Today we’re announcing an update to how authors receive payments from Envato Market. Beginning February 28, 2018, we will require you to choose only one payout destination that must be owned by you.
If you have multiple Envato accounts, this limit will apply to all of your accounts. For example, if you have an exclusive and non-exclusive account, you will need to select a single payout destination for both accounts. These can be different (PayPal for one and Payoneer for the other but they must both be owned by you).
Starting from the April 2018 payout (scheduled to take place on Monday April 16, 2018 Australian Eastern Standard Time (AEST)), we will also be making monthly automated payments of all earnings balances higher than $500 for Swift, $50 for PayPal and $50 for Payoneer.
Why are we making these changes?
We previously announced the restriction to one payout destination as part of the launch of the US-based company for Envato Market. We delayed the full rollout to support authors through the transition, and now, almost two years later, we’re making the change to this new system complete.
This change will help bring our payout system in line with our terms and make sure that we are only making payments to payout destinations owned by the Envato account owner (the person or entity that created the account, agreed to the terms and conditions and completed the tax information).
We’re also wanting to make sure authors get paid regularly without having to manually request a payout each month. This is consistent with our other products like Studio and Elements.
When will these changes take effect?
In order to make sure you have the time required to understand the impact to your systems and processes, and make the necessary changes, we’ll be implementing these changes along the following timeline:
February 28, 2018: At 12:00:00 Australian Eastern Daylight Time (AEDT) on Wednesday February 28, 2018, we will remove the option to add multiple payout destinations (after this change is implemented, authors will only be able to enter one set of payment details).
March 15, 2018: On Thursday March 15, 2018 AEDT, we will payout all withdrawals requested before 23:59:59 AEDT on February 28, 2018 as per the traditional system.
March 1-30, 2018: Between 00:00:01 AEDT on Thursday March 1, 2018 and 23:59:59 AEDT on Saturday, March 31, 2018, authors should update their payment details with the payout destination they would like to use for automated monthly payouts.
April 16, 2018: On Monday April 16, 2018 AEST, the first automated monthly payouts will be made to authors with earning balances higher than $500 for Swift, $50 for PayPal and $50 for Payoneer to their nominated payout destination.
What you need to do
Envato Market has a system in place for setting up automated monthly withdrawal requests. If you have already set up an automated monthly withdrawal and your earnings balance at Sunday April 1, 2018 AEST is higher than $500 for Swift, $50 for PayPal and $50 for Payoneer, we will pay out your entire balance to your automated monthly withdrawal payout destination on April 16, 2018 AEST.
If you do not have an automated monthly withdrawal set up and you expect your earnings balance at Sunday April 1, 2018 AEST to be higher than the above mentioned amounts, you will need to choose and set up a payout destination between 00:00:01 AEDT on Thursday March 1, 2018 and 23:59:59 AEDT on Saturday, March 31, 2018. Once this is set up, we will pay out your entire balance to your new payout destination on Monday April 16, 2018 AEST.
For instructions on how to set up an automated monthly withdrawal to your preferred payout destination, please review this help center article. Remember, all payout destinations must be owned by you (the Envato account owner). Also, all earnings balances higher than $500 for Swift, $50 for PayPal and $50 for Payoneer will be automatically paid out, so please carefully check that all of your payout destination details are correct.
Your questions and comments are welcome. We’ll be monitoring this thread for the next seven days responding to any questions not already answered. Please remember our community guidelines when you post.