This article explains how payout timings work with Clubmate Pay, including minimum payout timing, automated payouts, and how you can configure the payout frequency to suit your needs.
Minimum Payout Timing
What you need to know
With Clubmate Pay, the minimum payout time is T+3 days. This means:
Example: If a payment is processed on a Monday, the payout will typically be available by Thursday.
Automated Payouts
What you need to know
Payouts with Clubmate Pay can be automated to occur on a regular schedule. This ensures your payouts happen without needing manual intervention.
You have full control over payout frequency and can define it based on your business requirements.- Adjusting payout frequency is particularly important for maintaining a balance for refunds. By selecting a weekly or monthly payout schedule, you can ensure that funds remain in your account to cover potential refunds.
Frequent payouts can lead to insufficient funds in your Clubmate Pay balance, making it difficult to process refunds. Adjusting to less frequent payouts ensures a balance is maintained for such scenarios.
What should you do next?
To configure your payout frequency, firstly head to 'Reporting' in the left hand menu
From here head to the 'Accounting' dropdown and select the 'Card Payment Portal'
Next select the settings cog icon next to the 'Next scheduled payout' line
You can now choose your preferred payout schedule—daily, weekly, Bi-weekly, or monthly. Please note, to process a refund, your balance must be equal to or greater than the refund amount.It is also important to note that pending funds cannot be accelerated and will only become available according to the standard settlement timelines. Adjusting your payout frequency as described above can help mitigate this limitation by ensuring a balance is readily available.By selecting a weekly or monthly payout schedule, you can retain funds in your payment balance, making them available for refunds when needed. This approach helps ensure that you have sufficient funds to process refunds without delays. If you need to issue a refund immediately and there are no funds available in Clubmate Pay, you can process the refund externally via a bank transfer (e.g., BACS). First cancel the relevant membership & then issue the refund in Clubmate to stop any future charges.
To finalise your choice click 'Save'
Need help?
If you need assistance with configuring your payout settings or have any questions, our support team is available via the green bubble bottom right of your owners dashboard to help you get everything set up.