How It Works
About Us
Merch
In The Press
Socials
Blog

Payouts Guide

Last Updated: 01/01/2024

GlassPass Payouts Guide

How do GlassPass Payouts Work?

The new GlassPass Automated Payout System makes payouts easier than ever. Now, you choose how & when you want your money sent to you. We’ve partnered with Dots to give you a wallet to store your payouts, a variety of methods to cash out with, and the option to have your payouts sent automatically to your bank account right when the transaction clears.

  • Payouts are ready immediately when the buyer confirms safe delivery (or upon shipment if you’re a Trusted Seller).
  • Choose from multiple new methods: Direct-to-Bank Transfers, Cashapp, other popular payment apps, a variety of gift cards, & more to come.
  • Withdrawal your funds whenever you choose! Powered by a fully automated system, payouts are sent faster & with less hassle!

View Payouts & Edit Information:

There are multiple ways to view your available payouts per transaction, your payout history, and to edit your payout information. These methods are within the app or available on Dots’ website. Here’s where you can view your payouts & edit your payout methods inside the app:

  • Order Screen: When the order is complete, a green button will appear towards the top of the order screen that says “View My Payout”. This will show you the payout amount for the transaction, including your current Dots wallet balance.
  • Account Settings: Within your GlassPass Account Settings, there’s a button near the top called “Manage Dots Account”. This will take you to your Dots Wallet Dashboard, which allows you to edit your payout methods, see your payout history, and set default methods and/or automatic payouts.
  • Seller Dashboard: On your Seller Dashboard, there is a button titled “Available Payouts” that displays the amount in your Dots Wallet that’s ready to be withdrawn.
  • Dots Website: Visit https://my.dots.dev/login to login to your Dots Wallet using your phone number. The website will show you all of your payout information and history.
  • (Coming Soon) GlassPass Credits connected to Dots Wallet: Currently, your GlassPass Credits and your Dots Wallet are 2 separate wallets. We are working on combining GP Credits with the Dots Wallet in the future. As of February 2024, Dots Wallet balance is only used for payouts, and GlassPass Credits are temporarily disabled.

Note: if you set a payment method to “Automatically cash out” then Dots will immediately send your payout to your selected method once it arrives in your Dots Wallet, meaning you don’t have to do anything!

GlassPass Payouts Process:

We use Dots as our primary payouts provider, making your payouts fully automatic once you get setup. Right when a payout is ready, it will be sent to your Dots Wallet. Once you connect a payment method of your choice you can allow Dots to automatically cash-out payouts, or you can withdraw when you choose. Below are some quick tips on how it works:

  • Verify your name & phone number when you sign up. Change it on the “Edit Profile” page.
  • Only 1 phone number can be used per account for payouts (for now)
  • View available payouts in the Seller Dashboard, or in each Order using “View My Payout”
  • Edit your payment methods in the Account Settings using “Manage Dots Payouts”
  • Connect a payment method of your choice. Set a default, and choose if you want GP payouts to be automatically cashed out of your Wallet when they arrive.
  • Cash Out your balance when you want, to any payment method you choose
  • When the payout is ready (after the buyer confirms safe arrival), you’ll receive a Push notification, a text message, and a “View my Payout” button will appear on the order screen.
  • Use https://my.dots.dev/login to check your payout dashboard with Dots

If your total sales on GlassPass are over $600 for the calendar year, you’ll automatically be prompted to enter your tax information to receive the payout. However, this limit is expected to be raised to $5,000 for 2024. For detailed info on taxes, read more in the FAQs below and our 1099k tax guide.

All data is stored securely, encrypted inside of our Banking Partner Dots’ sophisticated security system. GlassPass does not have any visibility into your personal banking data, and follows NIST’s best practices for data security. All banking information is encrypted and stored securely with Plaid, the most secure way to link a bank account.

Requirements

  • Real full name & phone number entered when prompted
  • Valid payment methods, with no typos or errors in your email or phone number
  • For RTP (Real Time Payments), additional verification is required
  • Tax Identification required for if total payouts are over $5,000 in one year, starting in 2024.

FAQs

Q: When would I need to submit my tax information?

A: For 2023, the IRS announced they would delay the $600 threshold for receiving a 1099, meaning only users with over $200,000 AND 200 transactions are required to file a 1099 for 2023. For 2024, the IRS announced they plan to make this threshold $5,000, but this has not happened yet. Therefore, due to the current laws in place, the legal threshold is currently $600. Read more here.

\ Q: Will I receive a 1099K for the 2023 tax year?

A: No. Only users who sold over $200,000 AND 200 sales will receive a 1099 for 2023 tax year. For the 2024 tax year, the IRS is expected to lower the tax threshold to $5,000 per calendar year, however it has not yet been confirmed.

\ Q: Is Dots the only option for payouts?

A: Currently, yes. Dots allows us to send payouts much faster & easier, with more options than we were able to offer before. Dots is constantly building and adding new features, so expect to see new payout methods and even faster speeds in the future!