All Boatsetter payouts are completed via direct deposit, powered by Stripe. As a captain, the renter will pay Boatsetter and we will transfer the funds to your account. Your payout is determined based on the length of the vessel and the charter duration.
Setting up direct deposit
You must complete the following steps before you can receive your payout:
- Add your bank account information by clicking "Payout preferences" on your captain dashboard.
- Fill out the tax information by clicking "Tax forms" on your captain dashboard.
- Send a clear, color picture of your photo ID to Boatsetter Support at contact@boatsetter.com. Validating your identity is required by the IRS to receive payment.
Please note: Stripe does not accept PO Boxes as a valid form of address on the tax form. In order for your payout account to be fully verified, please provide a residential address.
The payout timeline
Payments are processed 2-3 business days after the booking concludes and will be deposited directly into the bank account you provide. Trips on weekends or holidays may take longer to process. You will be notified via email once your payout has been processed. Your bank may take up to 24 hours to review the payment before crediting your account.
Payout processing fees
All payouts will deduct Stripe’s processing fee from the total amount. Stripe deducts $0.15 for commission payouts. For post-booking fees (like fuel, gratuity, cleaning, and damages) the current processing fee is 3.0% + $0.15 per transaction.
Captain payout rates
Please note: The below payout rates are only for captained boats under our GEICO P2P insurance.
Boat Length: 0 - 29 feet
- 2 hours: $110
- 3 hours: $160
- 4 hours: $200
- 6 hours: $275
- 8 hours: $350
Boat Length: 30 - 49 feet
- 2 hours: $130
- 3 hours: $190
- 4 hours: $240
- 6 hours: $340
- 8 hours: $425
Boat Length: 50 feet+
- 2 hours: $200
- 3 hours: $285
- 4 hours: $350
- 6 hours: $495
- 8 hours: $650