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Understanding Payout Process

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Understanding Payout Process

3 min read

At WorkPlaces, we value our talents and want to ensure that you have a smooth and hassle-free experience when it comes to receiving your hard-earned payments. This guide is designed to provide you with comprehensive information about our payout process, answering common questions and addressing any concerns you may have, including processing fees.

Understanding the Payout Process

WorkPlaces offers a straightforward payout process that allows talents to access their earnings conveniently. Here’s an overview of how it works:

  • Client Payments: When your client releases payment for a completed project, the funds are held securely in WorkSafe until you decide to withdraw them.
  • Withdrawal Requests: You have the flexibility to request a payout at any time once the funds are available in your WorkPlaces account.
  • Processing Time: Payouts are typically processed on given business day every Tuesday UTC+8 time zone, time varies depending on your chosen payout method.

Payout Methods

WorkPlaces offers multiple payout methods to ensure you receive your earnings conveniently and securely, catering to your specific needs. Here are the available options:

  • Wise: WorkPlaces supports Wise for easy and transparent access to your funds. Link your Wise account to your WorkPlaces profile for seamless transactions. With Wise, you can:
    • Receive payments in multiple currencies at the mid-market exchange rate.
    • Send and receive money internationally with competitive fees.
    • Manage your finances and track your spending easily.
  • Bank Transfer: You can link your bank account to your WorkPlaces account and receive your earnings through direct bank transfers. This is a secure and widely used method that allows you to:
    • Receive your funds directly into your bank account.
    • Avoid potential fees associated with other payout methods.
    • Transfer your earnings to other bank accounts or use them for bill payments.
  • GCash: You can now receive your earnings directly into your GCash wallet, a popular and convenient mobile payment solution in the Philippines. This allows you to:
    • Access your funds instantly and use them for various transactions within the GCash ecosystem.
    • Easily pay bills, shop online, send money, and more.
    • Benefit from a secure and reliable platform with widespread adoption in the Philippines.
  • Other Options: Depending on your location, you may have access to alternative payout methods. Check your account payout settings to see the options available to you.

Payout Frequency

Payouts are currently processed manually with a ₱2,000 PHP minimum. You can choose between:

  • Manual Payouts: Request a payout whenever you wish, based on your preferences and the availability of funds.
  • Automatic Payouts: Coming soon.

Payout Processing Schedule:

  • Payout cut-off: Every Saturday at 11:59 PM UTC+8.
  • Payout processing: Begins on Monday following the cut-off.
  • Payout disbursement: Occurs on the following Tuesday, with the funds being available in your chosen payout account within 1-2 business days of processing.
  • Please note:
    • Bank holidays may affect the disbursement of payments. We will notify you in advance of any changes to the processing schedule.
    • The minimum payout amount may change in the future. We will notify you of any changes.

Taxes and Withholdings

It’s important to be aware of tax obligations related to your income. WorkPlaces does not withhold taxes, so you are responsible for reporting and paying taxes on your earnings in compliance with your local tax laws. We recommend consulting with a tax professional for guidance.

Processing Fees

WorkPlaces charges a processing fee for each payout request. The processing fee ranges from 2% to 4% of the total payout amount. This fee is calculated based on the chosen payout method and will be deducted from your payout. The specific fee percentage for your payout will be clearly displayed when you initiate the withdrawal.

Common Payout Issues

If you encounter any issues or have questions related to your payouts, you may find the solution in our frequently asked questions (FAQs) section. Common issues include:

  • Payment Delays: Reasons for payment delays can vary, so be sure to check your account for any outstanding requirements or pending client approvals.
  • Verification: Ensure that your account is fully verified to avoid any payment restrictions.
  • Client Disputes: In cases of disputes with clients, payments may be held until the issue is resolved. Our dispute resolution process can help you navigate such situations.

Contacting WorkPlaces Support

We understand that you may encounter unique challenges related to your payouts. WorkPlaces offers dedicated customer support to assist you. You can reach our support team through the following channels:

  • Dashboard Support: Use the support channel feature available on your WorkPlaces dashboard and our team will respond to your inquiry within 1-2 business days.
  • Help Center: Visit our extensive Help Center for detailed articles and resources covering a wide range of topics, including payouts and processing fees.

At WorkPlaces, we’re committed to ensuring your remote work journey is as smooth as possible. If you have any questions or concerns about the payout process or processing fees, please don’t hesitate to reach out to us. Your success is our priority, and we’re here to help you every step of the way.