payouts later & later?

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Chris Namaste
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payouts later & later?

Post by Chris Namaste » Sun Sep 09, 2018 12:27 pm

=)
i just noticed that our payouts from,kitely market come later , thats why i ask this question

this iswhat i see in my paypal list :
(today its 9 sept 2018)
- 6 august
- 16 july
- 3 july
it seems now muchlonger,is there a reason? thx
Chris Namaste (inworld i use notes & voice - i rarely chat nor im)
Chris CreationZ url kitely market : https://www.kitely.com/market?store=914 ... &sort=date
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Ilan Tochner
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Re: payouts later & later?

Post by Ilan Tochner » Sun Sep 09, 2018 1:24 pm

Hi Chris,

We make payouts on a weekly basis between Monday and Tuesday (depending on your timezone).

You will only get a payout when you have at least $10 in cleared funds at the time when we initiate the payouts process.

To see your upcoming payouts go to your Manage Store page then click the Payouts link.
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Re: payouts later & later?

Post by Chris Namaste » Sun Sep 09, 2018 2:01 pm

hi ilan,atm its Cleared: 13.44
its the security,system surely (to protect kitely) that makes it long,but more then a month seems so long?
anyway,i know its safe=)
thxies!
Chris Namaste (inworld i use notes & voice - i rarely chat nor im)
Chris CreationZ url kitely market : https://www.kitely.com/market?store=914 ... &sort=date
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Re: payouts later & later?

Post by Ilan Tochner » Sun Sep 09, 2018 2:48 pm

Funds are cleared 45 days after the purchase has been approved by PayPal. This is the number of days PayPal gives buyers to file a dipute.

You can view your store's activity in your Sales History page. If you do the math you can see that we don't delay payouts any more than is required to ensure we don't transfer money while people can still dispute the payment.
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Luna Lunaria
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Re: payouts later & later?

Post by Luna Lunaria » Sun Sep 08, 2019 5:10 pm

Still waiting on payouts for items I sold in June (going on 86 days now), since the little items I sold in June and July didn't add up to the $10 minimum. There should be a maximum wait period of 60 days on these. Also, I think after a certain period of time on the market (with a set number of sales) without any Paypal disputes, the waiting period should reduced or eliminated. I've never had a Paypal dispute filed against any of my sales in over two years. I could remove all of my smaller items just to ensure a 45 day payout, but that only hurts buyers looking for those nice little add-ons, so they head out to freebie places on the fringes of the hypergrid and end up with questionable content.
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Re: payouts later & later?

Post by Chris Namaste » Sun Sep 08, 2019 5:57 pm

that feels like a very good idea as well, with genuine reasons, yes
Chris Namaste (inworld i use notes & voice - i rarely chat nor im)
Chris CreationZ url kitely market : https://www.kitely.com/market?store=914 ... &sort=date
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Re: payouts later & later?

Post by Ilan Tochner » Sun Sep 08, 2019 9:53 pm

Hi Luna,

Removing smaller items from sale won't make your withholding period shorter, it will just reduce your sales volume and thus make you need to wait even longer until you get to the $10 payout minimum.

There is no lack of fraudsters that have used long cons to steal money from marketplaces that didn't have a long enough clearance period. If a marketplace distributes money while it is still susceptible to disputes then the marketplace may end up holding the bag. You may be an honest person but the internet isn't lacking for scrupulous people who will use any opportunity they have to get money from stolen credit cards. The 45 day withholding period makes such attempts much less likely to succeed in Kitely so very few people have tried to do so in Kitely Market.

Our next site update will include a feature that will allow you to convert any Cleared funds pending payout to KC (without needing to get to the $10 minimum payout amount). That feature won't get you USD quicker but it will enable you to get any Cleared funds you've earned without needing to wait longer than the 45 day withholding period.
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Re: payouts later & later?

Post by Luna Lunaria » Tue Sep 10, 2019 2:23 pm

With respect, your reply didn't address my main questions:

There should be a maximum wait period of 60 days on any payout, regardless of whether or not it meets minimum. Also, I think after a certain period of time on the market, with a minimum number of transactions without any Paypal disputes, the waiting period should reduced or eliminated."

In other words, have a verified merchant category.
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Re: payouts later & later?

Post by Ilan Tochner » Tue Sep 10, 2019 3:01 pm

We aren't going to add any option that places our business at risk. Transferring money before it passes the PayPal dispute period is therefore not a viable option. It doesn't matter whether it's to a new account or to one that belongs to one of our top sellers. Even long-time trusted merchants can have spyware on their computers or fall prey to fraudsters who gain access to their PayPal account and then use it to funnel money from stolen credit cards through our marketplace by using them to buy items from the trusted merchant's store.

As for the minimum payout amount, it exists for two reasons. First, PayPal fees make transferring low amounts costly to the merchant. They can significantly reduce the amount of money the merchant gets from the sale of their goods. Second, we have an administrative overhead that is associated with making payouts and our fee structure is built to cover that. If we were to handle more frequent payouts for lower amounts we would need to raise our sales commission to cover our additional administrative costs. The aforementioned option to convert payouts to KC will be automated and won't require that overhead and thus can be offered without forcing us to take a bigger cut of marketplace sales.
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Re: payouts later & later?

Post by Luna Lunaria » Thu Sep 12, 2019 2:23 pm

Thank you for your reply. The KC option is useful for a merchant with a Kitely store in world to pay fees, but it is useless for a hypergrid merchant. I end up donating almost all of the KC I have now. I am much happier with the gloebit system for my hypergrid store, since no one has to wait for anything or worry about financial fraud issues. And we're all, customers and merchants, willing to pay a little extra for that convenience.
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