Improved Payout Timing. Faster Payouts T+3
We now include more recent transactions in every payout.
Previously every payout on Friday included a week of transactions that processed seven days before the payout date (T+7).
Payouts now include a week of transactions that processed three days before the payout date (T+3). This means payouts now includes payments from Saturday, Sunday, Monday and Tuesday.
All existing Paybox accounts have now transitioned to this new schedule, and and new Paybox accounts will be created on this schedule.
Payout Timing & Frequency
Whenever a transaction is processed by Paybox the funds are added to the pending balances of the Paybox accounts associated with that transaction. The balance then becomes ready for payout after three working days and is sent to the nominated bank account to arrive on a Friday.
Here is an example transaction payment schedule for two payouts:
The first payout for transactions made between the 2nd and the 8th of March is initiated one day later on the 9th and arrives at the nominated bank account two days later on the 11th of March.
The second payout for transactions made between the 9th and 15th of March is initiated on the 16th of March and arrives at the nominated bank account on the 18th of March.
Bank holidays on a Friday will affect this schedule, and your deposit will be delayed.
A breakdown of these payouts can be seen on your Paybox financial tab on Redbox Management (Business > Outlet > Financial) and on your Paybox Stripe Dashboard.
The first payout for every new Paybox account is typically paid out 7 days after the first successful payment is received. This waiting period can be up to 14 days for businesses in certain industries. This delay allows Paybox to mitigate some of the risks inherent in providing credit services.
Paybox KYC Requirements
“Know Your Customer” (KYC) obligations for payments require Paybox to collect and maintain information on all Paybox account holders. When you register for Paybox you are required to provide personal and business information that is used to check your eligibility to receive payouts. It is important that the information you provide is accurate and up to date. These requirements come from our regulators and are intended to prevent abuse of the financial system.
As the value of the payments processed by Paybox for your businesses increases, you may be asked to provide additional financial and identity information. We may also reach out periodically to confirm that the information on your account is still accurate. This information will be requested via email and SMS, and requests can also be viewed via your Paybox dashboard. It is important to provide this information as soon as you can, as failure to provide this information can cause your payouts to be suspended.