1.  Raising invoices
An invoice is based on your timesheet details.
iBalance will raise an invoice within 4 working hours on receipt of either:

• timesheet details from you OR
• timesheet details from your Agency / Client

Note, you can raise an invoice by entering timesheet details on the iBalance web site.

2.  Payment of invoice
Funds are paid by the Agency / Client into a bank account specified by iBalance.

3.  Payment Timescales
iBalance will make payment to your personal bank account, on the same day all the following conditions have been met:

• the funds have cleared into the iBalance bank account by 11am
• the funds are accompanied by a remittance advice supplied by either Agency or Client
• the funds match the invoice value

Contractor payments are made by electronic transfer. Funds are paid into your personal bank account by 6pm (subject to your bank accepting 'Faster Payments').

4.  Express Payment
An express payment service is available for an additional fee (see Schedule A) – payment is made by Faster Payments and paid to your bank or building society by 1pm on the same day that payment is made, providing:

• all the conditions in 3. have been met
• the Contractor requests the service before 11am
• the Contractor's bank account number and reference have been provided by 11am

5.  Special Clearance
Where funds arrive from the agency after our normal deadline of 11am, a special clearance service is available for an additional fee (see Schedule A) – payment is made by Faster Payments and paid to your bank or building society by 6pm on the same day that payment is made, providing:

• the funds have cleared into the iBalance bank account before 3pm
• the funds are accompanied by a remittance advice supplied by either Agency or Client
• the funds match the invoice value
• the Contractor's bank account number and reference have been provided by 1pm (11am on Fridays)

6.  Advance Contractor Payments
iBalance can make Contractor Payments in advance of the conditions in 3 being met for an additional fee (see Schedule A), subject to the following:

• the maximum value paid to the Contractor is the lesser of £2500, the net amount due to the Contractor on settlement of the invoice, and the balance of any debtors
• there is no outstanding balance on any previous advance Payment
• the Contractor requests the service before 1pm Mon-Thurs (11am on Fridays)
• the agency (or client) authorises payment on our online agency portal by 1pm Mon-Thurs (11am on Fridays)
• the fee applies to each invoice being advanced

Notes

These service are offered at iBalance’s discretion and may be declined without reason.

Although funds will be sent to your bank at the times stated, we cannot guarantee that your bank or building society will make the funds available to your account at that time.

Banks operating faster payments agree to deal with funds within 2 hours.