If you have signed up for Shopmonkey Payments during your free trial there will be a 4-day payouts schedule while we complete an assessment of your business. If no additional information is needed we will switch you to our standard 1 or 2 business day rolling payout schedule within the first 4 business days of signing up. If additional information is needed our risk team will reach out to you within those first 4 business days to gather the additional information.
This is the most standard payout time. Payouts of your available account balance are made daily and contain payments processed two business days prior. This is how long it can take for your pending account balance to become available. For example, payments received on a Tuesday are paid out by Thursday, and payments received on a Friday are paid out by Tuesday.
We’re always trying to bring meaningful benefits to our customers at Shopmonkey. We’re thrilled to offer 1-day payouts to select customers (Subject to Shopmonkey Terms of Service)! Similar to 2-Day payouts, your available account balance is made daily and contains payments processed one business day prior. For example, payments received on a Tuesday are paid out by Wednesday, and payments received on a Friday are paid out by Monday.
To qualify for 1-day payout functionality, shops must meet the following criteria.
Shop must have processed a minimum credit/debit card transaction volume of $50,000 in the six (6) months preceding the determination;
Shop must have an active and valid bank account connected for use with Shopmonkey payouts;
Shop must have no active customer disputes or pending dispute decisions. Shopmonkey reserves the right in its sole and absolute discretion to pause or disable all payouts until the dispute is resolved or a dispute decision is determined; and
Shop must be active and current in its Shopmonkey subscription billing.
2-Day and 1-Day Payments are currently available for transactions processed in the United States and Canada.
A payout is composed of balance transactions (payments) that happen up to the cutoff of midnight / 00:00 UTC (5PM PST)
When on 2-day payouts, you'll receive the funds the 2nd day after the close of the cutoff.
When on 1-day payouts, you’ll receive the funds the day after the close of the cutoff.
2-Day Payouts Example: the charge is collected on Monday 11:59:59 UTC, Monday is day 0, Tuesday is day 1, Wednesday is day 2. Funds are received on Wednesday - the time of day is dependent upon your bank.
1-Day Payouts Example: the charge is collected on Monday 11:59:59 UTC, Monday is day 0, Tuesday is day 1. Funds are received on Tuesday - the time of day is dependent upon your bank.
Sometimes a short period is required to monitor business activity before payouts can be enabled, in which case a 7-day rolling schedule would apply instead. This is a rare case, and the delay protects your business and customers from the increased risk of fraudulent activity.