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In order to receive payouts from MoneyCollect, you need to set up your bank accounts on the MoneyCollect Dashboard.
You can view all the data on your payouts, including the balance available to payout and the balance that will be available to payout soon. You can also check the date, status, and detailed transaction breakdown from the Dashboard.
You can update your bank account information at any time from your MoneyCollect Dashboard.
- 1.Navigate to the settings page by clicking "Settings" from the left menu bar
- 2.Click "Bank accounts" from "Business settings" on the settings page.
- 3.To edit the bank information, you can click the first button of the bank you want to edit from the bank list.
You can also add a new bank account by clicking the “Add bank account" button in the top right corner.
Add bank account
Note!Now we only support adding 2 bank accounts with different settlment currencies at most. Please choose your settlement currencies carefully since they cannot be changed once added.
You can set your minimum payout amount from the MoneyCollect Dashboard. However, the minimum payout amount has restrictions:
MoneyCollect will make payouts to your bank account once your available account balance reaches the payout cycle and the minimum payout amount you set.
Your pending transaction balance becomes available in T+7 days. You will be able to receive payouts in your bank account the following day at the soonest, i.e., T+8.
The settlement calculation cut-off time is every Wednesday at 00:00 (HKT), and payouts are carried out every week on Thursday. If a statutory holiday falls on a Thursday, the payout will be carried out on the next business day.
Example 1: A transaction is successfully captured on Tuesday 1 February 2022. Your pending transaction balance will become available on Tuesday 8 February and you will be able to receive the payout on Thursday 10 February.
Example 2: A transaction is successfully captured on Wednesday 2 February 2022. Your pending transaction balance will become available on Wednesday 9 February and since it has passed the cut-off time, you will be able to receive the payout next week on Thursday 17 February.
Example 3: If Thursday 7 April is a statutory holiday, the payout will be carried out on Friday 8 April instead.
If your bank account can’t receive a payout for any reason, your bank will send the funds back to MoneyCollect, and our customer service team will notify you about the failed payout. MoneyCollect will attempt to initiate the payout again in the next payout cycle.