We are pleased to introduce our new "Fast Payout" feature, which allows you as a vendor to receive payouts faster than ever before.
With "Fast Payout" you can receive the first 80% of your payout after just 7 days - compared to the previous 14 days.
How does "Fast Payout" work?
After activating "Fast Payout", CopeCart will pay out 80% of the total amount within 7 days to the Vendor as well as to all Joint Venture Partners (JVPs) and Affiliates associated with this payment.
An additional fee of 0.5% of the gross price will be charged for the accelerated payout.
This fee is automatically applied to all transactions made after "Fast Payout" is activated.
This feature allows vendors to respond more quickly to financial needs, while all parties involved in the transaction benefit from the reduced payout time.
How can I activate "Fast Payout"?
"Fast Payout" is easy to use. You can make this setting yourself in your CopeCart account. Just follow these steps:
Log in: Log in to your CopeCart account.
Account settings: In the settings you will find the option "Payout settings". Just click on " Enable" to start "Fast Payout" and speed up the payout.
Once you have activated the "Fast Payout" slider, items generated up to 7 days in advance will be taken into account for a faster payout.
Please note that Fast Payout is only available for vendor accounts. This option is not available for affiliate accounts.
FAQ
When exactly will I receive the payout if I have activated the "Fast Payout" option?
The payout of 80% of the considered and settled sales will be made within 7 days, but not before the date set by the system, which is the 7th, 14th, 21st or 28th day of each month.
Here is an example:
You activate "Fast Payout" on 14.11. and sell a product on the same day, which is paid for immediately. You receive 80% of the payment on 21.11. with an additional fee of 0.5%.
The remaining 20% of this sale will be paid out to you after 40 days on 28.12., with an additional fee of 0.5%.
Are affiliates and joint venture partners (JVPs) also included in the fast payout?
Yes, affiliates and joint venture partners (JVPs) are also included in the fast payout.
Are there any additional fees if I use Fast Payout?
After activating "Fast Payout", an additional CopeCart fee of 0.5% is applied to the gross price of all transactions. In the standard case it is therefore not 4.9%, but 5.4%.
This additional fee covers the cost of accelerated processing and enables us to offer you this service.
What advantages does Fast Payout offer me?
Faster liquidity: With "Fast Pay" you receive your money faster, which enables you to manage financial obligations more efficiently.
Improved planning: The shorter waiting time means you can plan and optimize your business activities better.
Flexibility: Fast Pay gives you more financial flexibility to drive your business forward.
"Fast Pay" is a game-changing feature that allows you as a vendor to improve your cash flow and run your business more efficiently. Please note the 0.5% fee and make sure you use this service consciously.
For further information or if you have any questions, please do not hesitate to contact us.
Best regards
Your CopeCart team