Advisor Payment

How do I collect the money I generate on PsychicCenter?
We deposit the amount generated during each call into your account. After that, you can either have the money electronically sent to your bank account via Direct Deposit.
Please note that transactions which occur between 11-12 PM PST may not be debited from your PsychicCenter account on the date the transaction began, even if that transaction ends before 12PM PST. It may be included in the following day's payout due to PsychicCenter's payment processing system.
For example: if a transaction began at 11:45PM on 1/13/18 and ended on that same date, or ran over and ended after 12:01AM on 1/14/18, the earnings for this transaction may not be included in the payout for 1/13/18. It may roll over to the next day (01/14/18). This applies to all transaction types, including chats and for all payment method types (express pay or semi-monthly direct deposit).
Using Direct Deposit
You must have a US bank account in order to receive payment for PsychicCenter. With a US bank account you can get your earnings electronically sent to your bank account two ways:
  • Semi-Monthly Direct Deposit -- Your earnings will be electronically sent to your bank account once a month.
  • Express Pay ™ -- Your earnings will be electronically sent to your bank account every business day, and you'll receive the funds in your bank account about a week after you earned them.
You may change your Direct Deposit preferences at any time. Each time your earnings are withdrawn, a debit will appear in your Transaction Details. Within 7 Business days, these will be credited to your bank account.
Semi-Monthly Direct Deposit
When you select Semi-Monthly Direct Deposit, we will debit your earnings on the 1st and 16th of each month and we'll electronically send your eligible earnings* to your bank within 7 business days after they are debited from your account. Your bank will then deposit these funds into your account (example calendar below).
To request Semi-Monthly Direct Deposit please select "Request Direct Deposit" from the right hand corner of the My Account page and follow the prompts. After the form has been submitted, we review your application for accuracy and to ensure we're able to provide Direct Deposit to you. This process typically takes about 10 business days (or two weeks).
Semi-Monthly Direct Deposit is provided at no additional charge.
Express Pay ™
When you select Express Pay, we'll deduct your earnings from your account on a daily basis (Monday through Friday, excluding Holidays). Each business day, we'll check to see what you had selected for Direct Deposit as of 11:30 pm PST the previous day: Semi-Monthly or Express Pay. If you've selected Express Pay, we'll send all your eligible earnings* to your bank account.
For example, on Monday morning we will debit all funds that are eligible to be paid. This would include all funds you earned until 11:30pm PST the previous day. We will then send these funds to your bank by Thursday. Funds debited from your account on Tuesday will be sent to your bank by Friday. This process is repeated every business day (example calendar below). Exactly when your funds will arrive in your bank account depends on your bank. It is our experience that you can typically expect to see your funds in your bank account 7 business days after they are debited from your account.
Electronic Payment Calendar
calendar
To request Express Pay please visit Payment Info from the My Account page and click the Request Direct Deposit link. Please complete the form and select the radio button next to Express Pay. After the form has been submitted, we review your application for accuracy and to ensure we're able to provide Direct Deposit to you. This process typically takes about 10 business days (or two weeks). You will see the first Express Pay deduction the first business day after your application is approved.
There is a 2% fee for this service, which will be deducted from your eligible earnings when the funds transfer is initiated.
1099-K Federal Tax Reporting
Reporting your Taxes
PsychicCenter, as third-party settlement organizations, are required by law to report total amount of annual gross transactions collected from customers on behalf of advisors on Form 1099-K for those who meet the following thresholds in a calendar year:
  • More than $20,000 in aggregate annual gross transactions (total amount collected from customers on behalf of advisors through PsychicCenter, unadjusted for any fees or commissions advisors may incur operating their personal advice businesses).
    AND
  • More than 200 paid transactions.
If you have multiple accounts on PsychicCenter, annual gross transactions of all accounts with the same Tax Identification Number (TIN), will be aggregated to determine if you meet the 200 transactions and $20,000 USD threshold. The total annual aggregate gross amount of transactions will be then reported on one Form 1099-K. Accounts with different TINs will be aggregated separately by TIN.
Non U.S. Taxpayers
IRS regulations require non U.S. taxpayers to provide Form W-8BEN to us in order to be exempt from U.S. tax reporting requirements. For non-US advisors, we will contact you separately to collect this information.
What will happen if I meet Form 1099-K thresholds but do not request payment?
PsychicCenter is required to comply with the IRS 1099-K tax regulations. We ask that all users of the advisor community provide accurate, updated tax information. If you do not request payment for your earnings and meet the 1099-K criteria, PsychicCenter may suspend access to your account until your TIN (usually a Social Security Number) is securely received and verified.
For more information, please visit 1099-K Federal Tax Reporting help page.