How to check the Skool payout status?
Note: If you have recently transitioned to the unified payouts, you may observe a delay in deposit of up to 7 days. This delay is within the normal range. Beginning next Wednesday, the payout frequency should resume its regular schedule.
Whenever you make money by selling memberships or by course sales within your group, the funds are accumulated and are paid out to your bank account. Here's how to look at payout info:
- Click the profile pic and then Settings. Then click on admin settings for that group.
- It should be blank if you're just setting up your group. Once you get some subscribers or course payments, feel free to check the Dashboard tab again.
- Once you see a non-zero number either in the MRR or the Course sales tab, view the Payout tab for the most updated balance. Payouts occur once a week, every week on WEDNESDAYS automatically to your connected bank account.
- It takes around 8 to 14 days for the funds to become available for the payout since your first paid member. In order to ensure the security of all our users, the initial payout undergoes additional verification and may require a slightly longer processing time to reach your bank. For most US-based bank accounts, it takes 1 to 3 business days for the deposit to reach your bank, while for international banks, it may take 3 to 7 business days. Beginning next payout cycle, it's typically faster.
Difference between legacy and unified payouts:
Legacy payout: The legacy payout was at the group level. Therefore, every time you create a new group, you would need to create a brand new Stripe Express connected account to link your bank account.
Unified payout: Unified payout is at the user level. Once you connect your bank account to your Skool account via the Stripe Express connection, you won't be prompted again to go through the Stripe setup flow again. With unified payout, you won't need to log in to your Stripe Express connected account either. Everything can be done via the Skool UI, such as refunding a member, countering a dispute, changing the bank account, viewing a payout invoice, etc.