automatically on the billing day (e.g., the 26th) or even several days after the billing day, you can easily configure this process by following the steps outlined in this article.

The primary distinction between Card Auto Payment and the Payment Cycle feature lies in the automation aspect. When you establish a Card Auto Payment Feature, your card bills are settled automatically without the need for any approval process.

Monitor Your Scheduled and Delayed Transactions

As a Business Owner, Admin, or Bookkeeper, you have several ways to swiftly monitor scheduled transactions, either in Jack Portal or Jack App:

Dashboard: In the Dashboard page, you can conveniently access information about Delayed Payments and Upcoming Scheduled Payments (up to 3 days in advance). This feature enables you to proactively manage your company's balance, ensuring it aligns with your financial obligations. This page is available in Jack Portal only.
Task: Any transactions marked as "Payment Delayed" will be visible in the "Delayed Payment" section within the Task page, allowing for quick identification and resolution of delayed transactions.
Alerts and Attention: All upcoming scheduled payments marked as “Scheduled” are neatly organized in a section labeled "Scheduled Payment" under Alerts and Attention page, ensuring you stay informed and prepared for upcoming financial commitments.
Transactions: You can easily filter transactions based on their Scheduled or Payment Delayed status, streamlining your view of transaction history.

Beside just monitoring, you can also do several actions, such as: Reschedule (available in Jack Portal only), Pay Immediately, or Cancel the scheduled and delayed transactions in those pages. Learn more about these capabilities in this article.

These capabilities empower you to maintain precise control over your financial operations and effortlessly manage scheduled payments within your business.

As a Bookkeeper, you only have access to view Scheduled and Payment Delayed transactions. Only Business Owner and Admin have the option to pay immediately, reschedule, or cancel the scheduled transaction.