Instant payouts
Instant payouts is a feature on ShopWired Payments that allows you to access the funds from your balance immediately, without having to wait for the payout to be paid through the standard pay period for your account.
If your account is eligible, you can request an instant payout at any time, including weekends and bank holidays/public holidays. Funds typically settle in your bank account within five minutes.
Instant payouts that you have previously requested are displayed on the Payouts page in your ShopWired account. You for an instant payout.
Requesting an instant payout
Requesting an instant payout
When you request an instant payout, ShopWired Payments will initiate an immediate transfer to your bank account:
- Funds can appear in your bank account in as little as 5 minutes
- Some banks take longer to process transfers, and funds will normally be received within 30 minutes
- Other banks might take slightly longer to process transfers, and it may take up to 3 hours to receive your funds
ShopWired Payments charges a fee on instant payouts in accordance with your ShopWired Payments account’s fee schedule.
Funds from transactions received from your customers on your ShopWired Payments account are eligible to be initiated into an instant payout as soon as the transaction is successfully processed. If you are authorising transactions only (and manually capturing payments), you’ll need to have captured the payment before you can request an instant payout for the associated funds.
To request an instant payout:
- Navigate to ShopWired Payments > Balance
- Navigate to the Instant payouts section
- Select the
request instant payoutoption and enter the amount into the Payout amount setting - Select
pay out
Instant payout fee
The fee for an instant payout will be deducted from any future balance you accrue in your ShopWired Payments account. You’ll always be able to withdraw the full balance available to you now.
Instant payouts eligibility
Instant payouts eligibility
Not all ShopWired Payments accounts are eligible to request instant payouts. To do so, your account must meet the eligibility criteria:
- At least 3 months of trading history with ShopWired Payments
- A dispute rate below 0.50% of transactions (disputes/successful transactions)
- A trading volume of at least £5,000.00 over the previous 3 months of trading history
