Poshmark Series: How do I get paid?
A lot of you have been asking me lately about questions on selling items and wanting more information on money transactions.
I get it. You’ve been on the app a few weeks or so, and you’ve loved seeing all of the affordable clothes that you can click and purchase with the tap of your finger. I’m sure some of you have already purchased and even received some items in the mail!
So, how can you be the one making money now?
Well, although the process is fairly simple, listing your items does take a little work. I feel like many of you have this down though, because here is what you keep asking me:
How do I get paid?
When your buyer clicks the button that they received their order as described, the 80% gets released to you. If you click on My Balance (after your sales), it will show up as Redeemable for you. You can either spend it on Poshmark purchases, click one button to request a check or have it deposited directly into your bank account. The first time I had the money deposited into my bank account, the process took about a week. This is great, considering that my banking information had to be verified. I just requested my balance to be deposited again, so I will let you guys know how long it takes to post in my bank account this time.
*TIP: I recommend leaving some money in your Poshmark account. Why? Because if you have money in your account when you go to make a purchase, it uses your balance to make the purchase, and no sales tax is added. If you only have enough to cover part of the purchase, that’s okay. You will still only get charged tax on the part you are paying for. This might not sound like a big deal, but with 7% sales tax in Florida for example, for every $100 I spend through credits, I’m saving an additional $7. (Although you can’t choose to put a portion of the amount into your bank account and keep some in your Poshmark account, you can opt to do the deposit when another purchase is on the way out the door to a new buyer, making your available balance in Poshmark only $0 for a few days.)
You can find information on credits, balances and more under the Frequently Asked Questions in the app under Account.
Let us know your other questions, and we will make that our next blog topic.
Happy Poshmarking!
*Special thanks to Michelle (@miedame) for suggesting this topic!
** Check out the entire Poshmark Series here.
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