How to payout
Last updated September 24, 2025
Hotplate is switching to Stripe for payouts! We are making this transition for compliance requirements and to provide you a more reliable and secure payout experience. Stripe also offers two great features: instant and partial payouts.
Get set up as soon as possible. After October 1st, you'll no longer be able to payout through our old provider.
Here, we’ll walk you through how to get set up with Stripe and how payouts work.
Set up with Stripe
This only takes a few minutes.
- Go to your payout tab and click Get started with Stripe
- You’ll be asked whether you have an EIN
If you have an EIN, you’ll then be asked to enter your business details.
⚠️ Make sure your Legal Business Name and your EIN are entered exactly as they appear on IRS-issued documents.
Stripe may ask you to upload documents in order to verify the details you entered.
If you don’t have an EIN, verify your personal details.
⚠️ Make sure your name appears exactly as it is recorded with government agencies. If not, click Edit.
Once you finish setting up with Stripe, we will payout any remaining balance you have in Hotplate to your current default bank account via Routable.
We recommend setting up Stripe when you do not have a live event. If you switch while an event is live, we may need to send more than one Routable payout.
Link your bank account
Once Stripe has verified your information, it’s time to link your bank account so you can get paid!
Search for your bank.
Proceed by logging in and connecting your account
If you can’t find your bank, click the option to manually enter details. Stripe will ask for your Routing and Account number.
How do payouts work with Stripe?
Standard Payouts
With Stripe, payments take 2 business days to process while your customers’ card charges settle. After processing, the money will move to "Ready to withdraw" and you can initiate a standard payout, which typically arrives on the same business day. There is no fee to initiate a standard payout.
Processing Time (2 business days)
- When you receive a transaction, Stripe requires 2 full business days to process it before it becomes available for a standard payout.
- Example:
- A transaction on Monday → available for payout on Wednesday.
- A transaction on Saturday → begins processing Monday, available for payout on Tuesday.
- To bypass processing times, you can initiate an instant payout.
Payout Timing
- Once your funds are available and you choose to pay out, Stripe typically sends the money the same business day.
- 5pm cutoff time:
- If you initiate a payout before 5pm (local time), you’ll usually receive it that same business day.
- If you initiate a payout after 5pm, it may not arrive until the next business day.
Instant Payouts
If your bank supports instant transfers, you can request an Instant Payout any day or time, including weekends and holidays, and funds typically arrive in the associated bank account within 30 minutes.
Stripe charges a 1.5% fee for an instant payout. It is capped at $50, with a minimum of $1. You will see this fee when you select instant.
Please note, some bank accounts may not support instant transfers. If yours does not, you won’t be able to select Instant.
FAQs
Why is my payout balance negative?
- If you recently issued refunds and the amount you refunded is more than what you started with, your 'ready to withdraw' balance will go negative.
- Or, you may have taken a Cash, Venmo, or Zelle order. Since these are paid to you directly, the Hotplate fee is collected from your payout balance.
As always, if you have any questions, reach out to us at support@hotplate.com !