Payment Question and a request for Streamlined Accounting

Two part question here. Wondering if it’s possible to streamline the accounting aspect within Peerspace. And why can’t we get paid sooner?

Finding that with multiple back to back bookings it would nice if we can log into the site and see what has been paid and what is pending payment. I have to do a “Peerspace” search within my online bank account to make sure payment came thru and go back and forth instead of the ease of seeing it paid vs pending payment on Peerspace. I had one instance where payment didn’t come thru and I didn’t notice it for a few weeks. I had to follow up with Peerspace and they did a great job of promptly taking care of it. I just don’t have the time have to hunt it all down and if I didn’t I would have possibly missed getting paid for that booking.

In the past when we book with location companies we get paid on the day the filming takes place, so waiting the additional week after is a bummer and wondering why would it need to lag on with the pay out to hosts when guests have paid in full by the end of the shoot day?

This is on the site, a bit misleading…

“How do I get paid?
As soon as you accept a booking, your guest is charged in full through our payment provider Stripe. Hosts are automatically paid via direct deposit at the end of each booking.”

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Hey Jennifer! Thanks for posting your question here. I’m sure other hosts in our community share similar thoughts so super happy to tackle this answer for you:

  1. Streamlining the accounting aspect: We’re working on building out more robust accounting capabilities for hosts which will allow you to have more peace of mind when it comes to looking back at the bookings you’ve transacted on Peerspace (and all the related payments associated with them). Hopefully we’ll get to a place where you will have a centralized dashboard within your Peerspace account which will show the ‘real time’ status of your payouts. In the meantime, you can always search your email inbox for emails titled ‘your payout is on its way’ to check the status of specific payments for bookings.

  2. Why can’t we get paid sooner?: Payments are automatically sent to the bank account we have on file within 7 days from the start of the booking. The reason we have baked in a longer timeline for payouts (vs. paying you out immediately) is to account for disputes which may come in after the booking has taken place. For example, if a booking results in missed expectations and it is found that the host is indeed responsible for the complaints submitted by a guest, we don’t want to be in a situation where we need to ask for money from a host when we’ve already paid them out.

Re: the missed payment that you experienced - I’m so sorry about this particular scenario. All of our payments are engineered to be automatic—do you happen to know if this particular payment was associated with overtime or additional charges? Or were there other circumstances surrounding this particular payment that may have caused it to be taken out of our automatic payout flow?

Hi Spencer, thanks so much for the info. Looking forward to the new accounting plan!

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Hello All: I think the Peerspace website payment info should say for example: "Hosts are paid with 7 days, (two days after the booking ends) to accommodate any disputes. Or something that more accurately reflects the payment time/process to not raise any expectations.

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Can anyone tell me when or how long does it take to get the money after booking ?