New Features Coming Soon – Custom Payout Schedule and On-demand Payouts
Updates to how you receive your payouts are coming soon! Here’s a quick insight into how it’ll work and what it means for you and your event.
Custom Payout Schedule
Currently, all payouts are carried out on a monthly basis, but now we’re now giving you the choice of when you’d like to be paid. The new options will be available to you once you’ve received 3 monthly payouts from us.
Until that point, the options will be set to the default of ‘monthly’. This is to reduce the risk of fraud and make sure all our organisers are legitimate. As we all know, security is of the highest importance in today’s climate. We pride ourselves on being the ticketing platform that is safe, secure and reliable, so we want to ensure our platform is consistently safe for both our organisers and the attendees.
Once you’ve received your 3 monthly payouts from us you’ll unlock the following options to choose from:
We’re also updating your payouts page with the following information:
- Next payout date
- Next payout amount
- A record of all previous payout amounts and dates, which will be linked to the downloadable pdf statement
Our aim is to give you access to the vital funds you need when you need them. We know having a reliable cash flow is an essential factor in running any event and we want to make sure we’re able to take away some of the stress that comes with waiting for payments.
There are of course a few situations we had to consider and plan for:
- Your account must be verified in order for you to receive payments
- If you’re yet to enter your bank account details, we’ll be sending you an email to let you know that if you don’t enter them before your next payout date we won’t be able to pay you your funds. We’ll be checking this 7 days before your payout date is due to make sure you have plenty of time to update your details. If you don’t manage to update them in time any funds will carry over to next payout date.
- The minimum payout amount will be £75 (or the equivalent in your currency e.g. $75/€75 etc.) and this will apply to all currencies. If your account balance at the time of payout is below this, you’ll receive an email explaining that no payout has occurred because your account doesn’t have the minimum balance available. Inside this email will be a link to request a on-demand payout (carry on reading to find out more!) Any balance you have under £75 ($75/€75) will be again carried over to the next payout date.
- Your selected payout option will be locked until the next payout period. So, if you choose monthly payouts, you won’t be able to change it until the current month is over.
And now for the biggest payouts update… on-demand payouts! Currently, there’s no option for you to request an on-demand payout if your balance is below the minimum payout amount of £75 (or the equivalent your payout currency, e.g. $75/€75), so we’ve decided to create this as a new feature, on the “My Payouts” page. This will allow you to request a payout of your current balance* on demand. Like the new payouts schedule, this feature will only be available to you once you’ve verified your account and have entered your bank account details.
Any on-demand payout will be subject to a small fee for each on-demand payout.
This means that if you’ve already had your default payout completed (i.e. 1x monthly payout) you’ll now be able to request an on-demand payout of your full balance from within your organiser dashboard. This might be useful to you when:
- You get paid monthly but want to have an additional payout within the same time period. For example, if your event finishes after your selected payouts schedule and you don’t want to wait another month to receive your funds.
- If you get paid monthly but your ticket sales don’t add up to the minimum payout amount, you’ll be able to make an on-demand payout that any and all funds (under £75/$75/€75) are paid to you.
On-demand payouts apply only to the following payout options:
So remember to keep this in mind when selecting your payout schedule.
There are also a few limitations for on-demand payouts:
- You’ll only be able to request 1 on-demand payout per month
- *If you are requesting more than £500 you will only be able to receive 50% of your available balance or £500 (whichever is the greater amount). eg. if you have a balance of £580 then you will be allowed to request up to £500. If you have a balance of £3000 then you should be allowed to request up to £1500
- You’ll only be able to request a on-demand payout instead of your usual selected payout option if your balance is below the minimum payout amount, or if you’re likely to receive your payout faster than the normal timeframe (even if it’s just a week early)
We’re really excited to bring you this new aspect of our platform. We hope it’ll help take some of the financial stress out of running an event and event management. We strive to put the needs of our organisers first, to help you be as successful as possible and we believe this is a huge step in the right direction of event ticketing. Making sure you have access to the funds you need when you need them!
Grow and develop your event today with Helm Tickets!
Charlotte is the Marketing Assistant for Helm, coming from a design background she loves creating all types of content. Discover more of her blogs, as well as, many others here!
We’ve updated the way you receive your payouts on Helm Tickets! You now have more control over when you receive your funds and can select the payout frequency that best suits you. These new features allow you to access your funds when you need them. It’s completely up...