How is the amount in my Lounges wallet calculated? What can I see in my wallet? How do I make a withdrawal?
Checking my wallet balance
The revenue you generate goes into your Lounge wallet. You can access it by:
- Going to "My Dashboard" in the navigation menu near your display name on the top right corner of the main page.
- Then selecting the "Wallet" tab.
You can now see the details of all your earnings and transactions (withdrawals, refunds etc).
Event transaction breakdown
You may also find the details of the transactions for a specific event. In order to see an event statement, follow this path:
- From your dashboard, select the "My Live Events" tab
- Find the event you want to check out in the "Previous Lounges" section
- Click on the "More" button on the right
- Scroll down to find the "Breakdown" section. You will see the display name of each viewer who attended your show as well as their stream activity (reactions, tips, etc)
Make a withdrawal
- You will see a "Withdraw Funds" button to the right of your wallet balance. Click on it to start the withdrawal process.
- The platform will ask you to input the bank details where you want your money transferred.
- Select how much you want to withdraw.
You don't have to withdraw the entirety of your wallet's balance but each withdrawal as to have a minimum amount of £10. If you don't have enough in your wallet, you will have to wait until you've generate more revenue to complete it. - Once we've received your request, we'll process your withdrawal.
Lounges is proud to promise fast payment, within 24hours of your event. However, in the case of your first withdrawal, payment might take up to 7 days as we have security checks in place to prevent fraud and money laundering.
Why 24hours?
Our revenue model was created to empower creators in industries that make it very hard to earn a decent income and in a timely manner. This is why we are committed to pay 80% of all the revenue you generate within 24hours of your stream ending or on-demand content purchased (provided your balance is sufficient).
This is to allow our platform to reconcile all ticket sales and tips earned during the event in order to calculate the amount owed to you.
After your event, you will promptly receive an email containing a detailed breakdown of your earnings from the stream; the revenue figure will have already been adjusted to exclude any service charges, VAT, and license fees. After the 24hours, this amount will be visible and accessible for withdrawal in your account wallet.
Editing my bank details
Adding or editing your bank details is easy and can be managed on the wallet page
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When making your first withdrawal you can add your banking details
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When making a new withdrawal you have the choice to edit your payment details, if you want the money to go to a separate account
What currency is accepted on Lounges?
Please note that our platform currently operates in Pounds Sterlings (GBP) only.
If you are from outside the UK and are unsure what this mean for you, please contact your bank to know about their policy on receiving foreign funds.
Withdrawal on app
Please note that purchases and withdrawals have to be made via mobile or laptop web. This is due to the commission percentage that Apple charges for in-app purchases, which wouldn't allow us to promise 80% of the earnings to artists.
From the app, you will find the "Wallet" section from the "Account" tab on the bottom of the screen. The app will take you automatically to the web version where you will be able to see all your account details and request a withdrawal as shown above?
If you are still encountering issues or would like to leave any feedback on this article, feel free to get in touch.