What is the Artfinder payment schedule?
Payments are transferred on the first and third Friday of the month.
A three week gap is maintained between the maximum ETA admitted to any payment batch and date of payment of each pay-run to allow for our 2 week returns period to expire for all qualifying orders, plus an additional week for processing, administration and delayed deliveries.
|Runs will be conducted on a bi-monthly rather than fortnightly basis||This is essentially the same as now, as most months we have two payment runs. But going forward we’ll have exactly 24 payment runs per year, which makes our accounting and forecasting much easier to manage (we currently have 25.4 payment runs per year).|
|The payment day will be moved from the Thursday to the Friday||With the increasing volume, we need one more day to set up the payments. Every payment run, we manually check all transactions, and we need to be precise and thorough for every single one. We need to ensure we’re paying you the right amount, in certain cases, we need to check that the artwork has arrived at its destination.|
|Payments under $50/€50 will run over unless the payment method is PayPal||It currently costs us more than we make to transfer payments under $50/€50 (in other words, we lose money on each such transaction) unless the chosen payment method is PayPal, which charges a flat fee in all currencies.|
Invoicing and Statements
Artfinder will raise an invoice for each pay run in respect of the commission and fees due on qualifying orders. This will be accessible to download from the ‘Billing’ section of your Artfinder account. You will receive notice of this by email, along with a scheduled payment date. The total paid by the customer for the order (including artwork price and shipping) minus the invoice total will then be remitted to your preferred payment mechanism.
|Payment day||Order Placed Between||Returns period expires before|
|Sept. 8, 2017|| July 24, 2017 - Aug. 13, 2017
|| Sept. 5, 2017
|Sept. 22, 2017||Aug. 14, 2017 - Aug. 27, 2017||Sept. 18, 2017|
|Oct. 6, 2017||Aug. 28, 2017 - Sept. 10, 2017||Oct. 2, 2017|
|Oct. 20, 2017||Sept. 11, 2017 - Sept. 24, 2017||Oct. 16, 2017|
|Nov. 3, 2017||Sept. 25, 2017 - Oct. 8, 2017||Oct. 30, 2017|
|Nov. 17, 2017||Oct. 9, 2017 - Oct. 22, 2017||Nov. 13, 2017|
Bi-monthly payment schedule illustration
NOTE: We are unable to process payments to sellers who have not filled in their payment details in the payment section of their Artfinder profile. Details must be in place at least three days before the scheduled payment date of a pay run in order to qualify. If the details are not present or not correct, payment will run over to the next payment run.