How to schedule a payout in the Portal for an individual Merchant (Withdrawal Schedule)
In the Account Overview section of a Merchant’s Portal profile page, locate and select the Withdrawals tab. Next, select the icon at the top of the tab where the Merchant’s Withdrawal Schedules are located.
In the subsequent popup, enter your preferred payout amount and schedule. The most common Withdrawal Schedule is configured to send a Merchant 100% of their available balance daily (as shown in the image below). Once configured to your specifications, hit Create Withdrawal to complete the process.
There are numerous customizations available when creating a Withdrawal Schedule, including how often you’d like the payout to trigger (ranges from a One Time payout to Daily), the amount of the Merchant’s Payrix balance you’d like to send to their bank account (this can be configured as an Actual dollar amount or Percentage of their balance), and which bank account the ACH payout will be sent to (by default, the Merchant’s Payrix Primary Bank Account is selected).
Furthermore, you can customize several optional elements of a Withdrawal Schedule by selecting Advanced Options on the popup which will expose additional fields (e.g. Start Date, Float etc.).
Required & optional fields when creating an individual Withdrawal Schedule:
How often would you like to withdraw
Select your preferred frequency for the Merchant to receive a payout from the dropdown menu.
Amount Type & Amount
Amount Type: Select whether you would like the payout to be for a percentage of the Merchant’s balance or an actual dollar amount from the dropdown menu.
Amount: Based on the Amount Type you selected, enter either the dollar amount or percentage of the Merchant’s balance you’d like to send to their bank account.
Bank account to deposit withdrawal
Select which of the Merchant’s bank accounts you’d like their payouts to be sent to from the dropdown menu. By default, the Merchant’s primary bank account will be selected.
Enter a custom name for the Withdrawal Schedule. This optional field can be particularly useful for Merchants with multiple Withdrawal Schedules.
A float amount is a dollar amount that you can enter that will be withheld in from the Merchant's payout and will remain in their Payrix balance.
For example, a $10.00 float on a 100% daily Withdrawal Schedule means $10.00 of the Merchant’s available balance will be withheld in their Payrix account and not sent to their bank account.
By default, this field is not required because the Merchant’s Payrix Login ID is used. If you wish to hide this Withdrawal Schedule from the Merchant when they login to the Portal you can enter an alternate Payrix Login ID in this field.
By default, a Withdrawal Schedule’s start date will be the date it is created. However, you can select a future start date for the Withdrawal Schedule by clicking on the calendar icon and selecting a different date.
This optional field is intended for you to add a custom description to the Withdrawal Schedule as needed.
By default, the minimum payout amount is $10.00. If a Merchant’s available balance is below this amount their Withdrawal will no trigger.
You can update this field to an amount greater than $10.00 if you desire.
You can set an optional maximum amount of an individual payout.
For example, if this field is set to $10,000.00 and the Merchant has an available balance of $11,000.00, $1,000.00 will be withheld from their payout.