What is changing? We are shifting Pay Day from the last business day of a given month to the 3rd business day of the subsequent month.
For example if a month ends on a Wednesday (like it did in July), instead of getting paid on Wednesday, July 31, you would have received your payment on Monday July 5th.
When? This change is going to take effect with the September payment run. Instead of Monday, September 30, Pay Day will occur on Thursday, October 3. We realize that many of you have come to rely on this income to help pay bills, rent, etc. and have not taken the decision lightly.
Why? Lifter Pay Day is a day we look forward to every month, with a small internal celebration on Slack every time it happens!
Unfortunately, one of the downsides of scale as our subscriber and lifter counts grow is that it is proving to be a challenge to get everything lined up to run Pay Day on the last day of the month. This change will result in the following:
- No waiting to get money from new subscribers: Our sales team frequently sells new subscriptions near the end of the month, and the more sales we make, the more you get paid. This change will give us additional time to divide our new subscriptions into your payments.
- No waiting for new lifters: Lifters who join us at the very end of the month currently wait for the new month’s cycle.
- Payment in more currencies: Additional time will also allow us to support payments for you in more currencies, saving some of you a currency conversion fee. This past run we tested paying one of our Polish lifters in złoty’s instead of US Dollars. This enabled the lifter to benefit from a better exchange rate than what their local bank was offering. Access to better foreign exchange rates is one of the many benefits offered by our partnership with Hyperwallet and shifting Pay Day gives our Finance team more time to offer this more broadly.
What does the rest of the year look like under this new Pay Day schedule?
- October -> Tuesday, November 5
- November -> Friday, December 4 (edited, previously incorrectly read 3)
- December -> Monday, January 6