On Monday, October 5th, our money transfer vendor made a sudden change to its service without any advance notice to us. This change affects how quickly payroll reaches your artists.
What changed
Until now, artists were typically paid within 0–1 business days of a payroll batch being submitted. Until further notice, that timeline is now 3–4 business days.
How payroll works, and where the delay comes from
Your shop submits a payroll batch.
KTF pulls the funds from your shop's bank account by ACH.
As soon as those funds arrive, your artists are paid into their KTF wallets instantly.
Previously, step 2 used a same-day ACH. A batch submitted in the morning could pay artists that same day, and a batch submitted in the afternoon usually paid out the next day. Our vendor has discontinued same-day ACH, so step 2 now takes 3–4 business days. Steps 1 and 3 are unchanged.
What this means for you
Payroll is still fully working. Only the timing has changed. Until we let you know otherwise:
Submit payroll batches at least 3–4 business days before you want artists to be paid.
Let your artists know about the new timing so they can plan around it.
Batches submitted since October 5th are also on the new timeline.
What we're doing
We are in direct contact with the vendor's executive team and are pushing hard to restore same-day ACH. We'll update you as soon as anything changes.
We know this is a real disruption for your shop and your artists, and we're sorry. If you have questions, reach out to our support team anytime.