Wodify Payments makes transparency a priority, and getting paid is no exception to that rule. It’s easy to see how every transaction you run within Wodify makes its way into your bank account, with no need to reconcile two disparate systems.
In this article, we will cover:
- How and when will I receive my funds?
- Where can I see my payouts?
- What do the payout statuses mean?
- My payout’s status is “paid” but no funds have been deposited. What gives?
- What counts as a business day?
How and when will I receive my funds?
- Funds are deposited to your bank account through what we call a payout.
- To see the payout timeline for your location and payment type (credit card / ACH), please visit this article on Wodify Payments - Payout Timelines.
Where can I see my payouts?
- Click on the Financial menu item
- Choose Payouts
- The list shows all your scheduled and pending payouts by default, but you can change the view by selecting other tabs or adding filters.
- Payouts are organized by date. On a payout’s date, the funds for that payout are expected to arrive in your bank account. Note that although a payout's date may fall on a weekend or holiday, the actual deposit to your bank account won't appear until the next business day.
- Click into a payout to see more detail, including not only the breakdown of its charges, refunds, and adjustments but also the list of individual transactions of which it is composed.
TIP! On an individual invoice, click the magnifying glass next to its status to see the fees that were deducted from each charge according to your transaction rates, as well as the exact amount that will be deposited in your bank account for that charge.
What do the payout statuses mean?
- There are three payout statuses:
- Scheduled - transactions have been grouped based on their estimated date of arrival in your bank account, but are subject to change
- Pending - the payout has been finalized and will be transferred to your bank account on the date listed
- Paid - the payout is expected to have arrived in your bank account (although a 2-3 delay, due to weekends and holidays, is not abnormal)
- There are three payout statuses:
My payout’s status is “paid” but no funds have been deposited. What gives?
- We transfer funds every day, but most banks will only process the payouts on business days. That means that if the funds were sent to you on a holiday or a weekend, you will probably see the money in your bank the next day your bank is open. For payouts sent on business days, you should be seeing the funds by next day.
- If the payout was transferred on a business day and you don’t see the money in your bank account within a few days, this likely means the payout failed. In the U.S., banks can take up to 3-5 business days to inform us about failed payouts, at which time we send out a failed payout notification to your billing contacts and display a warning banner on the affected pages within Wodify Admin. In the EU, banks may take 6-7 business days to inform us about a failed payment.
- When a payout fails, it typically means that there was an issue with the bank account that you have on file. This also places a hold on all pending payouts to your account until the issue with your bank account is resolved. If you update your bank account to a valid checking account, the failed payouts will be automatically retried within the next 72 hours.
- If your current bank account is valid and you are unsure why the payout failed, you should reach out to your bank directly to investigate the issue.
What counts as a business day?
- Business days are Monday to Friday, except for Federal Holidays for gyms in the United States, and Statutory Holidays for merchants in Canada, the United Kingdom, Ireland, and Australia.
If you need any additional assistance with Wodify Payments FAQs, feel free to reach out to us at email@example.com.