By default, Cooltix Payment Processing is set for all organizers. Customers will then pay through Cooltix, and their earnings will be credited to Cooltix's technical account, which will be transferred to the organizer's bank account.
The incomes will be transferred to the organizer's bank account, not directly from Cooltix, but from one of our contracted payment service providers, depending on the country and currency.
Availability of incomes
Payment service providers, including Cooltix, will make the amount of the purchase available within 3-5 business days after the purchase, and only then will it be available for transfer. The threshold length depends on the currency and country where the organizer is seated.
Automatic payouts
Once the event is over, and as soon as all purchases have become available, we will automatically initiate the transfer of income to the bank account provided by the organizer. The expected arrival of the income differs by the given bank account; it can be completed between a few hours and two workdays. The first automatic payout may take longer until it arrives, up to 5 days from initiation.
Important:
To receive automatic payouts, your organization must be verified. You can check your organization status at manage organizations > business verification.
Manual payouts before the event
Organizers on advanced and custom plans can request an allocation of up to 20% of the revenue available before the event.
If the organizer needs more to manage event cashflow before the event:
They can request an individual assessment, after which we will have the possibility to payout more than 20% of the share based on the risk assessment of our financial service provider
Or the organizer can set up his third-party payment service provider account, which means the revenue will be sent to him directly and immediately.
Currency Management
Revenues are collected from customers in the currency specified on the interface, stored, and transferred to the organizer.
The organizer must provide a bank account in their country of residence for payment. The provided bank account must be suitable for receiving the currency in which the tickets were sold.
f the currency of the specified bank account and the currency in which the customers have paid differ, the currency change must be made by the bank holding the organizer's bank account, and the costs will be borne by the organizer.