How invoices, payments and payouts work

TABLE OF CONTENTS

• Invoicing
• Payments
• Payouts
• Stripe requirements

Overview

If you are using the Spacewise platform to close deals and handle payments, you can take advantage of our invoicing feature which automatically generates invoices for each transaction. However, it's important to note that you will need to configure the taxes and fees applicable to your business in the platform to ensure accurate invoicing. Spacewise can easily set up any taxes and fees for you. For example, if you are leasing a property in a jurisdiction that imposes a sales tax, the appropriate tax rate can be automatically added to the invoices generated.

Invoicing & Taxes

The Spacewise platform streamlines your invoicing process by automatically generating invoices. Including calculating applicable taxes. Invoices are sent automatically as PDFs to tenants, and can be exported as PDF or CSV through the Spacewise suit. Spacewise can set up regional or local taxes based on your requirements. 

Payments

How payments work on Spacewise

For payment handling we work with Stripe, except in Switzerland we work with Datatrans. This ensures that payments are secure and protected. When a payment is made through the platform, it is preauthorized and held in an escrow account until the deal is confirmed. Once confirmed, the funds are released to the property owner or manager based on the payout schedule agreed.

Optional: Invoice tenants directly

If requested, offline invoicing can be set up as a payment option for tenants in addition to existing online payment options. Once set up, it is possible to organize tenants in to groups and give them permissions to pay by invoice. If offline invoices are set up, it is the responsibility of the landlord to ensure that payments are carried out. Spacewise does not take responsibility for collecting payments. 

Invoice identifier

If offline invoices are enabled, does the organization have any unique identifiers that need to be incorporated? E.g. customer ID or tenant ID. If so, a custom attribute field can be set up so that users can add unique identifiers in the tenants page.  

Can payments by bank transfer be set up? (currently only available in Switzerland)

Payments via bank transfer can only be set up inside Switzerland. This option allows tenants to pay by transfer. Once enabled, an organization can determine which tenants are allowed to pay with this method by using tenants groups.

Payouts

Payout schedule

Spacewise facilitates automatic payouts to the organization. These can be set up in different ways depending on what works best for the organization and their processes. Usually, payouts are set up on a monthly or quarterly basis. 

More information about service agreements.

Payout methods

It is possible to set up several different payout methods at a time. It is vital that payout information is kept up to date at all times to avoid the risk of missing payments. This can be done from the Spacewise dashboard under Settings>Payout Methods.

Know-your-customers (KYC) requirements

To ensure the payments are handled correctly, out payment provider Stripe requires Know You Customer (KYC) information about a representative of the organization. Without this information, Stripe can not distribute payments to the organization.

To set up Stripe the following information is needed from the person representing the organization:

• First and last name
• Email address 
• Telephone number
• Date of birth
• Job title 
• Address of the company representative

More information about administrative setup.

Refunds

Refunds are handled differently depending on the cancelation policy defined by the organization. When a tenant cancels a booking, they will receive a refund based on the cancelation policy. However, a 4% cancelation fee is charged first before the refund is calculated. In any circumstance where the organization cancels, they must pay the 4% cancelation fee. If a booking is cancelled by Spacewise, neither the tenant nor the organization pays the 4% fee. 

More information about refunds.