Payouts
Money from transactions processed on your website using ShopWired Payments accumulates into a 'payout' and payouts are made according to your payout schedule (excluding weekends and bank holidays) into the bank account that you set up on your ShopWired Payments account when it was opened. To change this bank account, you can follow the instructions here.
If your account is set to manual payouts, each time you'd like to receive available funds from your ShopWired Payments account you'll need to manually initiate a payout (this process is described below).
The pay period is the amount of time that it takes for the funds from transactions processed to be made available to payout into your bank account. Your pay period will typically be 3 working days, but this can be longer depending on an assessment from our risk and underwriting team. Where your pay period is longer than the standard, you will be notified.
Once a payout is initiated, it will normally not be available in your bank account immediately (except in the case of an instant payout). Typically it can take between 1 - 3 working days for transferred funds to be available in your bank account.
Managing payouts
Payouts are displayed on the payouts page of your ShopWired account.
Each payout will have one of three status:
in transit - a payout currently being initiated by ShopWired Payments
succeeded - a payout that has successfully been sent to your bank account
failed - 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 clicking on it on the table.
Payout schedule
By default, your ShopWired Payments account will be set to initiate 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.
Manual payouts
If you have opted for manual payouts, you can initiate a new payout on the account balance page of your ShopWired account.
The balance available for a payout will be shown and you can click the 'request payout' button to initiate a new payout. You can select the amount for payout now so if you prefer to leave some funds in your ShopWired Payments balance you can do so.