Flight School FAQs
Step 2: Funding FAQs
You receive checks or electronic ACH transfers from us for financed training that has taken place. In terms of cash flow, this is not unlike the student writing you a check for training after each lesson.
As an enrolled school, you must agree that training funds are escrowed and released only after training has occurred. Payment is immediate; there is no delay. However, to protect flight students, funds are not released prior to delivery of services.
Per our agreement, each flight school is required to submit training records (TRs) or invoices. You can use a personalized TR that we provide, or your own invoice form; whichever is easier. TRs must be signed and dated by the flight student after training has occurred. Normally our schools submit TRs or invoices via fax.
All training records or invoices received by 2PM CT will be processed and released by 5PM CT the same day. Delivery time is dependent on USPS processing time for mailed checks, or your bank’s processing time for electronic (ACH) transfers. ACH transfers are normally in your account the next business day.
Yes, electronic transfer via ACH is available. However, ACH transfers are not ideal for every school.
First, you should make certain that your school has the online capability of monitoring your bank credits daily and identifying incoming transfers based on specific training records you submitted for payment. Not all banks transmit the identifying information we send with each ACH transfer. Your accounting records can quickly become confused if your incoming transfers are not reconciled daily.
We recommend caution because Flight Training Finance cannot provide account reconciling services for old discrepancies between your school’s accounting records and your bank balance. We can only provide records of recent transfers made and which invoices or charges these transfers applied to. We may have to assess fees for reconciliation work for activity earlier than the previous month.
At the end of each month we mail a statement to all active flight schools that have students with training funds remaining. This statement displays the remaining funding balance for each student, as well as a list of all checks or electronic transfers paid out to the flight school during the month. These statements are useful for accounting and reconciliation purposes.