Selling your language teaching materials on PrepYourLesson is a great way to build a passive income stream as a language tutor. In this blog post we discuss everything you need to know about the financial part of selling - especially, receiving payouts for your successful sales.
So let’s jump into the main things you need to know!
1. There are no subscription fees to start selling at PrepYourLesson. If you are a registered user then you are ready to sell! You don’t even need to connect your bank account until you receive your first payout from PrepYourLesson at which point we will send you instructions on how to set up your account for payouts. But if you really want to know about it now - jump straight to item 4 below!
2. Transaction fees per order: $0.35. Commission fees: 10%. On each successful order there are two types of fees that we collect: transaction fees and commission fees. Transaction fees are charged for each order (not product) and are $0.35. Commission fees are 10% of the order total. For example, if you sell three products totalling $10 you will pay $0.35 in transaction fees and $1 in commission fees. Your payout in this case will be $8.65. The fee is subtracted automatically at the time of the purchase and your share is deposited on your PrepYourLesson balance.
3. Balance is paid out monthly or per your request. Your balance is paid out to you monthly on the first day of the month via Wise. We partnered with Wise as they allow us to pay tutors in many countries in their local currency and provide additional security for financial information.
You can always view your current balance under My Earnings on your profile page. You can also request a payout once your balance is larger than $1. Please allow us 24-48 hours to process your request.
4. Payouts are done via Wise. To receive your payout you need to register with Wise and provide them with your bank account which takes less than 5 minutes. You can do so at any time even before receiving a payout. Otherwise, you will receive instructions from them how to register and connect a bank account the first time we issue you a payout.
NOTE: Sellers outside of the US that wish to receive a payout in Ukrainian hryvnia (UAH), United States dollar (USD), Chinese yan (CNY), and a few select other currencies may need to provide additional information due to Wise requirements on transfers involving these currencies. In such case, our customer support will contact you for details.
5. You can choose the currency of your payouts in Account Settings. Make sure that it matches the currency of the bank account that you provided in Wise - otherwise, you may incur additional fees!
However, if your desired payout currency is not supported or you would like to see additional payout options please drop us a line at team@PrepYourLesson.com. We would love to hear from you!