Payouts
Receive your payouts into your bank account. Payout speed depends on your chosen plan
Payouts
Receive your payouts into your bank account. Payout speed depends on your chosen plan.
Once your business has been verified, you’ll be able to receive payouts to your bank account.
Payout Speed
Your payout speed will depend on the plan that you’ve chosen, and if you’re a Nomod Member.
As a Nomod Member, you will be paid out at the end of each day, Monday to Friday. Your payout will consist of your balance at 4:30pm Dubai, up to AED 25,000, paid out by 6:00pm Dubai. Any additional balance will roll over to the next day and beyond.
On the Two Days Plan, it’ll take two business days for your charges to be available to be paid out. All charges that qualify will be paid out every day, Monday to Friday. For example:
| Day of Charge | Paid Out | Business Days |
|---|---|---|
| Monday 1st | Wednesday 3rd | T+2 |
| Tuesday 2nd | Thursday 4th | T+2 |
| Wednesday 3rd | Friday 5th | T+2 |
| Thursday 4th | Monday 8th | T+2 |
| Friday 5th | Tuesday 9th | T+2 |
| Saturday 6th | Tuesday 9th | T+2 |
| Sunday 7th | Tuesday 9th | T+2 |
Note that bank holidays are not counted as a business day.
If you’ve been using Nomod for a while, you may have noticed a slight change to the payout day for charges processed on Friday and Saturday. This is because we were using a calendar day convention previously. In some cases this created discrepancies between the actual payout date and that shown in the app, especially around weekends and public holidays. By moving fully to business days, this discrepancy should no longer be present.
On the Weekly plan, it’ll take five business days for your charges to be available to be paid out. All charges that qualify will be paid out every Thursday.
Your account may qualify to switch to the Two Days plan after a few weeks of regular usage. Your account must be verified, has completed at least four payouts, and maintained consistent, low risk payments volume. You will be notified when your account qualifies.
Minimum Payout
To ensure that payouts aren’t cannibalised by bank fees we need to apply a minimum payout threshold. Payout thresholds depend on the currency of your Nomod account.
| Currency | Payout threshold |
|---|---|
| AED | AED 200.00 |
| SAR | SAR 200.00 |
Payout Currency
For businesses based in the UAE payouts are processed in AED. For businesses based in KSA payouts are processed in SAR.
Adding a Payout Method
You can add your bank account details by going to Settings > Payout Method in your Nomod app.
Your bank may charge you a fee for receiving funds via bank transfer. 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.
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.
If you’d like to update your bank account information, go to Settings > Payout Method. Then, remove your current payout method, and add the updated payout method.
Public Holidays
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.