Selecting your payout option

Learn more about your payout options and how to select the right one for you

About payout options

Default payout option 

Select your default payout in settings

Select your preferred payout option for each individual assignment

When do I get paid?

About payout options

At blackbear, quick payouts are our priority, ensuring you have speedy access to your earnings. In order to free you from relying on client payment schedules of up to 45 days, we partner with a factoring company that pays the amount in advance and takes over the debtor risk. The costs for this service is depending on your preferred payout option as per below.

You have three options for your payment transfer:

1. Direct payout (within 1 day): With the direct payout option, blackbear will transfer your payment directly to your account, ensuring the quickest and easiest way to receive your earnings. However, please note that a 3.5% fee will be deducted from your earnings. This option is ideal for those who do not want to depend on the client's payment term. Once the transfer is initiated, you can expect to receive your money within 5 to 7 days.

2. Payout in 15 days: If you can wait for 15 days, you can receive your payment with a lower fee of 2.75%. This allows you to obtain your earnings in a reasonable timeframe  against a lower fee. Once the transfer is initiated, you can expect to receive your money within 5 to 7 days in your bank account.

3. Payout in 30 days: If you're not in a rush to receive your payment, you have the option to choose a 30-day payout with no fee deduction. This is the best option to maximize your reward, as blackbear assumes the risk and does not involve the factoring company in handling the debtor risk. Once the transfer is initiated, you can expect to receive your money within 5 to 7 days in your bank account.

Rest assured, we will always have your back. Blackbear is committed to ensuring that you are protected in the event that a client fails to pay within the agreed payment term or doesn't pay at all. In such cases, we will always pay you out and assume the risk ourselves together with the factoring company. 

Default payout option 

You have the flexibility to choose your preferred payout method for both your overall settings and each individual assignment.

By default, blackbear transfers the money for assignments in 30 days, meaning you will receive the funds in your bank account within 35 to 37 days from the transfer date. This default option can be found in your Settings. However, if you prefer to receive your payment sooner for all future assignments, you can select a faster default payout option for a small fee in your Settings.

If you need to modify the payout option for a specific assignment without changing your default setting, you have the ability to adjust the payout option for that particular assignment. This allows you to have complete control over when you receive your payment and any associated fees.

Select your default payout in settings: 

To select your default payout option, all you have to do is follow the steps below.

1. Log in to your blackbear account
2. Click on your profile picture on top right corner
3. Click 'Settings'
4. Select 'Payout' from your settings menu
5. View 'Payout preference' section
6. Click 'Edit' in payout preference section
7. Select your preferred payout option
8. Click 'Save' 
9. View a success message. Now your default payout option is saved and will be applied for all future assignments.

Select your preferred payout option for each individual assignment: 

To select your preferred payout option for an individual assignment that you are active on, all you have to do is follow the steps below.

1. Log in to your blackbear account
2. Select an active assignment (you can do this via 'My Activity' page -> 'Active' tab or via the 'Assignments' page) 
3. View 'Payout option' section on the right side of the assignment page
4. Click 'Edit'
5. Choose your desired payout option and explore the simulation below to understand the payment you can expect if you receive a 5-star rating. Please keep in mind that this simulation is for informational purposes only. If you receive a lower rating, your reward, fee, and payout will be calculated based on the earnings corresponding to your rating.
6. Click 'Save' 
7. View a success message. Now your preferred payout option for this assignment is saved and will be applied for this assignment only.

When do I get paid?

Once your final deliverable has been approved by our team and submitted to the client, the client has 10 weekdays to rate your work. If the client does not provide a rating within this period, you will automatically receive a 5-star rating, unless there are extenuating circumstances on their end. Our team will inform you in such cases. Please note that if the system assigns an automatic 5-star rating, no feedback details will be given. 

Once both you and the client have provided your ratings, blackbear will transfer your payment based on your chosen payout option: 1-day, 15-day, or 30-day. You can expect to receive the money in your bank account within 5 to 7 days from the transfer date.

💰Here's what you can anticipate in terms of payment timelines:

• If you choose the 1-day payout option, you will receive your money in 6 to 8 days.
• With the 15-day payout option, you can expect to receive your payment in 20 to 22 days.
• If you opt for the 30-day payout option, the money will be deposited into your bank account in 35 to 37 days.

For example, if you receive your rating on a Monday and you rate back on the same day, the platform will initiate your payment within 1 day, 15 days, or 30 days from the rating date. Once the payment is triggered, you can expect to receive the funds in your bank account within 5 to 7 days from the transfer. The actual timeline depends on the transfer schedules of our payment provider, Stripe, as well as your specific bank account.