PromptBase
Updates to Payout Cycles & Minimum Payouts
This blog post is outdated. Please refer to our new payouts guide and blog post on recent changes.
Today we are announcing an update to the way payouts to sellers are handled at PromptBase, which will come into effect starting Monday, June 26th, 2023.
The two changes are the introduction of minimum payout amounts, and switching from daily payouts to weekly & monthly payout cycles.
Over the past few months, we have received numerous requests to change our current payout system, and many sellers are on one of these new payout schedules already, however with this update everyone will move over.
We have decided to do this for a number of reasons:
- Stripe, our payment processor, charges a monthly fee per active account, and an additional fee for each payout. With daily payouts, these charges add up quickly. By switching away from many daily payouts of tiny amounts, we significantly reduce these costs.
- For accounting purposes, and reporting income as a seller, it is difficult to tally up many small payouts, and much easier to work with weekly/monthly payouts.
- Switching away from daily payouts helps us better prevent against scams & fraud on our platform.
As a new seller, you will start on a monthly payout schedule, and once you hit 50 sales, you will have the option to change over to weekly payouts if you wish.
Payouts occur on the following days depending on your payout schedule:
- Monthly Payouts: On the 1st of each month at 00:00 UTC.
- Weekly Payouts: Each Monday at 00:00 UTC.
Payouts will occur if your Stripe available balance is above a minimum payout threshold. This threshold depends on your default currency associated with your bank account, and the limits can be found in the table below:
| Currency | Minimum Payout |
|---|---|
| AED | 0.00 |
| ALL | 0.00 |
| AMD | 0.00 |
| AOA | 0.00 |
| ARS | 0.00 |
| AUD | 0.00 |
| AZN | 0.00 |
| BAM | 0.00 |
| BDT | 0.00 |
| BGN | 0.00 |
| BHD | 0.00 |
| BND | 0.00 |
| BOB | 0.00 |
| BSD | 0.00 |
| BTN | 0.00 |
| BWP | 0.00 |
| CAD | 0.00 |
| CHF | 0.00 |
| CLP | 24,500.00 |
| COP | 0.00 |
| CRC | 0.00 |
| CZK | 0.00 |
| DKK | 0.00 |
| DOP | 0.00 |
| DZD | 0.00 |
| EGP | 0.00 |
| ETB | 0.00 |
| EUR | 0.00 |
| GBP | 0.00 |
| GHS | 0.00 |
| GMD | 0.00 |
| GTQ | 0.00 |
| GYD | 0.00 |
| HKD | 0.00 |
| HRK | 0.00 |
| HUF | 0.00 |
| IDR | 0.00 |
| ILS | 0.00 |
| INR | 0.00 |
| ISK | 0.00 |
| JMD | 0.00 |
| JOD | 0.00 |
| JPY | 4,200.00 |
| KES | 0.00 |
| KHR | 0.00 |
| KRW | 40,000.00 |
| KWD | 0.00 |
| KZT | 0.00 |
| LAK | 0.01 |
| LKR | 0.00 |
| MAD | 0.00 |
| MDL | 0.00 |
| MGA | 135,200.00 |
| MKD | 0.00 |
| MNT | 0.00 |
| MOP | 0.00 |
| MUR | 0.00 |
| MXN | 0.00 |
| MYR | 0.00 |
| MZN | 0.00 |
| NAD | 0.00 |
| NGN | 0.00 |
| NOK | 0.00 |
| NZD | 0.00 |
| OMR | 0.00 |
| PAB | 0.00 |
| PEN | 0.00 |
| PHP | 0.00 |
| PKR | 0.00 |
| PLN | 0.00 |
| PYG | 217,100.00 |
| QAR | 0.00 |
| RON | 0.00 |
| RSD | 0.00 |
| RWF | 35,000.00 |
| SAR | 0.00 |
| SEK | 0.00 |
| SGD | 0.00 |
| THB | 0.00 |
| TND | 0.00 |
| TRY | 0.00 |
| TTD | 0.00 |
| TWD | 0.00 |
| TZS | 0.00 |
| USD | 0.00 |
| UYU | 0.00 |
| UZS | 0.00 |
| VND | 709,400.00 |
| XAF | 17,600.00 |
| XCD | 0.00 |
| XOF | 17,600.00 |
| ZAR | 0.00 |
You can view your payout schedule or minimum payout threshold at any time in the payouts tab of your account page. We will also offer the ability to withdraw funds below these thresholds for a $5.00 fee.
As we implement these changes, we want to reassure you that they are fully compliant with all applicable laws and regulations. This update primarily changes the frequency of payouts, not the handling of your balance. For more specifics, please refer to the FAQ section below.
These changes will ultimately allow us to operate more efficiently and invest more into improving PromptBase to be the best platform for selling prompts, for example increasing our marketing budget to bring more users to the site, with the aim of creating more opportunities for our sellers in the long term.
If you have any further questions regarding these changes, please get in touch using the email on our contact page, or send a message to @ben.
FAQ
When will these changes to the payout schedule and minimum payout amounts take effect?
The changes will come into effect starting Monday, June 26th, 2023 Please adjust your expectations and planning accordingly.
What does it mean that my Stripe available balance must be above the minimum threshold for a payout to occur?
Your Stripe balance, listed under "Available to pay out" in your payouts tab, needs to meet or exceed the minimum payout threshold listed for your default currency. This does not include the balance listed under "Available soon".
What if I never hit the minimum payout threshold?
If your balance doesn't reach the minimum threshold within a certain period, your funds will be paid out regardless. This period is 2 years for US users, 10 days for Thai users, and 90 days for everyone else.
Does PromptBase have access to the funds accruing in my Stripe account?
No, PromptBase does not have access to your funds before they reach the minimum payout balance. These funds are held in your Stripe account, which you can view at any time from your Stripe dashboard. The only exception is when refunds are initiated; they will be debited from your Stripe balance.
Can I initiate a payout if my balance is below the minimum payout threshold?
Yes, payouts can be initiated even if your balance is below the minimum threshold. There will be a $5.00 fee for this service, and the payout will occur on the next iteration of your payout cycle (e.g., the 1st of the month).