FAQ: Boatsetter Owner Payout and Fees
Last Updated on February 3, 2022 by Boatsetter Team
Common Boatsetter owner payout and fee related questions and answers:
Q: How do I receive payment?
A: Payouts are processed via direct deposit to a checking or savings account of your preference! Payouts are typically processed 1-2 business days after a trip concludes and usually take another 24 hours to be verified by your bank. Please note that weekend trips may take 4-5 business days before you see the credit to your account.
For more information, visit our Support Article:
Q: How do I set up direct deposit?
A: To receive payouts by direct deposit you will need to complete 3 steps:
- From your owner dashboard, add your bank account information via payout preferences.
- From your owner dashboard, fill out the tax form via tax forms.
- Send a clear, color picture of your photo ID to Boatsetter support at contact@boatsetter.com. Validating your identity is required to receive payment.
For more information, visit our Support Article:
Q: What are the listing and insurance fees?
A: If you have your own commercial insurance policy boat owners can expect to receive 90% of the boat rental price. If you utilize our peer-to-peer insurance policy with GEICO, the payout is dependent on the insurance premium associated with the trip. Boat owners can expect to make between 65% and 80% of the boat rental price.
For more information, visit our Support Articles:
Q: How do I submit fuel reimbursement?
A: If you set your fuel fee setting to “Renter pays”, you can use our fuel reimbursement tool to request fuel funds directly from the renter. You can request reimbursement after the booking has concluded by selecting “Fuel reimbursement” on the respective booking in your bookings page.
- If it has been less than 2 days since the booking date, the booking and fuel reimbursement tool will be available in your bookings page, under ‘Approved bookings’, toward the bottom of the screen.
- If it has been more than 2 days, the booking will be found by filtering for ‘Concluded bookings’ on your bookings page.
- Note that fuel reimbursement via website is available on the same day and fuel reimbursement via app is available 2 days after the booking is complete.
Once selected, it will prompt you to upload either a receipt or your signed pre/post-booking inspection form providing the fuel reimbursement. You must enter the total cost of fuel in monetary format (ie. $75.00- If you enter $75, it will only charge $7.50). You will also be prompted to write a quick message that will go directly to the renter where you can explain the fuel charge if needed.
Once the fuel reimbursement request has been submitted, a support crew member will review it. If the fuel reimbursement is approved, you will be paid out in 1-3 days. If the request is denied, you will receive an email from Boatsetter explaining any additional information needed to approve the fuel reimbursement request. All payouts will deduct Stripe’s processing fee from the total amount. This current processing fee is 2.7% + $0.55 per charge.
For a step-by-step guide on how to submit fuel reimbursement via the Boatsetter Owner’s app, please watch:
Boatsetter Owner App: Fuel Reimbursement
For more information, visit our Support Articles:
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Our Owner FAQ hub will direct you to commonly asked questions and answers from our expert team. Should you have an additional support inquiry, our 24/7 team is available to assist you at contact@boatsetter.com.
