September Payout Updates

Today we are announcing further updates to the way seller payouts work on PromptBase, aimed at simplifying the current process, making fees more transparent, and enabling PromptBase sellers to earn from alternative payment methods and also different revenue streams on PromptBase in the future.

The main changes are:

• Your earnings from sales now accumulate in a new PromptBase USD balance first before a payout.
• Stripe is now only used for sending payouts.
• There is now a global $30.00 minimum payout threshold, instead of individual thresholds for each currency.
• A new self-serve way to initiate early payouts.

These updates are behind-the-scenes changes to payouts, and have no effect on how much you earn or the frequency of payouts.

Further details about these changes will be explained below, and we have also added a new payouts guide to our knowledge base.

PromptBase USD balance

The first change we've made is to move all sellers over to a new USD balance on PromptBase, instead of having your balance accumulate in your local currency within your Stripe account.

The main change here is that previously, after every sale, you received a small transfer in your local currency to your Stripe account.

Now, after every sale, your earnings will accumulate in a new PromptBase USD balance, which can be viewed from the payouts tab of your account page. A single bulk transfer is then made to your Stripe account when it is time to initiate a payout.

In a similar way to how balances worked on Stripe, funds in your PromptBase USD balance take up to 72 hours to move from being available soon to being available.

To reiterate, this has no effect on the actual amount you earn on each payout, or the frequency of the payouts. It is simply an operational change.

Clearer fees & exchange rates

This change allows us to be clearer with fees and rates on each sale to sellers on our platform.

Now on your sales tab of your account page, you can see the net sale amount you keep after PromptBase fees (this net amount is added to your USD balance).

An hourglass icon will also now appear next to the net sale amount if the amount is pending to be added to your balance.

On each payout, you'll be able to see the exchange rate used when converting your USD balance into your local currency. This exchange rate is a competitive mid-market rate set by Stripe. For more information on how these exchange rates work please refer to our payouts guide.

Global minimum payout threshold

PromptBase previously had separate minimum payout thresholds for nearly 100 currencies across the world. Every threshold was roughly $30.00 converted into each currency (e.g. €30.00 for Euros, £25.00 GBP for Pound Sterling). Now, we just have one simplified $30.00 USD threshold for all sellers.

You may have funds in your Stripe balance as well as your PromptBase USD balance whilst we transition to this new system, in which case you'll see both balances appear on your payouts tab, with your Stripe balance converted into USD. If your combined available Stripe Balance plus and PromptBase USD balance is above $30.00 then a payout will occur.

For example in the above example screenshot, the user has £5.00 GBP in their Stripe balance, and $10.00 USD in their PromptBase USD balance. £5.00 GBP converts to $6.26 USD at the time of this blog post, so the users' total balance is $10.00 USD + $6.26 USD = $16.26 USD, as shown in the 'Total balance'.

Early payouts

If you'd like to initiate a payout early, or below the $30.00 minimum threshold, you can do so at any time for a $3.99 early payout fee.

We have reduced this cost from $5.00, and introduced a new self-serve way to initiate an early payout from your payouts tab.

We charge an early payout fee to cover the average cost that Stripe charges PromptBase for sending a payout. This is a pass-through fee that PromptBase does not profit from. The Stripe charge includes a flat-rate fee, plus a percentage of the payout, plus currency conversion fees. If your payout is made on a regular payout schedule with your balance above the minimum threshold then we waive this fee.

For a full guide on early payout fees, please refer to our payouts guide.

Future updates

As well as simplifying the current payout system, one of the main reasons we're making these changes is to allow for brand new ways for sellers to earn from their prompts in the future. More updates around this will be shared throughout the year.

This update also enables us to add alternative payment methods easier, in order to boost conversion rates for sellers.

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

Will these changes affect the amount I earn from each sale?

No. These changes are mainly behind-the-scenes. You will now see a clearer breakdown of fees and net sales amounts in USD. The intent is to make the process more transparent for sellers.

Why was the payout process changed?

The changes were made to simplify the payout process, make fees more transparent, and provide more ways for PromptBase sellers to earn from different revenue streams in the future.

How does the new USD balance on PromptBase differ from my Stripe balance?

Previously, your sales would transfer in your local currency to your Stripe account. Now, your portion of a sale, after fees, will accumulate in a PromptBase USD balance. While transitioning, you might see funds in both your Stripe and PromptBase USD balances.

What happens to my current balance in Stripe?

If you have a balance in Stripe during this transition, it will appear alongside your PromptBase USD balance on your payouts tab, with the Stripe balance converted into USD.

How often will I receive payouts?

Payouts will continue on a weekly/monthly basis depending on your payout schedule. The change is in the accumulation process and not in the frequency of payouts.

Why is there a $30.00 global minimum payout threshold now?

To simplify the process, PromptBase moved from nearly 100 different minimum thresholds for various currencies to one global threshold in USD. All prices are in USD on PromptBase, so setting the minimum payout threshold in the currency makes things simpler.

What if I want a payout before reaching the $30.00 threshold?

You can initiate an early payout for a fee of $3.99. We've reduced this fee from $5.00 and made it easier to request an early payout from your payouts tab.