Boatsetter pays boat owners via direct deposit. We validate the boat owner's identity in order to fulfill a requirement set forth by the IRS.
There are four easy steps to setting up your payment account:
1. Finish setting up your account, by adding your birthday, first and last name, and phone number.
2. Add your bank account information, in your payout preferences.
3. Fill out the tax form.
4. Send a picture of your photo ID to Boatsetter Support at firstname.lastname@example.org. This is required to receive payment.
The Payout Process:
Payments are processed 2-3 business days after the end of the rental period and will be deposited directly into the bank account you provide. Weekend or holiday trips may take another business day to process. When we release a payout, you will receive an automated email confirming that the payout was successful. Once the transfer is released, your bank normally takes 24 hours to review the payment before crediting the account.
How to Add a Bank Account:
Once logged in to your account, in the upper right corner click Account > Payout Preferences > Add Account (pictured below).
From there, you will be prompted to include the name on the account, the account type (checking or savings), account number, routing number, your billing address for all payment-related communications and birthday. Once you have entered all the above information, click “Save” in the bottom right corner. You can edit your bank account settings anytime.