When you first started using your Payment Dashboard, there maybe a few terms unfamiliar to you if you have not used similar payout systems before. In this article, we'll explain the concept of balances and how they relate to your account.
This is the screen we'll be familiarizing ourselves with as you get started using WishTender's payout system.
When you get started as a new user or a transitioning user from Stripe, your dashboard will initially show up like this. There are two columns of information here.
The key to understanding your dashboard is understanding that your right column, Steps to receiving your payouts, is locked until you achieve a certain minimum amount in your Available to withdraw section in your left column, Balance.
🔍 What's in your Balance section?
Balance: Your overall balance, this shows the total money you've received from gifts that have not been paid out yet.
Available to withdraw: This shows the amount of money that has settled into your WishTender balance. This will take time to update as the money travel between banks and so after you've just received a send, your overall balance will update but this number will only update after the money has had time to settle.
On the way to you: This shows the amount of money that is traveling to you after you've made a payout request, minus any fees involved.
🔍 How to unlock steps in the Set Up section?
👉 As shown in this screenshot, you need the amount in your available to withdraw funds section to reach a minimum amount. This minimum amount will vary by country as our partner has different processing fees for each country.
ℹ️ To initiate a payout, you will always need to have at least a minimum amount in your available to withdraw funds.
🔍 Common Questions & Answers
👉 Q: I have the minimum payout amount but the options to set up a payout account is greyed out/ I received sends but I can't set up my account yet
A: If you’ve only just received sends, there’s not enough time for the funds to settle into your available balance yet. Please refer to the text on your dashboard. You need to wait for the funds to settle into your available to withdraw balance, not just your overall balance.
👉 Q: How long does it take for funds to be able to withdraw?
A: All funds received before 7:00 pm EST will be available the next day (weekdays only, weekends may affect processing time) on weekdays for the beta period, but this timing won't reflect things after beta. We don't have a definite time for you post-beta as it depends on the banking system.
👉 Q: How much can I pay out each time?
A: Our current maximum cap is at $1K
👉 Q: The amount in my Available to withdraw is less than my total received sends or my total balance / I can only cash out x but I received y amount
A: This is because it takes time for funds to settle into your balance. Most of the time, you cannot cash out the money that was just sent to your account. Please give it time for banks to process the money.