I have had a few freelancers who have asked me why is that they dont receive their payment upon approval but only a week or so later. Maybe this issue has been discussed here before, sorry if I am repeating an old topic. I have hired regularly, and would like to make sure that my freelancers stay well funded and in good condition.
Understanding, that I fund any milestones early or just authorize hours, I would expect the payment get processed asap and without delay. Someone told me before, many years ago, that the actual reason for the lag in the processing was due to some CC related contractual reasoning. However, I find it rather odd explanation, as the right for chargeback remains for years.
Ensuring that freelancers are doing well in every sense is a critical aspect of any business. But, now, for some strange reason, we have this delay that resembles something like 1750's. I would understand hours, or even one day, but weeks, I think there must be a reason of other size and scale.
Is it risk management, and if so, has it proven out to be justified?
I think you must be using a different platform than I am.
On fixed price jobs, funds are available five days after approval.
On hourly contracts, funds are available five days after the review period ends. The review period is Monday-Friday, so that's ten days.