Does it have to take well over a week to receive payment? I was an Air Bnb Superhost for 2 years and they were excellent at paying you after guests checked in like clockwork. Considering the stakes and pricing are higher, it seems fair to pay host at least a 2/3 days after guests have spent hours in your space.
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I agree, I rep many spaces and I often check in about when should I expect my payment? Another platform I use releases payment as soon as the job is over. Let’s see if any changes on Peerspace now with many changes going on.
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I’d be very surprised if they changed this. I’m sure it has something to do with their balance sheet, companies like this probably use mark to market accounting (what got Enron in trouble). The quicker they can get the money on their books, and the longer they can keep in on their books, makes it more desirable to potential buyers of the company, as they are more flush with cash at any one moment. Whenever you book something, you are IMMEDIATELY charged the full amount, and then the host gets paid roughly 10 days after a shoot, which is the slowest in the industry. It’s also why there are now both processing fees and service fees ???
There is a very shady company called Chapman Leonard here in LA that does something similar.
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All- Payouts are issued 3-5 business days after the event takes place. We wait before issuing the payout to allow for any final charges to be processed (such as overtime and damages). In addition, guests have 72 hours to report missed expectations after the event, which may impact the payout that is due.
I’m definitely open to suggestion here as we want to keep improving our host experience. That said, we don’t have any changes planned in this area right now.
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■■■■■■■■ pays out 1 day after shoots and they will charge OT and damages separately, as needed. Same as Airbnb and other rental platforms. Peerspace is definitely not on par with industry standards in this regard.
Hi @Therese_Jose_S, welcome to the community. To clarify, OT and damages are charged separately, but the 72 hour payout waiting period is to ensure there are no claims against the host for failure to provide agreed upon services. We are evaluating how we may evolve this policy in the future for hosts that have proven themselves to provide an exceptional, low risk experience for Peerspace who is serving as the payment provider in this case.
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@Eric and Company. I am new to your platform, and have owned my event space for almost 7 years. We receive payment immediately when booking our venue and have had no issues over 7 years. Of course your larger company sees more. I’m very frustrated to be booking and to see I will be providing a service and have to wait for payment. Owners should be paid immediately. You should not be having that money in your bank while all of your customers are not getting paid. This is not appropriate. We are small business. Another solution is in order.
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If you have enough bookings you really don’t even notice the payout timeline. What I would prefer is payment in bitcoin if possible. That would be awesome if that was an option.
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