What's a clearing period?A clearing period is the amount of time that passes until your employee wages are paid out and is assigned to your business during the PayAgent application process based on a risk evaluation. There are two clearing periods issued: Same day clearing, and two day clearing. Same day clearing: Pays submitted before 4pm will be paid the same evening Two day clearing: Pays submitted before 4pm will be direct debited from the nominated PayAgent bank account that day. They will then be processed and paid into your employee’s bank account on the evening of the second business day. UI Text Box |
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| Example On a same day clearing period, if the pay run is processed on Monday before 4pm, it will be paid out and available on Monday evening. On a two day clearing period, if the pay run is submitted on Monday before 4pm, it will be paid out and available funds on Wednesday evening. |
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