If you're looking to transfer funds from your CargoWALLET to your designated bank account, our Pay Out feature makes the process seamless.
Before requesting a Pay Out, ensure you've completed the
KYB (Know Your Business) Form
For your first Pay Out request, complete the KYB process.
The beneficiary name and bank account should match the company name. Individual accounts are not accepted.
This one-time verification ensures the security and compliance of financial transactions.Refer to the article, What documents are required to complete my KYB process? for details on required documents.
How to Request a Pay Out
Log into your CargoWALLET account
Visit your CargoWALLET Management page.
Navigate to the “Payout” tab in the CargoWALLET navigation bar.
Note: Only OFFICE ADMIN users can access this feature. To find out who is the admin in your office, refer to the following article: CargoWALLET Roles & Permissions Guide
Select a Payout out frequency
Choose from the available options: Daily, Weekly, Fortnightly, or Monthly. Currently, on-demand payouts are not available.
4. Set Up Minimum Balance (Optional)
Allows you to maintain a minimum wallet balance.
Example: If you set a minimum balance of $5,000 and your current balance is $2,000, the payout will not be processed.
If you intend to pay out the entire amount / balance, be sure to leave a minimum balance of 0 EUR as shared below ( example, your account had 172 EUR, and you would like to pay out the entire 172 EUR)
5. Set Up Minimum Payout Amount (Optional)
Allows you to specify the minimum amount you wish to receive.
Example: If you set a minimum payout amount of $2,000 and your current balance is $500, the payout will not be processed.
Payouts can be set in any currency per wallet (the default wallet currency).
If you hold multiple currencies, only the default wallet currency (e.g., USD) will be used for the payout.
You can change this from "my office wallet" by clicking the wallet icon at the far right and selecting the default currency of choice.
Make sure the default currency matches the currency of the wallet balance. (Eg. if you have 1,000 USD in your wallet and want to pay out 500 USD, ensure that the default currency is set to USD. before requesting a payout.). This will allow your payout request to be successfully received and processed on our end.
6. Payout Fee
A $5 fee applies for payouts below $3,000. The fee is deducted from the original amount. E.g., if the payout original amount is 1000 USD, then the payout transaction amount will be 995 USD, and the payout fee will be 5 USD.
7. Enable Auto Payout
Click “Enable Auto Payout” to activate your selected payout settings.
The first transaction will process on the next applicable day.
Example: If you set daily payouts on Monday, the first transaction will process on Tuesday.
8. A Notification mailing is sent out anytime the Payout frequency is changed
9. A notification mailing is sent out when the Payout request is completed
Additional Notes
1. Can I set up a one-time payment without enabling regular automatic payouts?
Currently, we do not have this feature available. However, after your current payout is processed, you can adjust your payout settings to prevent future automatic payouts by following these steps:
Minimum Balance: Set it to "Leave a minimum balance" and specify a high amount (e.g., 1M).
Minimum Payout Amount: Set a similarly high amount to avoid triggering payouts.
Frequency: Set it to "Monthly."
2. We have filled out and uploaded the form. Will the payment be processed today?
Once automatic payouts are set up for your account, the first payout will be processed on the NEXT applicable day. No automatic transfers will be made on the day setup is completed. The time taken to receive payouts will vary based on your selected bank's holidays and processing time. Ensure your payout preferences align with your needs before setup.
A $5 fee applies for payouts below $3,000. Make sure your payout amount, including the fee, stays within your available balance; otherwise, the payout request will not be processed.
3. Will I get a refund of the top-up fee if I decide to withdraw the funds from my CargoWALLET?
While you can withdraw the remaining balance in your CargoWALLET, the top-up fee is not included in the refund; its non-refundable.
We hope you find this article useful!
Note: Images shown here are for illustrative purposes only.
CargoAi reserves the right to change the actual screen layout without prior notice.