Before requesting a PayOut, ensure that 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
NOTE :
For all Payout preferences:The payout currency must be your wallet’s default currency. Default currency can be changed in your Wallet home page
A fee of USD 5 applies to payouts below USD 3k
Example:
The USD 5 fee is taken from the requested amount when the payout is below USD 3k. E.g. A request of USD 50 will only receive a final amount of USD 45 as there’s a USD 5 fee
Minimum payout amount is USD 50
Select a Payout preference
One-off payout: A single payout that does not establish recurring payout frequencies or cycles.
Automatic Payout: Enables automatic payouts to receive funds on a regular basis.
One-off Payout
This type of payout request is executed once based on the amount set by the requester
After selecting One-off Payout, you will be prompted to enter the payout amount.
2. Once submitted, your payout request will be received, and you will receive an email notification with the finance email in CC confirming that the request is received by CargoAi.
3. You can as well see this among the pending transactions in the History page.
Automatic Payout
Select a Payout out frequency
This type of payout request is executed regularly base on the criteria set by the requester
This is the frequency of how often a payout request will be sent if the rest of the criteria are also met. There are 4 options: daily, weekly, fortnightly, and monthly.
2. 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 request won't be sent
If you intend to pay out the entire amount/balance, be sure to select the other option Entire Balance
3. 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 request won't be sent
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 with the correct currency.
4. 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.
5. A Notification mailing is sent out to the requester with the finance email on CC anytime the Payout frequency is changed
6. A notification mailing is sent out to the requester with the finance email on CC when the Payout request is completed
You can also see the transaction with a Successful status on the History page.
Linked Bank Account Info
The linked bank account details are not displayed within CargoWALLET. By default, we use the bank account information provided during your KYB submission.
If you'd like to update your company's linked bank account, please reach out to our support team at support+wallet@cargoai.co for assistance with the process.
Additional Notes
1. Can I stop the regular automatic payouts?
Yes, you can; you simply turn off the automatic payout feature.
An email notification will be sent to both the customer who disabled the auto payout with the finance email on CC
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.