New Payment Schedule Begins Tomorrow
2008-09-16
As part of our release of weekly direct deposit payments we have moved all accounts to a new payment schedule.
The new payment schedule begins tomorrow, Wednesday, September 17. For this reason, the first pay period of September, the transitional pay period, will contain an extra day. Rather than ending at 12:00:01 am Pacific time on the September 16, it will end at 12:00:00 am Pacific time on Wednesday September 17. We will include payment for this extra day in payments issued Tuesday, September 30.
Another effect of moving to bi-weekly payments is that clients who remain on the default schedule will receive 26 payments a year instead of the current 24 payments.
Clients Receiving Bi-Weekly Payments (Direct deposit and paper checks)
Pay periods for accounts receiving payments bi-weekly end at 12:00:00 a.m. Pacific Time every other Wednesday. The first bi-weekly pay period of the new schedule ends Wednesday, October 1, 2008 at 12:00:00 a.m.
Period settlement occurs the Wednesday one week after the pay period ends. The first period settlement entry for accounts that receive bi-weekly payments occurs on Wednesday, October 8.
Payment distribution occurs the second Wednesday two weeks after the pay period ends. We will issue the first bi-weekly payment to clients on Wednesday, October 15.
To clarify the process for clients we have provided a visual representation of the payment schedule.
Clients Receiving Weekly Payments (Direct deposit only)
Pay periods for accounts receiving weekly direct deposit payments end at 12:00:00 a.m. Pacific Time every Wednesday. The first weekly pay period of the new schedule ends Wednesday, September 24, 2008 at 12:00:00 a.m. Clients electing to receive weekly payments will receive 52 payments a year.
Period settlement occurs the Wednesday one week after the pay period ends. The first period settlement entry for accounts that receive weekly direct deposit payments occurs on Wednesday, October 1.
Payment distribution occurs the second Wednesday two weeks after the pay period ends. We will issue the first weekly direct deposit payment to clients on Wednesday, October 8.
To clarify the process for clients we have provided a visual representation of the payment schedule.
New Return Allowance Rules
Return allowance rules will change upon implementation of the new payment schedule.
Prior to the new schedule, ClickBank withheld approximately 10% from each payment to manage quality issues that may arise with products clients publish or promote. After six pay periods (about 90 days) these funds were credited back to the client's account.
After the implementation of the new payment scheduled ClickBank will withhold those same funds for 12 weeks (about 84 days).
A fluctuation may occur during transition and if clients choose to receive weekly direct deposits. This fluctuation may result in an extra week of client funds being held. Once the transition is complete, the return allowance withholding period will average out to 12 weeks, which is a slightly shorter period than we hold today.