Koverly has multiple payment options to choose from at checkout and transfer timelines vary between payment methods. This guide will help choose the payment method that meets your need for speed.

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When using the Koverly platform to pay bills, you are provided multiple options, such as ACH/Bank transfer, Credit Card, KoverlyPay, KoverlyWallet and Check (US domestic payments only). The amount of time between checkout and when your vendor receives payment can vary depending on the payment method you use. Following is a list of each payment method with details and explanation of its payment delivery timeframe.

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Payment methods are listed in order of fastest to slowest.

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KOVERLY WALLET

Instant - 2 business days

Every Koverly account has the option to activate a free digital wallet. This is a unique and secure U.S. bank account that can be used to pay businesses in 128+ currencies worldwide and collect and store funds in USD.

In order to make payments from your wallet, it much be pre-funded. This can be done in three ways:

• Deposit via wire transfer - Funds are available immediately once they are transferred from your bank.
• Receiving payments into wallet - Funds are available immediately.
• Direct deposit (U.S. businesses only) - Funds are in pending status for 48 hours until fully cleared.

When you use a pre-funded Koverly Wallet to pay another business that has a Koverly Wallet (ie. a wallet-to-wallet ), the transfer of funds is immediate. This is the fastest transfer method possible.

You can also use a pre-funded Koverly Wallet to make domestic and international ACH payments in 128+ currencies. Because the wallet is pre-funded, these transfers are completed within 24 hours (or next business day) for domestic payments and within 48 hours (or two business days) for international payments.

When you receive payments into your wallet account, those funds are immediately available to be used to make payments. This is an advantage holding funds received in your wallet.

Any business that receives funds into a Koverly Wallet can transfer funds to their primary bank at any time. Manual transfers are particularly advantageous for companies converting funds into a different currency, so that they can time transfers when exchange rates are favorable. It is also possible to set up direct deposits for automatic transfers.

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KOVERLYPAY

1 - 2 business days

KoverlyPay is a financing solution embedded in checkout that allows you to spread payments over weekly installments. To use this feature, you must complete a KoverlyPay application. Applying for KoverlyPay does not affect your credit score and most companies receive a confirmed credit line within minutes of submitting their application.

When you choose KoverlyPay at checkout, Koverly transfers funds to the recipient before pulling funds from your account. Because funds are being sourced from a pre-approved line of financing, transfers are completed within 24 hours (or next business day) for domestic payments and within 48 hours (or two business days) for international payments.

At checkout, you have the option to split payments into 4, 8 or 12 fixed weekly installments. For domestic payments, your first weekly installments will be pulled the second Tuesday after you checkout. For foreign currency payments, your first weekly repayment begins 30 days after checkout. There is no charge for either grace period before repayment begins.

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CREDIT CARD

2 - 3 business days

Credit card payments are deposited into the recipient's account 2-3 business days after checkout is complete.

Credit card fees apply to these transactions and vary depending on the card you are using, but range from 2.9%-3.5%. Credit card companies apply an additional 1.5% surcharge on international payments. Businesses can write off these charges as a business expense.

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ACH/BANK TRANSFERS

4 - 5 business days

ACH/BANK TRANSFER payments are deposited into the recipient's account the day after funds have been fully cleared from the payer's account.

When you checkout using ACH, funds are pulled from your account the following morning. It takes approximately 48 hours for these funds to fully clear the bank's NSF/Recall window and ensure availability. During this time, the payment status will be "Processing (AWAITING FUNDS)."

Within 24 hours of the funds clearing, they are deposited into the payee's account. At this time the payment status will change to "Completed".

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CHECKS

10 - 14 business days

Paper checks are only available to U.S. businesses for domestic payments. This is the slowest method available and relies heavily on the USPS delivery timelines, which are out of our control. This method is not recommended if you are able to make a payment any other way.

For checks, payment is pulled from your account the day after you complete checkout. Once funds have been fully cleared by your bank (approximately 48 hours later) a paper check is printed and mailed to the recipient via USPS first class mail.

We have found that mail delivery can take anywhere between 5 days to 10 days, but can not make any guarantees. Once mailed, delivery timelines are completely in the hands of the United States Postal Service.

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