Payouts to your bank
How often your money leaves for your bank account, how to track each payout, and what to do if one stops.
What a payout is
When your customer pays by card, bank transfer (SPEI or with a reference), or bank debit, the payment first lands in the balance of your payments account, in your business’s name. A payout is the transfer of that balance to your bank account. Cord doesn’t hold the money or move it through an account of its own: you choose the pace and Cord shows you every movement.
Mercado Pago payments don’t go through here: they land in your Mercado Pago account and you withdraw them from there. Manual transfers don’t either, because the money is already in your bank.
Requirements
| Requirement | Detail |
|---|---|
| Plan | All plans. |
| Country | Mexico, United States, Canada, Spain, United Kingdom, Germany, and France (where Cord Payments operates). |
| Account | A verified payments account with status Active. |
| Permission to configure | Payment settings, to change the frequency or the payout account. |
| Permission to view | Collections, to see the history in Revenue › Payments. |
| Currency | Payouts arrive in the currency of your payments account’s country: MXN in Mexico, USD in the United States, CAD in Canada, EUR in Spain, Germany, and France, GBP in the United Kingdom. |
Choose your payout frequency
- Open Settings › Payments › Payouts. The Payout frequency section appears once your account is active.
- Under Frequency, choose Daily, Weekly, Monthly, or Manual.
- If you chose Weekly, pick the day of the week (Monday to Friday). If you chose Monthly, pick the day of the month, from 1 to 28.
- Click Save changes in that same section. Cord asks you to confirm your identity with your password or your two-step verification code: deciding how fast your money leaves is as sensitive as changing where it goes.
- You’ll see Payout frequency updated. What gets saved is what your payments account confirmed, not just what you picked.
Which option fits
| Frequency | When the money leaves | Use it if |
|---|---|---|
| Daily | Every business day, whatever is available goes out. | You need constant liquidity. You pay each transfer’s fixed cost more often. |
| Weekly | Once a week, on the day you choose. | You reconcile weekly or pay suppliers on a fixed day. |
| Monthly | Once a month, on the day you choose. | You prefer to pool the money and reconcile once. The money stays away from your bank longer. |
| Manual | It doesn’t leave automatically. | Read the warning below before choosing it. |
The day of the month is capped at 28
Days 29, 30, and 31 don’t exist in every month: a payout scheduled for the 31st would silently skip February. That’s why Cord only accepts 1 through 28.
Manual: the money stays in your balance
With Manual, payments pile up in your payments account balance and are not sent to your bank on their own. Today Cord has no button to request a one-off payout from the app. If you choose Manual and need to release the money, switch to Daily, Weekly, or Monthly, or write to us.
Payout statuses
Each payout appears in the Deposits widget of Revenue › Payments with its amount, currency, arrival date, and one of these statuses:
| Status | What it means |
|---|---|
| Scheduled | The payout was created and is waiting its turn. |
| In transit | It left for your bank and arrival isn’t confirmed yet. |
| Deposited | Your bank received it. Final status. |
| Failed | The bank rejected it (for example, the account no longer exists or the holder doesn’t match). Final status. |
| Canceled | It was canceled before leaving. Final status. |
A final status never goes backwards: if a late notice arrives after a payout is Deposited, Cord doesn’t move it back to In transit.
In Settings › Payments › Payouts, the Balance and next payout section shows what’s Available, what’s Processing, the Next payout with its arrival date, and your last five payouts with their status. See payout history takes you to Revenue › Payments.
History
Cord stores every payout as its status changes. The history loads with the page, survives changes of frequency or account, and helps you reconcile against your bank statement: look for the same amount and arrival date.
Today Cord doesn’t show which payments make up each payout. To match a payout to its payments, use the date and amount, plus the Recent payments table on the same dashboard.
Payout events
If you use the API or Workflows, Cord emits two events:
- A payout is paid to your bank (
payout.paid): with amount, currency, arrival date, and method. - A payout fails (
payout.failed): also includes the failure reason.
Use them to alert finance in Slack or record the payout in your accounting. See Workflow triggers and webhooks.
Your payout account
The account is registered in the Bank account step when you connect your account and uses your business country’s banking format. Cord checks the format before sending it, so a mistyped digit is flagged by Cord instead of a bank rejection days later.
| Country | What you enter | What Cord checks |
|---|---|---|
| Mexico | CLABE (18 digits) | Length and check digit. |
| Spain, Germany, and France | IBAN | Structure and check digits (mod 97). |
| United States | Routing number (ABA, 9 digits) and account number (4 to 17 digits) | Length and the routing number’s check digit. |
| United Kingdom | Sort code (6 digits) and account number (8 digits) | Length and format. The sort code has no check digit. |
| Canada | Transit number (5 digits), institution number (3 digits), and account number (5 to 12 digits) | Length and format. |
Besides the number, you enter the account holder name. The account must be in the name of the business or its legal representative.
Change your payout account
- Open Settings › Payments › Payouts with the Payment settings permission.
- In the Bank account section, click Change next to the account (or Edit bank account if you haven’t registered one yet).
- Enter the full new account and the holder name. For security, Cord never shows the previous account again, only its last four digits.
- Confirm your identity when Cord asks.
- The next payouts go to the new account. The Bank account section shows the bank and the last four digits.
The payout account is stored encrypted. Every change is recorded in your organization’s audit log.
Paused payouts
If the frequency section says Payouts are paused until verification completes, Settings › Payments › Account shows Payouts: Paused, or the Account status widget shows Payouts: Inactive, your payments account may still have pending requirements. Meanwhile, payments keep accumulating in your balance but don’t leave for your bank.
The usual causes:
- A pending or overdue verification requirement, such as an unreadable photo, an expired document, or an unverified person. The Account status widget shows how many requirements are missing and their deadline; Manage takes you straight to them.
- A rejected payout account, for example a closed account or one in someone else’s name. Register a valid account.
- A review of the payments account. If the widget says your account is temporarily paused, review the requirements to reactivate it.
Once you complete what’s pending, payouts resume at the frequency you had.
Limits
- Frequency and account can only be configured when the payments account is Active, and only in the seven Cord Payments countries.
- The weekly day ranges from Monday to Friday; the monthly day from 1 to 28.
- No instant or on-demand payouts from Cord.
- No breakdown of which payments each payout contains.
- The country and currency of the payments account can’t be changed after it’s created.
Common problems
I don’t see the frequency section. Your account isn’t Active yet, your country doesn’t have Cord Payments, or you don’t have the Payment settings permission.
I saved the frequency and it asked for my password again. Identity confirmation lasts a few minutes. If more time passed, Cord asks again.
A payout shows Failed. Check that the account is still open and in the correct holder’s name. If it changed, register it again. If the account is correct, write to us with the payout’s date and amount.
My balance grows but nothing reaches my bank. Check whether you chose Manual or whether payouts are paused for verification.
The payout amount doesn’t match what I collected. Payouts are net: they already deduct fees, refunds, and amounts held by disputes. Check the Where every peso goes widget on the payments dashboard.