Each invoice in the Tranch platform has a status explaining the state of the invoice and if needed, what actions or information are required for completion of payment. Outlined below are each of the Tranch invoice statuses, some of which solely apply to clients with Pay Later intent.

Invoices marked ‘Add Attachment’ have not had an accompanying invoice or statement of work uploaded to Tranch for Pay Later.

[Actions]: Clients can upload a copy of their invoice or statement of work by selecting the invoice in the Invoices page, expanding the section titled ‘Invoice Attachments,’ and clicking the ‘Upload Files’ button below. Alternatively, you can upload files on behalf of your clients by following the same process in your Tranch account.

Invoices marked ‘Awaiting Financials’ are awaiting client financial information, either through the connection of bank accounts via Tranch’s secure payments connector Plaid, or through the uploading of the most recent 6 months of bank statements.

[Actions]: Clients can provide financial information by first opening the Bank Accounts page from their lefthand navigation menu. Once there, toggling between ‘Bank Accounts’ and ‘Bank Statements’ allow clients to connect open banking via Plaid, or upload bank statement files to Tranch. Upon completion of either method, confirmation will be presented at the bottom of the page.

Invoices marked ‘Pending’ have had a Pay Later application submitted that is currently under review by Tranch’s Credit and Risk team. Invoices typically retain this status for less than 24 hours while an approval decision is made, though situations requiring additional information may see invoices pending for slightly longer.

[Actions]: No actions required. For updates on the status of an individual invoice or its approval status, reach out to your VIP partner inbox or your Tranch account manager.

Invoices marked ‘Approved’ have had their Pay Later application approved by Tranch’s Credit and Risk team. Approvals include a credit limit to use for the approved invoice, along with maximum duration of the loan and the accompanying fee structure. Clients are given multiple options to select from.

[Actions]: Clients with an approved invoice will need to log into their Tranch account where they will be presented with their credit limit. To complete the payment using Pay Later, clients can open the invoices page and select the invoice marked ‘Select Payment.’ Under ‘Available Payment Types’ they can select ‘Pay Later’ and choose their preferred terms**.**

Invoices marked ‘Awaiting KYC’ have had their Pay Later application approved, terms selected by the client, but are pending the completion of Tranch’s Know Your Customer (KYC) process. KYC is an industry standard that requires Tranch to verify the client’s identity and understand their financial profile for the protection of both parties, and for anti-fraud and anti-money laundering purposes.