Withdrawal Plans & Payouts

In This Article:

• Overview

• Updating your bank account information

• Payout schedule

• How do I make a withdrawal?

• When are funds available for withdrawal?

Overview

• PayMe issues payouts to your bank account, where you will receive your payouts.
• Set up your bank account to receive payouts.
• Payout availability depends on a number of factors such as the industry and country you’re operating in, and the risks involved. 
• Processing payouts happen according to your account’s payout schedule.
• You can view a list of all of your payouts and the date that they are expected to be received in your bank account in the Dashboard. 

Updating your bank account information

• You can update your account details at any time in the payout settings of your Dashboard, by clicking Settings in the navigation sidebar and then Bank account. Click the Update details button next to the desired bank account to modify your banking information.
• Please specify your new account details (bank number, branch number, account number) and attach a bank certificate or bank certified.

Payout schedule

With PayMe, you can choose when to receive your funds. We offer a couple of options- our standard Monthly Automatic withdrawal, a Rapid Automatic withdrawal, or Rapid manual withdrawal.

The schedule depends on your partner and whether your business operates in a higher-risk industry.

When a payment is first received, it’s initially reflected as a pending balance (less any PayMe fees). This balance becomes available according to your payout schedule.

Most banks deposit payouts into your bank account as soon as they receive them, though some may take a few extra days to make them available.

Monthly transfer

• On the 9^th of the next calendar month for sales of the transitions in the previous calendar month.
• The system automatically withdrawals the funds in terms of the "Shotef" method, which means that on the 9th of the month the funds are withdrawn the previous month will be automatically withdrawn. For example, transactions made on Israeli cards in February will be automatically transferred on March 9.
• In the case of foreign cards/foreign currency, the fund's terms of "Shotef+30", i.e. at 9 per month, will automatically withdraw the funds withdrawn per month as per the previous month. For example, transactions made with foreign cards/foreign currency cards in February will be automatically forwarded on April 9.

Daily transfer 

• Payouts are made daily and contain payments processed six calendar days prior. For example, payments received on a Tuesday are paid out by the following Tuesday.
• In the case of foreign cards/foreign currency, the fund's terms of "Shotef" method.

Manual transfer

• Instead of automatic transfers, you can enable manual transfers to choose when to transfer your money.
• In this withdrawal plan, you’re required for manual action to carry out a withdrawal into the bank account.
• In this option the funds will be available to withdrawal 6 days from the time of the transaction on Israeli cards and 30 days on foreign card processing.
• Your funds will be available in your PayMe balance, and you can decide when to transfer them to your linked bank account. Your funds will arrive in your bank account for up to 4-business days.  
• You can choose your preferred payout frequency by emailing our support team at  support@payme.io
• You’re able to change your payout settings at any time, but note that this will impact only the payout frequency of your future sales. Your previous sales will be deposited according to your firmer payout plan.

Important!

Depending on your bank's settlement procedures it may take up to 2-3 business days from the transaction date to the day the funds appear on your bank account. Please also be aware that banks only transfer funds on business days.

How Do I Make a Withdrawal?

• Log into your account.
• From the menu, select Balance & Payouts from the ‘Navigation’ menu.
• Choose the currency balance you want to withdraw from.
• Any money held and available for withdrawal will be shown here. Select Withdraw Available Balance.

When are funds available for withdrawal?

For each transaction a release date, this date indicates when the transaction is available for withdrawal in a quick credit plan.

To watch the release date, go to the Transactions section.  

Click on the payment you’d like to see a release date, click More -> Details

Inside the transaction’s details, we can see when the transactions are available for withdrawal under-> Payment release date.

In cases when the "release time" value is missing, the transaction is not correlated yet.
Usually, a transaction will automatically be correlated up to 3 business days.