Payout Settings determine how merchants receive payouts. Joom has Payout Channels and Payout Methods to settle with merchants.

Payout Channels

Payout Channel is a solution for transferring payout from customers to merchants anywhere in the world. Joom constantly expands to new countries and adds new payout methods. Therefore, Joom may need different channels to settle payout with merchants via preferred payout methods.

All merchants have at least one payout channel by default, that is the Primary payout channel. However, new channels could be added by the platform in the future.

The merchant must select a payout method for each channel to enable the platform to successfully settle with the merchant. If the merchant has only one channel, it is enough to set up only this channel.

Payout Channel Statuses

Payout Methods

Payout method is the exact method linked by merchant to receive payouts from Joom. There are 3 payout method types available on Joom: Payoneer, Bank and LianLian Pay. We will add more payout options in the future.

The merchant can create several payout methods. However, all payouts will be transferred to the payout method that was chosen for payout channel at the payout date. Merchants can change the payout method selected for payout channel if needed.

How to Add a Payout Method?

1. Go to Merchant Panel and click your name in the right upper corner.

    2.   Choose Payout Settings → Payout Method → Add New Method.

     3. Choose a type, create a custom name for a method, pick a currency, and indicate a minimum payout amount.

     4. Click Save draft.

    5.   Connect the method.

After saving, you will be able to edit the payout method information in the future.

What is a Minimum Payout Amount?

Payoneer has recently introduced a €1 fee for payouts below €100. Therefore, we decided to create a new feature that allows you to set a minimum payout amount, giving you more control over the frequency and amount you receive from the platform. 

With this feature, you can set a limit for your minimum payout amount, ensuring that payments below this threshold are not processed. If the total amount of invoices with a “Created” status that we are going to pay, considering the payment delay, exceeds the minimum payout amount, the payout will be generated. If the total is lower, the payout will not be generated, and we will wait until the entire sum is accumulated.

How to Choose a Payout Method?

You need to select a payout method for all payout channels to get payouts without any issues. 

1. Go to Merchant Panel and click your name in the right upper corner.
2. Choose Payout Settings → Payout Channels → Select Payout Method.

       3. Pick the payout method and confirm changes. 

How to Delete a Payout Method?

1. Go to the Payout Method page in the Merchant Panel.
2. Click the payout method you want to disable or delete.
3. Click Disable / Delete.
4. Confirm changes.

Payout Method Statuses