Payouts are made when you use Shopmonkey Payments to collect payments from your customers. Send your customers the option to pay digitally from their invoice or use the Shopmonkey Card Reader to accept payments in person. For more information on getting started with Shopmonkey Payments, check out our help article.
When your customer pays the full amount for an invoice using Shopmonkey Payments, a percentage of that is set aside as transaction fees. Transaction fees are all of the fees associated with accepting credit card payments. These include Interchange fees along with other associated fees. Shopmonkey processes payouts very similarly to how other credit card processors work. Each time a transaction is made, the transaction fees are removed, and the rest is sent to your account. This is different from Gross Deposits, which send the amount for the whole transaction and charge you for the transaction fees all at once at the end of the month or end of the billing cycle. For example, if your customer paid an invoice of $100 and the transaction fees were 2.9%, then your payout would be $97.10, and the transaction fees would be $2.90.
Note: Unlike other payment processors, Shopmonkey does not charge a monthly fee to accept payments. Fees assessed are only for the transaction itself.
Most payouts are available two business days after the transaction. Some shops meet the criteria for 1-day payouts. For more information on how often payouts are made, check out our help article.
Sending Payouts to QuickBooks
If you use QuickBooks, Shopmonkey can automatically send your transaction information and record the fees for you. With the setting enabled, you can control which QuickBooks bank account your Shopmonkey payouts will be sent to and can also decide which expense account your payment transaction fees will be recorded. For more information on sending payouts to QuickBooks, check out our help article.
The Payouts Report can show you your payout balance that is waiting to send to your account, the payouts that are in transit, and individual payout information. For more information on the Payouts Report, check out our help article.
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