We're excited to announce that Netbank will be our new partner for InstaCash. As a fully regulated Filipino bank, Netbank plays a crucial role in providing financial services, including InstaCash, to cater to the needs of the Filipino workforce.
Here's everything that you need to know in terms of the process of remitting loan payments!
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Is The Payment Process For Netbank The Same As Advance?
No. While the repayment process for Netbank remains consistent as it involves a bank transfer, there are crucial details that require attention. Please refer to the step-by-step process outlined in the Process for Regular Collections to Netbank below this document.
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How Will We Determine The Amount That Needs To Be Paid To Netbank?
To determine the amount that needs to be paid or remitted to Netbank, the Payroll Admin will generate the InstaCash Loans Report from the Sprout Payroll Setup Page to review and validate the amount due. No Statements of Account (SOA) will be sent to you.
See the video here on how to download the InstaCash Loans Report
See the video here on how Automatic Deduction works
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When Do We Need To Remit Our Payments To Netbank?
The Process for Regular Collections to Netbank indicates that you need to send the remittance file containing the amount due within five (5) banking days BEFORE the payroll payout via email to loans@netbank.ph before remitting payment.
Afterward, Netbank will check and validate by performing the reconciliation to identify discrepancies on the repayments due. No Statements of Account (SOA) will be sent to you.
Once finalized and notified by Netbank, you will remit the payment through your assigned Virtual Collection Account (VCA) number using online bank transfer within five (5) banking days from the payroll payout.
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Can I Use The InstaCash DAT File For Repayments After Migrating To Netbank?
No. Once migrated to Netbank, the InstaCash DAT File will be unavailable as it is not currently supported.
If you have existing loans/outstanding balances with Advance, PLEASE DO NOT USE THE INSTACASH DAT FILE to process loan payments.
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Loan Transaction History Of Employees
When we transitioned from Advance to Netbank, the transaction and loan history underwent a reset, rendering it inaccessible for review, and will now only be able to show Netbank-related loans. It is important to note existing loans with Advance will continue to be deducted accordingly.
Not to worry, this can be requested by filing a ticket to our Sprout Support Team via experts@sprout.ph
Process for Regular Collections to Netbank
- Netbank will assign a virtual collection account (VCA) number per employer to be used for the remittance of payment that will be given once Sprout has provided the Unique Access Code/Corporate Profile ID of the client-employer
- Client-employer will generate the InstaCash Loans Report from the Sprout Payroll Setup Page to review and validate the amount due.
- Client-employer is to send the remittance file containing the amount due within five (5) banking days BEFORE the payroll payout for batch repayments for each remittance to Netbank via email (loans@netbank.ph) before remitting payment.
- Netbank to check and validate by performing the reconciliation to identify discrepancies on the repayments due. No Statements of Account (SOA) will be sent to the Client-Employer.
Once finalized and notified by Netbank, the client-employer will remit the payment through the assigned virtual collection account (VCA) number using online bank transfer within five (5) banking days from the payroll payout.
Pretty simple, right? Please feel free to reach out in case you have any questions!
Comments
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What are the requirements to be eligible for this InstaCash?
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