Receive your payouts onto your Nomod Card or your bank account.
Once your business has been verified, and you've been successfully active on the platform for a few weeks, we will make payouts to your chosen payout method Monday to Friday, with funds typically being paid out two (2) business days after the date of the charge.
Your First Payouts
When you first sign up, payouts typically take a little longer in order for us to be able get visibility on your activity, so for the first couple of weeks, it may take up to 5 business days for a charge to mature, and during this period payouts take place twice a week (on Mondays and Thursdays). For example:
Day of charge
Eligible for payout
Your first two payouts may take up to fourteen calendar days each to become eligible for payout, whilst we complete verification checks on your business.
If you choose to receive payouts to your bank account, we need to apply a minimum payout threshold to ensure that payouts aren't cannibalised by bank fees. Payout thresholds vary by currency and currently are:
We are currently able to make payouts in USD, AED, EUR and GBP. If you're not based in the UAE, Eurozone or the UK, you will currently be paid in USD. If you do not have a bank account in USD, don't worry. Most banks are able to receive funds in USD and will automatically convert to your local currency. Please get in touch with your bank to see if they're able to do this and if any fees may apply.
We provide you with a selection of payout methods depending on your business location and payout currency, including paying out to your Nomod Card or directly into your bank account. Simply choose your preferred method by going to Settings > Payout Method in your Nomod app.
Some bank payout methods are quicker than others (wires are typically faster than ACH, for example), but your bank may charge you a fee for receiving funds via this method. We currently cover all outbound bank transfer fees. We recommend you checking with your bank directly if they apply any fees to receive transfers to your account using your chosen payout method.
If you are a sole proprietorship and set up your business type as "Individual" when signing up, you may enter your personal bank account details. For all other business types, please ensure the bank account details you enter are in the name of your business otherwise we won't be able to process your payouts.
A public holiday may affect the timing of your payout for a couple of reasons:
- The payment processing and banking partners that we work with may be closed because it is a public holiday where they’re based;
- The bank that you have nominated to receive your payouts into may be closed because it is a public holiday where they’re based.
In both cases, we may not be able to instruct a payout as normal and it may take a few extra days following a public holiday for you to receive your funds.
Of course, you can keep selling to your customers as normal during this time. Public holidays are often the busiest periods for the many businesses using Nomod. Completed charges will appear in your transaction list as normal ready for the next eligible payout cycle.
Connecting your Stripe Account
If you've connected your Stripe account to Nomod using the Connect feature, any charges processed through your Stripe account will continue to be paid out by Stripe according to your existing Stripe payout schedule, and will not follow the Nomod schedule.