SALES & PAYMENTS
When do I get paid?
Reporting for most online stores is loaded into your sales dashboard on a monthly basis, approximately 3-4 months after the date of the actual stream or sale. For example, if your song is streamed on Spotify in January, we will load that sale into your dashboard around the end of April or beginning of May. This is a common delay due the time it takes for music services to report the final accounting for each month (1-2 months after the close of the reporting month), plus the time it takes to complete invoicing and payment by those stores.
How do I get paid?
We have partnered with Transferwise for all payments where currencies are supported (For a list of supported currencies see here). Transferwise allows cost effective direct transfer to your real bank account with market leading exchange rates (the ‘real’ exchange rate). We hold currency in AUD (Australian Dollar), and you will see the exchange rate for your local currency in your dashboard (not including fees).
What are the fees?
Transferwise charges a small fee and commission per bank transfer. Orfeo’lab does not add any additional fees to those charged by Transferwise.
What is the minimum payment amount?
There is $10 AUD minimum payment amount to set up a withdrawal request.
What bank account details do I need?
For supported currencies, on your first withdrawal, you will be asked to enter your personal bank account details. This will be set to the country that you specified when you registered your account (to change your country please email support). Many countries have specific bank details that are required to set up your account, and these can differ from region to region. For example, most EUR accounts will require an IBAN code, whilst in Australia you will need a BSB and Account number. On subsequent withdrawals you will not need to enter your bank details again.
How do I submit a payment withdrawal?
When your bank details are submitted successfully you will be asked to enter your withdrawal amount and text reference, and you will be given a summary of the fees for the transaction. Click submit to confirm your transfer and it will process automatically. Payments will land in your bank account within 3-5 days, sometimes faster.
How long does it take for payments to be deposited to my account?
Please allow 3-5 days for the payment to be deposited into your account, sometimes faster. If you are concerned about the status of your payment, please contact the support.
Do you store bank account details?
No. When you submit your bank details these are registered directly with Transferwise. For security reasons we does not store any bank account details on its servers.
What happens if I am not asked for my bank account details, just a withdrawal amount?
This means that we do not currently support your currency for automatic payments via Transferwise. We will initiate a Transferwise email payment, and you will receive an email from Transferwise to set up your payment and enter your account details. In the event you require a currency that Transferwise does not yet support we will initiate a payment via Paypal.
Can I change my bank account details?
Yes, please contact us via the form in your artist dashboard and we can reset your bank account, so you will be asked to enter new bank details on your next withdrawal.
Do you support split payments to bank accounts?
No, not at this time. You can only register one bank account per profile. We are looking to add split payments in future updates.
What is the ‘History’ table on my payments dashboard?
When you submit a successful payment it will be logged in the ‘History’ table, showing a summary of your successful payment. All previously successful payments will be visible in your History table.
How is my ‘Available Balance’ calculated?
Your Available Balance is your total earnings (All Time), minus the sum of all your previous withdrawals (as shown in your ‘History’ table). Your Available Balance is also calculated AFTER your Orfeo’lab distribution commission.
How is the exchange rate calculated on the detailed reports?
Royalties are received in many different currencies from different online stores across the world. We convert this income into AUD using the bank rate at the time we receive the payments (we bank with NAB). For example, the USD exchange rate you see in the report is the one provided by NAB here at the time we receive payment.
I’m an Australian artist, do I need an ABN?
We recommend that Australian taxpayers have an ABN to receive payments. By Australian law, Australian account holders need to supply an ABN for any payments $75 or over. Applying for an ABN is quick and easy via the ABR website here.
What is GST, and do I need to be registered for GST?
GST stands for Goods & Services Tax, and applies to Australian artists only who have an ABN and are registered for GST. Not all Australian artists with an ABN need to be registered for GST (for more info click here). For all other artists and international artists the GST amount will always be $0.00.