You provided your services and got lots of payments from your clients. You have the balance in your Schemon account, how do you receive your money? With payouts, of course. You can opt different payout methods, intervals and triggers to get paid. All your payouts are linked with invoices and appropriate taxing is handled for you.
Payout Methods and Intervals
You can receive payouts in a variety of convenient ways, directly into your bank account or through our virtual card system.
Payout Methods
Bank Transfers: Receive payouts directly into your bank account through standard bank transfers.
ACH Transfers: Use Automated Clearing House (ACH) transfers for secure and efficient electronic payments to your bank account.
Wire Transfers: Opt for wire transfers to get funds sent directly to your bank account, often faster than other methods.
Schemon Virtual Card
If you are using a physical point-of-sale (POS) device, you can also choose to receive payments using the Schemon virtual card. This allows you to seamlessly process transactions and get paid directly through your POS system.
Flexible Payout Schedules
Schemon offers flexibility in how often you receive your payouts:
Daily: Get paid every day, ensuring quick access to your funds.
Bi-Weekly: Choose bi-weekly payouts if you prefer to receive funds every two weeks.
Monthly: Opt for monthly payouts for a more consolidated approach to receiving your earnings.
Payout Triggers
Payouts can be scheduled to occur at regular intervals, or you can customize them based on specific criteria.
Standard Periodic Intervals
You can set your payouts to be triggered at standard periodic intervals, such as daily, bi-weekly, or monthly. This ensures that you receive your funds regularly, based on a schedule that suits your financial needs.
Customized Payout Options
In addition to standard intervals, you have the flexibility to customize your payout triggers:
Total Balance: Opt to receive payouts when your total balance reaches a specified amount. This ensures you get paid once a certain earnings threshold is met.
Number of Customers Served: Choose to trigger payouts based on the total number of customers you have served. This can be useful if your business performance varies and you want payouts aligned with customer activity.
Flexible Settings
You have full control over your payout settings and can change them anytime to fit your preferences and business requirements. Adjusting these settings is easy and can be done directly through the platform.
Payout Commissions
Each payout can have different commission rates and amounts based on various factors such as the payout method, amount, speed, and frequency. Schemon ensures full transparency about all associated costs, including our own fees.
Factors Affecting Commission Rates
Payout Methods: Different methods (e.g., bank transfers, ACH, wire transfers) have varying commission rates.
Payout Amounts: The amount you are transferring can influence the commission rate.
Payout Speed: Faster payouts may incur higher fees compared to standard transfer times.
Payout Frequency: How often you receive payouts (daily, bi-weekly, monthly) can also impact the commission rates.
Transparent Cost Information
Schemon is committed to transparency. We clearly display all costs associated with your payouts, including:
Commission Rates: Understand how much each payout method will cost you.
Schemon's Fees: See the exact fees that Schemon charges for processing your payouts.
Easy Comparison
Schemon provides a comparison of different payout options, allowing you to choose the most cost-effective and suitable method for your needs. You can see the breakdown of costs for each option, helping you make informed decisions.
Taxes and Invoices
All payments and payouts are documented in compliance with the regulations of your region. You can easily keep track of the history of all transactions and access their respective documents. This also applies to tax-related matters.
Comprehensive Documentation
Every payment and payout is recorded according to the rules and regulations of your specific region. This ensures that your financial records are accurate and compliant with local laws.
Transaction History
You can maintain a complete history of all your payments and payouts. Schemon allows you to access detailed records and documents for each transaction, providing a clear and organized view of your financial activities.
Tax Compliance
Schemon also handles taxation based on your status and regional regulations:
Automatic Tax Calculation: Depending on your business status and location, Schemon automatically calculates the taxes you owe.
Compliance with Local Laws: We act on these tax calculations as permitted by local laws, ensuring that you remain compliant with all relevant tax obligations.