The Payments tab explained
This article will help you understand the Payments tab.
When a payout is sent, you'll see this under 'Payouts'. The amount shown will be in your local currency as it's ready to be received by your bank. The amount is exactly what we send to you after payment fees & any currency conversion fees have been applied by Stripe.
If you press 'Export to CSV', you'll be emailed a file with a breakdown of your lessons from the given month. This shows the amounts in US Dollars (as this is the currency in which students are charged), before payment processing fees.
Below Payouts, you'll see a list of lessons you've given recently. The amount for each lesson will show in USD. Unlike the monthly amounts shown in your currency under Payouts, payment fees have not yet been removed here. You'll notice that the lesson amounts vary depending on whether the student bought 1, 5, 10 or 20 lessons (as explained when you joined), and whether the lessons were 55 or 30 mins. The lesson amounts will be summed together each month and converted into your currency (if this is not USD) for payment.
If you're looking at these lesson payments and wish to estimate what you'll receive per lesson in your bank account:
If you're not based in the US, the cost of sending payment and converting to your currency at an accurate exchange rate is 2.5%. So simply multiply the amount shown by 0.975. Then convert that USD amount to your currency by searching e.g. 20 USD in euros.
If you're based in the US, it's 1.5%, so multiply by 0.985.
Your earnings will be sent to your bank account on the 4th of each month. It may take anywhere between 1 and 4 days (excluding weekends) for the payment to reach you (the speed at which you receive funds depends on the banks). We've bugged Stripe many times to see if they can speed it up - no luck so far 😐
The payment will cover all the lessons you gave during the previous month. If you do not receive your earnings by the 10th, please contact us as we very occasionally see banks rejecting payments.
If something is still not clear to you, feel free to contact us!
P.S. If you're wondering why the lesson amounts don't always match the rate you set for the student, it will be because of volume discounts. Click here to see a full explanation about rates/prices.