Payouts Settings
In this article, you will learn how to change an existing bank account or add a new one for your payouts.
You can make these changes by navigating to Settings > Payout Settings in the main menu of your Payrexx account.
These settings only affect payouts from transactions processed through Payrexx Pay and Payrexx Pay Plus. Transactions generated by external payment providers are paid out separately by the respective provider.
Overview and Settings
In the payout settings, you will find the following information and can make various configurations:
Display payout overview: Shows all previously conducted payouts as well as the balance that will be transferred in the next payout.
Frequency: Displays the set payout interval, which is set to once per month by default. For more information on payout intervals, refer to the article on payouts.
Payout bank accounts: Overview and changes: Provides an overview of the linked payout accounts. One bank account can be linked per currency. By clicking on the symbol, an existing bank account can be removed and replaced with a new one.
Please note the following rules when entering a bank account:
It must be a business bank account.
QR-IBANs are not permitted (there is a "normal" IBAN for every QR-IBAN; please provide this in all cases).
Yapeal Customized IBANs cannot be used either.
The account holder's name must match the actual name on the account.
The currency of the account must correspond with the country of the bank (for more information, refer to the section on bank accounts and currencies).
Adding a payout account: Add a new payout bank account. Please pay attention to the notes in the blue box under point 3.
Default currency: Definition of the default currency: This currency is used for transactions in currencies that do not have a linked payout account. The third currency will be converted to the default currency at the daily exchange rate and paid out accordingly.
In addition to the currency conversion, a conversion fee of 2% will be applied.
Description for payout booking Define a text that will appear in the detail view of the payout under the payout description.
Bank Accounts and Currencies
Payrexx allows payouts in Swiss Francs (CHF), Euros (EUR), US Dollars (USD), British Pounds (GBP), and Danish Kroner (DKK).
The currency of the account must correspond with the country of the bank. The following combinations are permitted:
Account in CHF: Switzerland, Liechtenstein
Account in EUR: Belgium, Bulgaria, Denmark, Germany, Estonia, Finland, France, Gibraltar, Greece, Ireland, Italy, Croatia, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Austria, Poland, Portugal, Romania, Sweden, Switzerland, Slovakia, Slovenia, Spain, Czech Republic, Hungary, United Kingdom, Cyprus
Account in USD: Switzerland, United States
Account in GBP: Gibraltar, United Kingdom
Account in DKK: Denmark
It is not possible to link more than one bank account with the same currency.
Tip: Multiple payout accounts
If you receive payments in different currencies, we recommend setting up a separate payout bank account for each currency, if possible. This way, you can save the 2% fee that would be incurred for currency conversion.
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