Payer to Payee payment lifecycle

After all banking and tax information is collected and verified by Wingspan for both the enterprise  (payor) and the Collaborator (payee), Payables can be issued and processed.

Payables can have one of the following statuses depending on where it is in the overall invoice-payment process: Draft, Pending, Open, Overdue, Canceled, Payment in transit, and Paid. The figure below shows the flow of the invoice as it travels from one status to another.

  1. The payment is created but is not yet sent to the collaborator.
  2. The payment is created and sent to the collaborator.
    1. The payment is sent to the client, but certain conditions are not met yet and payment cannot be processed. This can occur when a contractor has not completed the contract eligibility requirements set in place by the client. For example, a contractor failed to provide a certification requirement.
    2. The conditions are met, and the payment is sent to the collaborator.
  3. The client makes a payment on the invoice.
    1. The due date passes without payment.
    2. The client makes a payment on the invoice.
    3. The due date is modified so that the invoice is no longer overdue.
    4. The invoice is canceled by the client or the contractor.
  4. The invoice is marked as paid.