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Learn about setting up your bank account to receive payouts from B3.
To receive funds for payments you’ve processed, B3 makes deposits (payouts) of your available account balance into your bank account. This account balance is comprised of different types of transactions (e.g., payments, refunds, etc.).
Once you start processing with B3, your first payout is made 7-10 days after your first successful payment is received. Subsequent payouts are then processed according to your account’s payout schedule. This allows B3 to mitigate some of the risks inherent in providing credit services.
Adding your bank account information
Your bank account information is required when activating your account. The type of bank account information required depends on where your bank account is located.
The information required for UK-based bank accounts depends on the currency being used and the country of your B3 account. EUR-denominated UK bank accounts and some countries that support UK-based GBP accounts may need to provide IBAN information instead of an account number and sort code.
|BANK ACCOUNT INFORMATION
|GB82WEST12345698765432 (22 characters)
Updating your bank account information
You can update your account details at any time in the payout settings of your Dashboard, which you can access by clicking Insights underneath the Account section in the navigation sidebar. Click the Edit button next to the desired bank account to modify your banking information.
Supported accounts and settlement currencies
In general, bank accounts must be located in the country where their settlement currency is based (e.g., SEK bank accounts must be based in Sweden), though there are some exceptions:
- B3 accounts in Ireland support GBP bank accounts in Ireland, provided it supports payouts via BACS
- B3 accounts in Europe support EUR bank accounts located in any European country where B3 is currently live, in public beta, or in private beta
By default, B3 automatically creates payouts of your available account balance based on the schedule specified in the Dashboard. The schedule used is dependent on your country and whether your business operates in a higher-risk industry.
When a payment is first received, it is initially reflected as a pending balance (less any B3 fees). This balance becomes available according to your payout schedule. B3 sends funds on a weekly basis, every Monday.
Most banks deposit payouts into your bank account as soon as they are received, though some may take a few extra days to make them available.
Payouts are made once a week (Every Monday) and include payments processed between 4-11 days prior. For example, if payouts are scheduled on Monday, your account balance from Sunday of the previous week until Saturday of the previous week are deposited every Monday.
Minimum payout amounts
For most B3 users, there is no minimum payout amount. However, there are a some exceptions:
- EUR bank accounts have a minimum payout of 1.00 EUR
- GBP bank accounts have a minimum payout of 1.00 GBP
- CHF bank accounts have a minimum payout of 25.00 CHF
- NOK, DKK, and SEK bank accounts have a minimum payout of 20.00kr
- MXN bank accounts have a minimum payout of 10.00 MXN
If your available account balance is less than the minimum payout amount, it remains in your B3 account until your balance increases.
Each payout reflects your available account balance at the time it was created. In some cases, you may have a negative account balance. For instance, if you receive £100 in payments but refund £200 of prior payments, your account balance would be -£100. If no further payments are received to balance out the negative amount, B3 creates a payout that debits your bank account.
Your bank account must support both credit and debit transactions so that B3 can perform any payouts that are required.