What Are Third-Party Payouts & How to Track Them on Loop?
Third-party payouts are an essential part of Loop's Finances feature. As a store manager using Loop, you may have noticed payouts that come from third-party platforms like UberEats, DoorDash, GrubHub, etc. In this article, we will explain what third-party payouts are, how they work, and how you can track them on the Loop platform.
What are third-party payouts?
Third-party payouts are the payments made to restaurants by the third-party delivery platforms that they partner with. When a customer orders food from a restaurant through a third-party platform, the platform charges the customer and takes a commission for facilitating the transaction. The platform then pays the store its share of the revenue generated by the transaction.
How do third-party payouts work?
When a customer places an order on a third-party platform, the platform takes care of processing the payment and notifying the store about the order. The platform also takes a commission from the total revenue generated by the transaction. Once the order is fulfilled, the platform calculates the store's share of the revenue and issues a payout to the store.
How does Loop help track third-party payouts?
Loop allows store managers to track their third-party payouts from different platforms in one place. By connecting their third-party platform accounts to Loop, store managers can view a detailed breakdown of all their transactions, payouts, and commissions from each platform.
To view your third-party payouts on Loop, navigate to the Payouts tab and select the List of Payouts sub-tab. Here, you will see a list of all the payouts that you have received from each platform. You can filter this list by platform and date range to view your payouts more specifically.
It is worth noting that the payout amount listed on Loop may differ from the amount deposited into your bank account. This is because there may be some deductions made for chargebacks, refunds, or other transaction-related fees.
Third-party payouts are an important part of the restaurant business. By connecting your third-party accounts to Loop, you can easily track your payouts and ensure that you are always in the know about your finances. Now that you know what third-party payouts are and how to track them on Loop, you can make sure that your store is running efficiently and making the most of its resources.