The Payout Settings page gives you control over how and when funds are deposited into your bank account. Whether you prefer to receive payouts daily or on a monthly schedule, or want to customize how fees are handled, our flexible options are designed to fit your needs. Here's everything you need to know about configuring your payout settings.
1. Choosing Your Payout Frequency
You can choose between Next Day Payouts or Monthly Payouts based on your office’s cash flow requirements:
Next Day Payouts
-
Funds are deposited into your bank account on the next business day after they are processed.
-
Ideal for businesses that prefer steady cash flow and need access to funds quickly.
-
Note: Processing cut-off times may vary; transactions processed late in the day may be included in the next day’s batch.
Monthly Payouts
-
Funds are accumulated throughout the month and deposited in one lump sum at the end of the month.
-
Suitable for offices that prefer to minimize the number of transactions in their bank account for easier reconciliation.
-
The exact date of the monthly payout can be found in your account settings.
How to Update Payout Frequency
-
Navigate to the Payout Settings page in your account.
-
Under Payout Frequency, select either “Next Day” or “Monthly.”
-
Save your changes to apply the new settings.
2. Configuring Fee Deduction Preferences
By default, payouts are sent as the net amount, with all fees deducted before the funds are deposited. However, for offices that prefer to reconcile fees separately, we also offer the option to deposit the gross amount and deduct fees on a monthly basis.
Net Amount (Default Setting)
-
All fees (e.g., processing fees, platform fees) are deducted from each transaction before the payout is sent.
-
The net amount you see in your reports is the exact amount deposited into your bank account.
-
This is the most commonly used setting and simplifies daily cash flow management.
Gross Amount with Monthly Fee Deduction
-
The full gross amount of your transactions is deposited into your account without any fees deducted upfront.
-
Fees are then tallied at the end of each month and deducted as a single lump sum from your linked bank account.
-
This setting is beneficial for offices that prefer to reconcile fees separately from their revenue.
How to Update Fee Deduction Preferences
-
Go to the Payout Settings page in your account.
-
Under Fee Deduction Preferences, select:
-
Net Amount: Deduct fees from each transaction (default).
-
Gross Amount: Deposit the gross amount and deduct fees monthly.
-
-
Confirm and save your settings.
3. Best Practices for Reconciliation
Regardless of your settings, reconciling your transactions and fees is crucial for accurate financial tracking. Here are some tips:
For Net Amount Users:
-
Use the payout reports to match deposits with corresponding transactions.
-
Fees are already deducted, so the net payout aligns directly with your bank deposits.
For Gross Amount Users:
-
At the end of the month, download the Monthly Fee Report from the platform to review the total fees deducted.
-
Ensure the lump-sum fee deduction matches the fees displayed in your reports.
4. Frequently Asked Questions
What happens if my account doesn’t have enough funds for the monthly fee deduction?
If your linked bank account doesn’t have sufficient funds, we will notify you via email. You may need to top up your account or contact support to resolve the issue.
Can I switch between net and gross fee deduction at any time?
Yes! You can update your fee deduction preference at any time in the Payout Settings page. Changes will apply to future payouts.
Is there an additional cost for next-day payouts?
Next-day payouts do not incur additional fees but are subject to the standard processing fees applied to all transactions.
5. How to Access Payout Settings
To access your payout settings:
-
Log in to your account and navigate to the Settings section.
-
Click on Payout Settings.
-
Update your Payout Frequency or Fee Deduction Preferences as desired.
-
Save your changes.
By customizing your payout settings, you can optimize your cash flow and streamline financial operations to suit your office’s unique needs. For further assistance or guidance, contact our support team anytime.