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Payment Collection Overview
Updated over 2 months ago

Before we start

  • To learn the status of your payment → please check out Invoice Statuses & Tracker

  • To learn how to add a payment collection account → please check out Adding Your First Payment Collection Account

How does payment collection work?

  • First, your client's payment reaches Ruul's bank accounts.

  • Then, Ruul issues your payout within 1 business day.

  • Depending on the banks' transfer times, the payout may take a few business days to reach your account. This is especially true for SWIFT transfers.

Requirements to collect your payment

The invoice must eligible

  • Only digital services can be invoiced via Ruul. The following types of services are not suitable:

    • Services involving physical assets

    • Expenses

    • Salary payments

    • Copyrights

    • Product sales

  • You cannot invoice yourself.

  • The invoice description must be in English. Descriptions in other languages can be included next to the English description in parentheses.

  • Turkish companies are exempt from this rule. If your client’s company is registered in Türkiye, the invoice description must be in Turkish.

If the invoice does not comply with these requirements, our compliance team will contact you.

You must have completed ID verification (KYC)

To ensure the payment is sent to the right person, ID verification is required.

If you haven't verified your ID yet → you can check out Verifying Your ID (KYC)

You must have a payment collection account

To receive payments, you need to add a bank account, Binance, or Cenoa wallet for us to send you the payment.

If your client's payment arrives but you don't have a collection account, our customer success team will contact you. If a payment collection account is not added within 8 weeks, the payment will be refunded to your client.

If you haven't added a payment collection account yet → you can check out Adding Your First Payment Collection Account

Average payout times

Once your client's payment reaches our accounts, we issue your payout within 1 business day. However, depending on the type of transfer, it may take some time to reach your account.

💱 SWIFT

3-4 business days

Payments to non-local currency accounts are categorized as SWIFT transfers. Several partner banks are involved in a swift transfer, and it might take 3-4 business days for the funds to arrive at your account.

🇪🇺 SEPA

1-2 business days

  • Payments within the SEPA zone are generally expected to arrive within 1 business day.

  • However, due to the variable cut-off times of involved partner banks, the estimated arrival time might extend to 2 business days.

🇬🇧 United Kingdom (UK)

1-2 business days

  • Payments within the UK are generally expected to arrive within 1 business day.

  • However, due to the variable cut-off times of involved partner banks, the estimated arrival time might extend to 2 business days.

💎 Crypto currencies

1-2 business days

  • You can expect to receive your crypto payout in 1 business day after your transfer has started.

  • However, due to the variable cut-off times of involved partner banks, the estimated arrival time might extend to 2 business days.

🇹🇷 Türkiye (in TRY)

1 business day

  • Once your payment is initiated, it will take 1 business day to reach your account.

  • Payments initiated after 4:00 PM may arrive the next day due to the payment systems' processing cut-off times.

↩️ Refunds

2-4 weeks

  • While a SWIFT transfer takes a maximum of 4 business days, the refund of the same payment can take 2 to 8 weeks to reach the recipient.

  • This process is managed by the partner banks involved in the transfer, and we have no direct control over it.

  • The only option is to monitor and follow up regularly, as intervention is not possible.

What about taxes?

Sales tax

If your client's company is registered in a country where sales tax applies, it will be automatically added to the invoice.

Example: Companies registered in Türkiye need to pay 20% VAT, which is automatically added to the invoice amount.

Income tax

Every citizen is responsible for declaring all income earned, regardless of where it is earned, in their home country. Payments made to freelancers through Ruul are considered freelance or self-employment income. It is recommended to consult an accounting expert for assistance with taxation.

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