- Behind the Scenes
Everything you need to know about…Remittance
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By Ryan Moss
- 10 Oct 2022
- 6 min read
Remittance is money sent from one party to another. Skiddle releases ticket funds after the event has taken place, so we have the funds if an event is cancelled or postponed. Customers are entitled to a full, face-value refund, per our Terms & Conditions. In the article below, we’ve compiled everything you need to know about remittance.
When will I be remitted for my event?
Skiddle runs remittance every Tuesday & Thursday at 11 am and 4 pm. The funds take 2-3 days to enter your account and will be paid into the nominated bank account listed in the Promotion Centre.
Tuesday’s remittance will pick up events held from Wednesday to Sunday for the prior week, while Thursday’s remittance will pick up events held on the Monday and Tuesday of that week. Please note: payment may be affected by bank holidays. Click here to access the promotion centre, log into your account and check and update your bank details.
Same Day Payments
It takes 2-3 working days for funds to enter your nominated bank account. If you’d like to be paid on the same day, we offer Same Day Payments.
They cost £10 + VAT and are only available on Tuesdays and Thursdays. Please ensure that you request before 10 am, as we cannot accommodate late payment requests. Click here to learn how to request a same day payment.
Minimum Payment Threshold
Skiddle’s minimum payment threshold is £50. If your event makes anything under this number, it won’t pay out to you on the remittance cycle. The system will wait until the amount gets to £50. However, you can request a minimum payout.
Log into your account, enter the Promotion Centre and select the button at the bottom of the ‘Remittance Due Report’.
I haven’t been remitted for all my tickets
Sometimes there are discrepancies between the remittance paid out and the number of ticket sales. This is usually down to tickets sold on the day of the event.
It takes 24 hours for all ticket funds to land in the Skiddle account, so the money may not have had time to clear for the first remittance cycle. If this is the case, you will receive payment over two remittance cycles.
My remittance went to my old bank account
If your funds are sent to an old bank account, we have to wait until the bank returns the funds to us. It can take up to a week for us to receive the funds from the bank. When the bank returns the funds, a member of our team will be in touch to confirm the repayment details.
Bounced remittance payments occur when we have to resend your fees due to incorrect or incomplete bank details. The cost for this service is £8.33 + VAT.
Advance Funds
Advance funds allow a promoter to receive a percentage of their funds before the event has happened. This only applies to promoters with a Skiddle contract, requiring a guarantor and a credit check before the account is eligible. The payment is only available on Tuesdays.
The ticket money has to be with Skiddle for a short time before we pay it to the promoter. This is called Remittance Delay, and the number of days can be found in the admin section of your profile. The Remittance Reserved box shows how much money we keep hold of.
Cool:Off & Re:Sell
If a customer uses Cool:Off with your event, a charge will be added to your promoter account for the cost of the value of the tickets but will be balanced out by the ticket being placed back on sale.
If you’ve already been remitted for tickets resold via Re:Sell, a charge will be added to your account for the resold ticket(s) you’ve already been paid. You’ll receive a new remittance for the new ticket sale. If they are the same amount, this will net zero. If the new ticket is at a higher tier, you’ll receive the difference.
Where can I see my remittance?
On the left-hand side of the Beta Promotion Centre is a section called ‘Finance’. Click on it, and from there, you’ll see a section called ‘Remittance’. This section will show you ‘Overview’, ‘Unpaid’, ‘Paid’ and ‘Payout’ reports. The screenshot below displays this. As our event is a test and no tickets have been sold, there is no report to feature. However, the Promotion Centre will show you reports from the last 24 months, should you wish to examine the data that far back.
Stripe
Promoters who need funds in advance of their event can sign up for Stripe. When you use Stripe, you’ll receive payment into your account directly after a ticket sale has been made.
Using Stripe can help cash flow for smaller events, but it’s important to note that Skiddle doesn’t handle the funds. You won’t receive the same protections and benefits you would with Skiddle and you’ll be responsible for any chargebacks. Click here for more information on Stripe.
Got a question you need an answer to? Give us a call on 03333010301 or ask us a question over on our Skiddle Promoters Twitter account by clicking or tapping on the button below. Alternatively, you can also find a list of our most frequently asked questions over at https://help.promotioncentre.co.uk/
