What are the different payout methods I can use for my royalties?
Record Union supports two royalty payout methods:
1. Royalty payments deposited directly into your bank account
2. Royalty payments sent to your PayPal account
In what countries are bank payouts available?
While both methods are available in most countries, we recommend you use bank payouts as it can save you money in fees compared to PayPal. Please click here to view the full list of countries and territories where bank payouts are available.
What bank account types are supported?
We support payouts to most bank account types.
What bank information do I need?
Generally, we need three pieces of information to make a payout to your bank account:
1. The country where the bank account is located
2. Your bank account number
3. The routing number of the bank.
These information may be in different formats depending in the country/territory. Please visit this link for the complete list of formats required in each country/territory.
In what currencies can I payout royalties?
Here you can view the complete list of local currencies supported by bank payouts.
Can I payout in currencies other than my local currency?
While your local currency is the default for bank payouts, we can enable you to payout in USD if you have a local USD bank account. To do this, please reach out to our support team after you have added and verified your USD bank account as a royalty recipient.
How soon will I receive a royalty payment in my bank account?
Typically, after you make a payout from your account, you will receive the funds in 1 to 2 business days. This can vary depending on your local bank and how their systems work.
In some countries and for some banks, transfers may take to 5 business days while others can process your payout the same day.
The time of day when you make the payout can also affect the speed of processing since banks have cut-off times after which transactions are processed on the next business day.
If you still haven't received your royalty deposit more than 5 business days after you made the payout, please reach out to Record Union customer support so we can help.
Are there any fees for depositing royalties into my bank account?
There are some fees associated with processing royalty payouts and directly depositing them into bank accounts.
For payouts in US dollars (USD) in countries where USD is the local currency
Minimum $1 and maximum $15, depending on the size of the payout
For payouts in US dollars (USD) in countries where USD is not the local currency
$25 per payout
For payouts in all other supported currencies
Minimum $1 (or local currency equivalent) per payout and subject to applicable FX rates
Is there a minimum or maximum payout amount?
For bank payouts, the minimum payout amount for most countries is $5, except the ones on this list. The maximum amount to payout is $10,000. You can only payout your full balance. Partial payouts are not available. If you need to payout more than the max limit, please contact customer support so we can help you.
Please note accounts need to have enough balance for the minimum amount plus the transaction fees in order to do a bank payout.
Can I have multiple royalty payout recipients?
Yes, you can add multiple payout recipients.
A recipient consists of two things:
1. Beneficiary information: details about the recipient (private individual or company) that is receiving the money
2. Bank account information
If you add multiple recipients to your Record Union account, you can choose which recipient will receive the full royalty payment when you make a payout.
Please note:
Payouts need to be done in full to only one recipient.
The same bank account information cannot be used for two different recipients.
The same bank account information cannot be used on multiple Record Union user accounts.
If you need to use the same bank account information on multiple Record Union accounts, please contact our support team.
When will I receive a receipt for my royalty payout?
You will receive a receipt as soon as the transaction is completed, i.e. the money has hit your account, which usually is in 1-2 business days, but it can take up to 5 business days. Please keep in mind that if a payout was completed late in the day, the receipt might not arrive until the next day.
If you haven't received it within 5 working days of when the payout's completed, please reach out to our support team so we can look into this for you.
I am getting a "Payment info missing" error message when I payout. What should I do?
Before you press the Payout button – please make sure that you have added the correct billing information to your Record Union account. You can check and edit your billing and account information by going to the "Account" menu.
I didn't receive a royalty payout in my bank account. What should I do?
First, check to see if the royalty balance in your Record Union account is currently zero.
If your Record Union balance is zero..
This indicates that the payment was sent. You should be able to see your recent payout listed in the transaction history section of your royalty balance page.
If the recent payout is listed in your Record Union transaction history but after 5 business days you have not received the funds in your bank account, please contact our support team and we can look into it for you.
If there is money in your Record Union balance..
This means the payout was not successfully triggered. Start a new payout to transfer the money from your Record Union balance to your bank account.
If you're having trouble or if you have questions, don't hesitate to reach out to our support team.
If you would rather payout via PayPal, please visit this link for more details.