What are 'instant payouts'?
An instant payout is a payout that will typically arrive in your bank account in less than 5 minutes, regardless of whether it's a weekend or a bank holiday!
How do I trigger an ad hoc instant payout?
If your balance is over £5, you can get an instant payout at any time - whatever your Account type.
Tap your Lopay balance and select 'Withdraw money' then follow the steps in the app to confirm the payout amount, bank, and payout type.
Please note: For instant payouts below £50, a payout fee will be applied to round up the fees to be equivalent to the fees on a £50 instant payout (in most instances this will be a matter of a few extra pence).
For payouts under £50, a minimum instant payout fee of £0.50 is charged. This ensures consistency in the fee structure and is generally a small adjustment.
How do I change my threshold for automatic instant payouts?
If you are on our 'Instant to Bank' Account, your Lopay balance will automatically payout to your connected bank account as soon as it goes over the threshold set.
The default threshold for automatic instant payouts is £75 but you can edit this in your app to anything over £5. To do this please follow these steps:
Go to the "More" screen in the app via the grey icon either in the top right or bottom right corner (depending on your app version)
Select 'Instant payout threshold'
Enter the amount you would like as your threshold and select 'Done'
If your balance is below your instant payout threshold, it will automatically pay out either with the next transaction that takes your total over the threshold - or the next business day (typically around 11 am), whichever is sooner.
How to View Instant Payout Fees in the Lopay App
To review the fees associated with your instant payouts, follow these steps:
Open the Lopay app and navigate to My Reports from the home page or the Activity screen.
Choose a time filter: Daily, Weekly, or Monthly.
Scroll to Recent Statements and tap See All.
Select a report or adjust the date filters to set your desired period.
Open the selected report.
Scroll down and tap View Fee Breakdown to see details such as Gross Sales, Gross Fees, Fee Discounts, and Net Fees.
For any further questions or help, please email us at [email protected].