Payout Schedules:
The default payout schedule from fitbox is once per week on a Friday. You may request that the payout be on a different day via support@fitboxcorp.com or log a ticket through fitbox Wallet.
You may elect for a daily payout schedule, however there is a fee associated with $10 per month. If you would like to change from the default weekly schedule, please contact Support.
Stripe:
Stripe holds payments for 2 days for AU and 4 business days for NZ before transferring them to your Stripe account, to protect your business, customers, and Stripe from the increased risk of chargebacks and potential cancellations (see Standard Payout Timing: https://stripe.com/docs/payouts#payout-schedule). This means that in order to be included in your weekly Friday payout, transactions need to be settled and in your Stripe account by Wednesday. Any transactions that are processed and settled after this will be included in your payout on the following Friday.
Investment Plan & Payouts:
We don’t have a subscription fee in the traditional software as a service sense. The way fitbox works is this; Gyms will select an ‘Investment Plan’, starting at $3 per user per month. 100% of this investment is returned to the Gym as fitbox credit which can be spent on a lot of products and services on our Marketplace. It can also be used to purchase equipment from our marketplace partner Again Faster.
The Investment Plan is calculated on the number of Active Users in your Gym and deducted from your membership transactions each month on the Users fitbox Anniversary (the date they became Active in the system).
For a quick explainer on the process see below:
Frequently Asked Questions:
1. Why doesn’t my stripe payout match what was invoiced this week?
- There are several factors that can impact your payout.
- The payment type eg. Credit Card or Direct Debit. Stripe payout configuration which by default is 2 days hold for AU and 4 days for NZ+ weekly payout on Friday.
- Public Holidays also impact the time taken for direct debits to succeed during holiday periods like Christmas and Easter. This can cause payments to be delayed into next week's payout. For example, a direct debit taken on Thursday requires 4 business days to clear, on the following week, stripe then holds the funds in the the account for 2 days for AU and 4 for NZ before making them available for payout which is Monday. The following week’s payout will not occur until Friday as the scheduled payout date resulting in a 12 day delay between invoicing and payment into bank account.
- Refunds or Failed payments.
2. Why am I missing some revenue from what's invoiced to what's paid into my account?
- fitbox credit $3/member/month automatically deducted from revenue. Investment plan amounts are collected against any payments processed through Stripe – not necessarily against the individual user for which it may be due – as this allows for the collection of IP for a user who may make single purchase products as an example (rather than recurring billing).
3. Why did stripe/fitbox redraw money from my account?
- In some cases when a refund was made to a member and there is not enough balance in the 2 days hold of the stripe account, stipe will automatically withdraw the required amount to cover the refund.
4. Why is my payment not in yet?
- By default, payments are made weekly on a Friday. We can adjust the day or move to daily payouts for a fee. If you still can't see your payment on your scheduled payout, please reach out to your bank.
5. When do payouts occur?
- The default payout schedule from fitbox is once per week on a Friday.
