What is the Artfinder payment schedule?
NOTE: from October 2020 the payment schedule will be changing as follows:
- Payments will be transferred every two weeks and they reach a majority of artists' accounts by Friday of the pay run week the latest. It may take a few days longer for funds to reach some of the overseas accounts, it is subject to international payment processing time that can vary (before the change -> payments were transferred twice a month: on the first and third Friday).
- Depending on the month, there might be two or three pay runs in a month (instead of always two before this change)
- Changing our payment schedule to a fortnightly one will enable us to bring payments forward by one week and shorten the average payment processing time
|Payment day||Order Placed Between|| The returns period expires before
(cut off date for payment run)
|19 Feb 2021||11 Jan 2021 - 24 Jan 2021||16 Feb 2021|
|5 March 2021||25 Jan 2021- 7 Feb 2021||2 March 2021|
|19 March 2021||8 Feb 2021 - 21 Feb 2021||16 March 2021|
|2 April 2021||22 Feb 2021 - 7 March 2021||30 March 2021|
|16 April 2021||8 March 2021 - 21 March 2021||13 April 2021|
|30 April 2021||22 March 2021 - 4 April 2021||27 April 2021|
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 48 hours before the scheduled payment date of a pay run in order to qualify. If the details are not present or not correct, payment will be rolled over to the next payment run.
INVOICING AND STATEMENTS
For each pay run Artfinder will generate a statement (listing all orders qualifying for payout) as well as an invoice for the commission. You will receive an email notification, along with a scheduled payment date.
Statements cover COMPLETE orders placed over a period of two weeks.
COMPLETE ORDER => delivery confirmed and 14-day return period expired
The total paid by the customer for the order (artwork price after discount if applicable plus shipping) minus Artfinder commission (and VAT if applicable) will then be remitted to you via the payment method of your choice.
To view your statements and invoices: go to your Seller Dashboard > Transactions > Statements. Invoices are available for download at the bottom of each statement.
NOTE* We are unable to release the funds due to you without confirming the delivery of the artwork first. If we are unable to confirm delivery of the order for one of the reasons below, the order in question will be put on hold until the delivery has been confirmed and we will reach out to you in this matter:
- tracking number is incorrect
- tracking information has not been updated
- the customer hasn't confirmed delivery
Delivery confirmation must be received at least 48 hours before the scheduled payment date in order to be included in the payment run (subject to the usual 14 day return period in case of delayed deliveries). Otherwise, funds will be paid out to the artist in the next payment run.
Payments under $50/€50/£50 will run over to the next payment run unless the payment method is one of the following:
- Bank transfer to a UK bank account including TransferWise borderless account (payment currency: GBP)
- Bank transfer to an EU bank account (IBAN account number in SEPA zone, payment currency: EUR)
- TransferWise by email:
- EU based bank account holders (countries within SEPA) including TransferWise borderless account (payment currency: EUR)
- USA based bank account holders including TransferWise borderless account (payment currency: USD)
4. Bank transfer to Ukrainian Privat Bank account (payment receiving currency: UAH, EUR & USD).
See point 4 in the article here