Payouts
Money from transactions processed on your website using ShopWired Payments accumulates into a 'payout':
- Payouts are made according to your ShopWired account's payout time (described below)
- Payouts are made into the bank account that you have entered into your ShopWired Payments account
- To change your payout bank account, read the guidance here
Your payout time is determined by several factors:
- The pay period, which is the amount of time it takes for funds from processed transactions to clear and then be made available for payout
- The payout schedule, which is the selection you have made in your ShopWired account:
- Automatic payouts means ShopWired will initiate payouts automatically according to a period you select (either daily, weekly or monthly)
- Manual payouts means you must manually create a payout
Your pay period will typically be 3 working days. This pay period is known as Accelerated Payouts and is the fastest pay period offered by ShopWired Payments. The pay period may be longer than 3 working days depending on an assessment from our risk and underwriting team. Where your pay period is longer than the standard 3 working days, you will be notified.
Once a payout is initiated, it will not be available in your bank account immediately (except in the case of an ). Typically, it can take between 1 - 3 working days for transferred funds to be available in your bank account.
Example automatic daily payout timings:
| Transaction Date | Pay Period | Payout Schedule | Payout Initiated | Payout Paid |
|---|---|---|---|---|
| Automatic, daily payouts | ||||
| Mon, 1st June | 3 | Automatic, daily | Tue, 2nd June | Thu, 4th June |
| Fri, 5th June | 3 | Automatic, daily | Mon, 8th June | Wed, 10th June |
| Sat, 6th June | 3 | Automatic, daily | Tue, 9th June | Thu, 12th June |
| Mon, 8th June | 3 | Automatic, daily | Tue, 9th June | Thu, 12th June |
When selecting automatic weekly or monthly payouts:
- Weekly payouts will be paid into your bank account each Monday, unless Monday is a bank holiday in which case they will be paid out on Tuesday
- Monthly payouts are paid on the first working day of each month
- Transactions must have cleared the pay period before they can be paid into your bank account
- For example, when selecting automatic weekly payouts, a payout made on Monday 1st July 2024 will include transactions from 20th June 2024 to 26th June 2024
Managing payouts
Managing payouts
Payouts are displayed on the payouts page of your ShopWired account, navigate to ShopWired Payments > Payouts.
Each payout will have one of three statuses:
In transit- a payout currently being initiated by ShopWired PaymentsSucceeded- a payout that has successfully been sent to your bank accountFailed- a payout that failed to reach your bank account
More information on failed payouts can be found here.
You can view the details about a specific payout by selecting it in the table.
A payout report is available for each automatic payout.
Payout schedule
Payout schedule
By default, your ShopWired Payments account will be set to initiate automatic daily payouts (weekdays only, excluding bank holidays). You can change the frequency of payouts on the account settings page.
If you prefer manual payouts, where each payout is manually initiated by you, this can also be changed on the account settings page.
- Navigate to ShopWired Payments > Settings
- Locate the Payouts section
- Select either
manualorautomaticfor the Payout schedule setting - If selecting automatic, select either
daily,weeklyormonthly
Manual payouts
Manual payouts
If you have selected manual payouts, you can initiate a new payout on the account balance page of your ShopWired account.
You can only request payout for funds where the pay period has elapsed. For example, if your account has a pay period of 3 working days, you can request a payout for transactions received on Mondays on the following Thursday.
Manual payouts requested during business hours are deposited into your bank account on the same day. Payouts requested outside business hours are deposited the next working day.
- Navigate to ShopWired Payments > Balance
- Locate the Manual payouts section
- Select
request payout - Enter the amount to payout in the Payout amount setting
- The payout will be sent to the bank account displayed in the Payout destination setting
- Select
pay out
