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Configuring Local Payout Settings to Receive Funds in 4Geeks

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Efficient cash flow management is the backbone of any successful business. When using 4Geeks Payments to collect revenue from customers, ensuring those funds reach your business bank account promptly is critical.

This guide explains how to configure your payout settings within the 4Geeks Console to receive funds directly into your local bank account. By setting up accurate payout methods and schedules, you ensure a seamless transfer of your settled revenue.

Prerequisites

Before configuring your payout settings, please ensure you meet the following requirements:

  • Active Admin Account: You must have administrative access to the 4Geeks Console.
  • Verified Business Profile: Your business identity (KYC/KYB) must be fully verified within the platform to enable fund withdrawals.
  • Banking Details: Have your local bank account details ready, including the Bank Name, Account Number (IBAN or local equivalent), and SWIFT/BIC code if applicable.
  • Active Payments Module: Ensure you are actively using 4Geeks Payments or 4Geeks Payroll (if receiving contractor payouts).

Step-by-Step Instructions

Follow these steps to link your local bank account and define how you receive your funds.

Step 1: Access Payout Settings

  1. Log in to your dashboard at the 4Geeks Console.
  2. In the main navigation menu, locate the Finance or Payments section.
  3. Select Settings and click on the Payout Methods tab.

Step 2: Add a Local Bank Account

To receive funds locally, you must provide the destination account details where 4Geeks will transfer your balance.

  1. Click the + Add Payout Method button.
  2. Select Local Bank Transfer from the list of available methods.
  3. Fill in the required banking fields carefully:
    • Account Holder Name: This must match the legal business name or the verified individual’s name on your 4Geeks account.
    • Bank Name: Select your bank from the dropdown or enter it manually.
    • Account Number: Enter your local account number (e.g., IBAN for Europe/CR, or Account Number for US).
    • Currency: Select the currency in which your bank account is denominated (e.g., USD, CRC, EUR).
  4. Click Save & Verify. The system may send a micro-deposit or require an OTP code to verify ownership of the account.

Step 3: Configure Payout Schedule

Once your bank account is added, you can determine how often 4Geeks Payments sends funds to you.

  1. Navigate to the Payout Schedule section on the same settings page.
  2. Choose your preferred frequency:
    • Daily: Funds are paid out every business day (subject to settlement delays).
    • Weekly: Funds are accumulated and paid out on a specific day (e.g., every Monday).
    • Monthly: Funds are paid out on the first business day of the month.
    • Manual: Funds remain in your 4Geeks balance until you manually request a payout.
  3. Click Update Schedule to apply your changes.

Step 4: Set Default Payout Method

If you have added multiple bank accounts (e.g., one for USD and one for local currency), you must specify which one receives automatic payouts.

  1. In the Payout Methods list, locate the bank account you just added.
  2. Click the three dots (…) menu next to the account.
  3. Select Set as Default. A tag labeled “Default” will appear next to the account, indicating it will be used for all scheduled transfers.

Common Use Cases

Scenario 1: Retail Business Managing Cash Flow

A retail store using 4Geeks Payments to process credit card transactions needs steady cash flow to restock inventory. * Configuration: The owner sets up a Weekly payout schedule to their local bank account. * Result: Every Monday, the sales revenue from the previous week is automatically transferred, allowing the owner to pay suppliers on Tuesday without manual intervention.

Scenario 2: Contractor Receiving Salary

A remote contractor working for a US company receives their salary via 4Geeks Payroll. * Configuration: The contractor adds their local savings account in Costa Rica to the console. * Result: When the employer releases the payroll, the funds are routed directly to the contractor’s local account, converting currency automatically if necessary, providing a seamless “getting paid” experience.

Troubleshooting

Issue 1: Payout Status remains “Pending”

  • Cause: Bank processing times vary. Local transfers can take 1-3 business days depending on the country and banking network (e.g., ACH, SEPA, SINPE).
  • Solution: Wait for the standard processing window to pass. If it exceeds 3 business days, verify that your bank details are correct and contact 4Geeks support.

Issue 2: Payout Failed

  • Cause: Incorrect account numbers or mismatched account holder names are the most common causes. Banks will reject transfers if the name on the transfer does not match the name on the bank account.
  • Solution: Go to Payout Methods, edit the bank details to ensure they match your bank statement exactly, and re-initiate the payout manually.

Issue 3: Received Amount is Lower than Expected

  • Cause: Currency conversion fees or intermediary bank fees may apply if your receiving account currency differs from your settlement currency.
  • Solution: Check the transaction details in the 4Geeks Console for a breakdown of fees. To avoid conversion fees, try to match the payout currency with your bank account currency (e.g., send USD to a USD account).

Conclusion

Configuring your payout settings correctly is a “set it and forget it” task that ensures the financial health of your operations. By ensuring your local bank details are accurate and your schedule fits your needs, you can focus on growing your business while 4Geeks Payments handles the logistics of moving your money.

For further assistance, please visit the 4Geeks Help Center or contact our support team.