Tuesday, May 26, 2009

Change to Billing Cycle

When we made the change to our new Partner Administration system in November, we also created a longer billing cycle of 45 days. After working with this system for a few months we realized the longer billing cycle was overly complicated for Kiva’s Field Partners, leading to a lot of confusion, missed payments, etc. So we’re shortening the billing cycle to 30 days, which means that partners will now make payments to Kiva on the last day of the month, rather than the 15th of the following month. Shortening the billing cycle helps our Field Partners because making payments for the previous month is more intuitive, and fits in better with the way our Field Partners operate.

For lenders, this means you will get your repayments 15 days earlier! This change will take effect today (the site should be updated shortly to reflect the change), meaning you will receive repayments for April by June 1st. You will see that borrower schedules will now say that Repayment Information is "Available Jun 1", as opposed to "Available Jun 15" like it used to.

We are very excited about this change, as it is a win for both Field Partners and Kiva lenders; Field Partners will be able to manage payments to Kiva with less confusion, while lenders will get their repayments quicker!