Denim has supported clients in managing QuickPay programs by automatically applying days-to-pay and QuickPay preferences to jobs. Until now, contractors haven’t had the ability to initiate QuickPay themselves within the platform.
Now, Contractors are able to elect for instant payment directly from:
- Their "Invoices Approved" emails
- Their Denim dashboard
Clients may choose the fee they wish to charge contractors for this instant payment option. While Denim recommends a 4% fee, you are free to set your own rate. In addition, contractors will be charged a $5 processing fee—that covers our ability to send these payments instantly. Please note that if you already charged your contractor a QuickPay fee, they will only be charged the net difference. For example, if you already charged a 3% fee for 2-day QuickPay, and they elect to pay 4% for Express, they would only pay 1% more for Express Payment.
The eligibility criteria for contractors includes:
- The contractor's bank account must be "Express Eligible." You can view eligibility within your Contractor's tab.
- The contractor must have been paid once before by Denim.
- Note - this will soon be a configurable setting. For now, Denim requires at least one prior payment have been sent to a contractor before they're able to opt in for instant payment.
- Jobs pending contractor payment must be factored
- Note - Denim will offer contractor-elected QuickPay for non-factored jobs funded with Denim Cash in the future. For now, only factored jobs are eligible.
How can I see what is being offered to contractors?
- Head over to your Contractors Paid Directly settings page.
- Under the Express section, you can see the current fee offered to contractors, along with any contractors who have opted-in for Express Payment as their default setting.
- Note - Updating your default fee will not impact contractors who have already opted in. To change their settings, select the number under “Contractors” and manage them individually through their profile pages.
What do my contractors see?
When contractors log into Denim, they can view a list of all jobs eligible for Express Payment. From there, they can:
- Select specific approved invoices to be paid instantly.
- Visit their Settings page to opt-in to Express Payment for all future invoices upon job approval.
Contractors will also see the option to be paid instantly in their Denim "Invoices Approved" emails:
Once a contractor opts-in for Express Payment as their default method, Denim will send an email to you.
We've also created a PDF that you can share with your contractors. Just add your company name & rate that you want to charge for Express Payments. This makes it easier for contractors to understand their options and opt-in confidently. Download it here!