ReadyCash Repayment Guidelines and Policies

A gentle reminder that ReadyCash should not be considered part of your company’s payables. This is because it is automatically deducted from the employee’s salary. Your company’s role is to facilitate the handover of the deducted amount to Netbank.

How Will We Determine The Amount That Needs To Be Paid To Netbank? 

• Netbank will assign a Virtual Collection Account (VCA) number to your company that will be used for the payment remittance.

• Within five (5) banking days before the payroll payout, Netbank will send the Statement of Account (SOA) to you. This will occur bi-monthly, aligned with the scheduled payroll payout in Sprout Payroll.

• You will check and validate by performing the reconciliation to identify discrepancies on the repayments due with Netbank via email ([e-mail]) before remitting payment.

• Once finalized and notified by Netbank, you 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. 

Alternatively, you can review the ReadyCash Admin Dashboard for a comprehensive overview of your transactions. Your Payroll Admin may also check your ReadyCash Transactions by generating the ReadyCash Report from the Sprout Payroll Setup Page.

Step-by-Step Guide: How to Make Payments with Your VCA via E-Wallet or Online Bank Transfer

Step 1: Login - Open your preferred e-wallet or online banking app (GCash, Maya, Unionbank, BDO, BPI, etc.) and sign in using your credentials.

Step 2: Find the Transfer Option -  Locate the option for transferring funds. This is usually labeled "Transfer," or "Send Money to Other Banks."

Step 3: Select Netbank -  Look for the beneficiary bank. In the search bar or list of banks, select "Netbank."

Step 4: Enter Payment Details - Enter the amount you want to pay, your VCA as the account number, and “Netbank” as the account name as the recipient information.

Step 5: Review and Confirm - Double-check all the details you entered, including the amount, recipient bank (Netbank), and VCA  number. Once everything is correct, confirm the transaction.

If We Cannot Remit Payment via the VCA Number, How Can We Repay?

If you cannot remit using the aforementioned standard method, alternative repayment channels are available. Repayments can be done via online or over-the-counter bank transfers, and cheque deposits to the following Netbank account:

• Union Bank

  • Account Name: Netbank (A Rural Bank), Inc.

  • Account Number: 000010124901

• Maybank

  • Account Name: NETBANK (A RURAL BANK), INC.

  • Account Number: 10370070873

NOTE: Other payment methods deviating from the options presented will not be accepted, and cheque pick-up is unavailable. 

What If I Have Resigned/Terminated Employees with an Existing ReadyCash?

In cases of employee resignation/termination, their remaining ReadyCash balance/s will be deducted from their Final Pay.

Simultaneously, You must notify Netbank via email during the reconciliation process if the payment for a resigned/terminated employee with an existing ReadyCash repayment will be delayed for Netbank to update their records and your Statement of Account.

If the Final Pay of the resigned employee is insufficient to repay their outstanding ReadyCash, Netbank will conduct collection efforts directly to the employee.

IMPORTANT REMINDERS FOR REPAYMENT

• You are allotted a maximum of 30 days from the invoice date specified in the Statement of Accounts to repay. Failure to do so will result in the immediate deactivation of ReadyCash, thereby prohibiting access.

• Any Statement of Accounts that remains unpaid for at least 30 days will result in a 3% late payment charge applied every 30 days. Netbank will also initiate collection proceedings directly with the employee, as their transactions have only been deducted from their payroll account and are yet to be repaid.

• To ensure a smooth resolution, you must settle any outstanding balances within 90 days. After this period, if the balance remains unpaid, our Lending Partner may need to involve their third-party collections team to assist in recovering the funds as well as utilize legal remedies available to them.

• Upon repayment and clearance of SOAs, reactivation of ReadyCash shall be contingent upon the approval by Netbank.