05-30-2013 06:39 PM - edited 05-30-2013 06:45 PM
I've seen a lot of complaints over time about the payment processing at B&N. Missed payments or payments not hitting accounts right when they should. Based on what I've seen posted in the forums, these issues have always been corrected. Though I have never had an issue here at B&N with payments I do understand it can be frustrating to those who have. We have it good here at B&N, here's why:
I have books on one of the competitors through their self-publishing portal (starts with a K). They have a $100 threshold for payments or twice a year payments. It may've formerly been $100 threshold and recently changed to twice a year, I cannot be sure but that is irrelevant to this. The majority of independent authors don't make thousands on their books. I'd venture to say they make under a few hundred in the course of a few months and in the case of someone with just one book which isn't widely marketed they probably make under $100 over a year. When the competitor's portal opened I filled in my info, including my bank info for ACH/EFT payments - as B&N (and others) use.
Yesterday I received an email to update my banking info as payments would be going out and in trying to update it their system didn't like the info. Odd, I use a major bank so that can't be the reason. After a couple of emails I am informed that they only will now pay authors via INTERNATIONAL WIRE TRANSFER. Check your bank's fees. To receive an international wire transfer you're typically going to pay between $15 and $30 for it. You have no other options. In my case that comes to a 25% hit. (Books don't sell a lot on this retailer and I don't market these books anymore). You have no other option for payment. They don't care, they said it's not them charging the fee it's the bank charging it which is a poor attempt to shift the blame for their poorly planned payment methods (or lack of).
So next time B&N upsets you for not paying on time just realize at least they're trying to get you all the money accrued in your account .. even if it might be a day or two late.
06-05-2013 03:19 AM
While I still hold to the topic that B&N has one of the better payment systems (on par with the great devil that starts with an A) there is an update to this that changes what I said before (not due to any error on my part):
So after more contact with Kobo (through the help desk) I got to the bottom of the issue.
The short version is that the woman they put in charge of contacting authors and publishers to update their payment information and who was giving me definitive answers that international wire is how they pay and the only way they pay, was wrong and had no clue what she was talking about. You would think at some point in our 25+ email conversation she would realize "hey, maybe I should double check to be sure this is right because this person seems REALLY surprised that we pay this way." Nope. She just continued on spouting wrong information as without considering that she could be wrong. 30 seconds of her verifying her facts would've solved this many days and many emails ago.
The help desk told me they pay via ACH so I explained the full situation and that I now had competing answers from their staff as to their payment method could they confirm when ACH is used and here is the response copied direct from the email:
We at kobo issue payment through ACH and wire transfer as well.
If you are in US and use USD, your payment will be issued through ACH.
So Kobo isn't as bad as I originally thought in regards to their payment methods but instead just employ people who don't know their jobs.
06-05-2013 09:11 AM
I must have missed something in your text. My non-fi came out in February. Sales were very low but that's my fault since I have't had time to set up a blog or anything. Yet, here it is 4 months later and my bank never received payment on those that did sell. Do you know how often Book Nook pays? Thanks
'Never Argue With An Insane Woman'
06-05-2013 04:17 PM
B&N pays 60 days after the end of a month when your sales break the $10 mark.
The posts above are referring to Kobo and why B&N's payment system is actually one of the better ones (though portions of it are irrelevent since Kobo corrected their misinformation). Kobo only pays once you break $100 OR twice a year for those under $100.