This post will answer your questions about how you manage your funds on Tebex and is the last post in the basic tutorial for setting up your store.
How Do I Receive Payments?
By default we provide a variety of payment methods for your customers to use, no matter where your customer is located, there is normally a payment method they can use. This is all managed by Tebex, so you don't need to worry about managing individual payment methods and high payout thresholds! For an up to date list of the payment methods supported on Tebex, just head to Payments > Payment Methods. You will notice that payment methods normally have a small fee attached and a settlement time, this is because payment providers have a charge for processing your payment. For the best reach for your customer base, we recommend leaving all of the payment methods active and online, giving your customers the best choice available. Don't fall into the trap of believing that everyone has a card or PayPal, they don't, did you know that even in 2017 1.7 billion people around the world did not have a bank account? We typically find Paysafecard (application required), Razer pins, Dollar General and CVS gift cards to be particularly popular.
When you receive payments on Tebex, they will automatically be deposited into your account wallet. You should head to Payments > Wallet and set up your wallet before we go any further. You'll need to input your name and address, and a payout method, which is where you will withdraw funds to. Let's watch Ted's video explaining the wallet and how to set it up, it's less than 5 minutes long.
It's very important that you use your genuine name and address, this is to verify to who we are sending the funds! It's also very important in case you ever need to recover your account with us, you can find out more in our account security blog post.
Payments received on Tebex will have sales tax collected and paid on your behalf, you don't need to do anything else, and we'd invite you to read our guide on understanding sales tax and our knowledge base article here.
Here are some important things to know about the wallet and withdrawals:
There are some small fees associated with withdrawals, you can find out more here. When you receive payments you won't be able to withdraw them immediately, there is a settlement time as mentioned in Ted's video above.
Your Personal Economy
Starting a project can bring you side income, or if you're very successful a full-time income. We sometimes see people relying on their project for bills and rent, and being very stressed when their project pulls in $50 instead of the $500 needed for rent. We caution you not to rely solely on your project to make ends meet as it can be unpredictable and can cause undue stress. If your project doesn't earn you a livable equivalent to a full-time job, then we would advise you to be careful in relying solely on the money made from your store to live. Unfortunately, we have seen people doing this, and then being unable to pay for their bills or their children's necessities. Be smart, and use Tebex to bolster your income, but don't give up your job or rely solely on your Tebex income if your project doesn't earn enough to live on.
A few tips to remember when running your project:
We're finished!
If you're ready to launch your project, then we wish you the best of luck! Don't forget that this tutorial only covers the basics and there's a lot more you can do with your store that you will learn over time.
I hope the info in this tutorial helps you get started with your store and also gives some helpful advice. If you need help with anything tin this tutorial or you need help with other features on the control panel, you can get in touch with our helpful support team at support@tebex.io