Fans can now expedite withdrawals!
What does this mean?
Expedited withdrawals means that creators can receive their Throne Balance withdrawals faster, thanks to their fans! Fans will now have the option to increase the withdrawal speed when purchasing a cash gift or payout item for their favorite creators. When the creator withdraws the funds for the cash gift or payout item that withdrawal will be expedited!
Fans can decide to enable and purchase this option during checkout.
How does it work?
Here is an example to help explain:
If the creator has $110 total in their Throne Balance and $50 is eligible for expedited withdrawal in their Expedited Withdrawal Balance, this does not mean they have $160 overall to withdraw.
This means they have $110 to withdraw in total, of which only $50 is eligible for expedited withdrawal!
This means that when the creator hits "withdraw balance" there will be two withdrawals initiated:
•One for the $60 which will be the normal period of holding time before the funds arrive in the creator's Stripe account (transferred to their bank account 24-48 hours later).
•And one for the $50 which will be initiated ASAP!
In the above image, $110 is the total Throne Balance available. $50 is the total Expedited Withdrawal Balance available. $60 will be normal speed, $50 will be expedited.
To explain further, if the creator had $60 in their Throne balance already and a fan then purchases a cash gift for $50–and pays for an Expedited Transfer with that cash gift–this does not mean that the creator has $110 in total for an expedited withdrawal.
Once again, after the creator selects "withdraw balance" there will be one withdrawal for $60 with normal processing speed, and another withdrawal for $50 with expedited speed!
Why do fans need to pay?
We hold withdrawals to protect creators against disputes and chargebacks. Due to expedited withdrawals not being held for the normal wait period, we will need to hand verify all expedited payments which will cause more staff overhead and thus more cost.
Additionally, faster withdrawals in our payment processor, Stripe, do cost money for some countries.
This feature is currently only available for select creators.
Creators can pre-qualify for this feature based on different factors such as time on the platform, dispute history, etc. To be fully qualified a creator's account is reviewed by our risk team.
If you have any questions, please reach out to our Support team!