For both direct payments and sales, funds will accrue in an "Escrow" account.
Example 1 (P2P Payment)- Chris pays Greg. Chris' funds will sit in escrow until Greg claims those funds via his Chirpify Dashboard.
Example 2 (Sale/Fundraiser)- If Chris lists a teapot for sale and Greg buys it. Greg's funds are deposited into the Escrow account. They will sit in escrow until Chris claims those funds via his Chirpify Dashboard.
Rules for Payouts:
- All payments and sales will require a 14 day waiting period for payout. This is to ensure adequate time for refunds and/or chargebacks for items lost/not received.
- In order to payout, you must have more than $10 in escrow.
- You can only payout to Bank Account or Paypal. You will NOT be able to payout to Credit Cards. This is the case for both P2P payments and sales.
- Total Earnings- This is the GROSS amount that you have made on Chirpify all-time. This number does not include fees paid to Chirpify and/or Paypal.
- Current Balance- This number represents your balance for future withdrawal. It takes into consideration any/all fees for Chirpify.
- Available for Transfer- This number is the amount of money readily available for transfer to Paypal or Bank Account. It also takes into consideration any/all fees for Chirpify.
To pay out, you need to follow these steps:
- Attach a payment source (ACH/Paypal) on the Payment Sources tab.
- Visit the receipts page and click the Green "Payout to Paypal" or "Payout to Bank Account" button
To help you understand, here's an example:
My Current Balance is $46 ( $50 I made, minus 5% sales percentage and a $0.30 per transaction fee, 5 * $0.30 = $1.50 ).
When 14 days have passed, the transactions are available to deposit!