Platform Balance gives you more control over your earnings by allowing you to hold funds in a supported currency until you’re ready to transfer them to your preferred account.
What is Platform Balance?
Platform Balance is a dedicated holding account where you can:
View earnings that have been paid by clients but not yet transferred.
Hold funds in your chosen supported currency (USD, CAD, or EUR).
Decide when to transfer funds to your bank or other supported destination.
Access clear transaction history and balance details anytime.
The Platform Balance is only available to contractors who do not reside in the US.
How It Works
Setup:
If you're creating your account for the first time, select Platform Balance as your payout method during your initial onboarding
Or, if you already have an existing account, navigate to the payout methods page and click get started with Platform Balance.
Choose your Platform Balance currency (USD, CAD, or EUR) and hit Continue.
Note: Once selected, your currency cannot be changed.
Platform Balance is now your default payout method.
Receiving Funds:
When an invoice is paid, your funds will be deposited into your Platform Balance and you'll see the available balance as well as any history of transactions.
Transferring Funds:
You can transfer funds at any time to a supported external account in your preferred withdrawal currency. To start, click on the transfer button. Next, you'll be presented with a page where you'll input the total amount you wish to transfer, as well as selecting the destination account.
From there, you'll have the option to select either a Non-US or US bank account, and you'll input the account details accordingly.
Note that if you select a US bank account, you will have the option to connect with Plaid rather than entering your account details manually.
Lastly, you'll confirm and initiate your transfer.
Currency Conversion: If you choose a withdrawal currency different from your Platform Balance currency, the transfer will be converted at market rates, with no conversion fees.
How to Access Platform Balance
From Payout Methods: Log in, go to Payout Methods, and click on Platform Balance.
From Invoices: Go to the Invoices page, open the menu in the top right, and select Platform Balance.
Important Notes
If you change your default payout method from Platform Balance to another method, any remaining funds in your Platform Balance will be automatically transferred to the new payout method.
Cryptocurrency payouts are not supported at this time.
If you have questions about Platform Balance, please reach out to our support team at [email protected].