With Lopay, you control when your funds are paid out to your connected bank account. You can choose from a range of payout schedules, change schedule at any time, or trigger a one-off instant payout.
1) Payout schedule options
Instant to bank - 1.79% standard cards / 2.79% premium cards
Payments are automatically sent to your bank immediately after the transaction if your balance is over £75 (or the threshold that you set). Payouts are immediate 7 days a week, including weekends and bank holidays. More details here.
Next Day - 0.99% standard cards / 1.99% premium cards
Payments are automatically sent to your bank the next business day after the transaction - so payments taken on Friday, Saturday and Sunday settle on Monday.
Lopay Rewards Card - 0.99% standard cards / 1.99% premium cards
Payments are instantly available to spend via your Lopay Card, in-store or online. You can schedule upto 5 payouts to your bank each month to help manage regular outgoings. You choose the frequency and day of the week/month and we'll ensure your Lopay balance is sent to your bank account at the same times each month. More details here.
Weekly - 0.79% standard cards / 1.79% premium cards
Payments are automatically sent to your bank every Thursday after the transaction.
2) How to change your payout schedule
Go to the 'More' page in the Lopay app (last icon at the bottom).
Select 'Update your schedule'
You will then be offered the 3 schedule options and their respective transaction rates. Select the option that suits you and select 'Update' at the bottom of the screen.
3) How to trigger a one-off instant payout
On all accounts, if you need an one-off instant payout to your bank account its easy. Select the Activity tab at the bottom of the app, then 'Withdraw money' and enter the amount you want to payout. A small payout fee will be shown to take your fees for the transactions being paid out to our standard instant rate of 1.79%.
For any further questions or help, please email us at [email protected].