This article outlines all the details of how you get paid when you create plans for members to buy, how to access your reports, how transactions are defined, and how tax collection works. If you don't find answers here, please reach out to us directly by clicking 'Need Help?' at the bottom right corner of your Mighty Networks account.
Your Plan Payments
We want you to get paid and we do this via Stripe, our third-party payment processor. Stripe is accepted in 42 countries. We don’t support PayPal or other payment processors today but you can take payments using an external payment processor. To learn more, check out the article, "Can I Use an External Payment Tool with Mighty Networks?"
When you add your first Plan, you will be prompted to connect your Mighty Network to Stripe. For all purchases made on the web, you collect payment from your members directly via Stripe, where you can link up a bank account and transfer funds into that account. For purchases made through the Mighty Networks iOS app, Apple processes a bulk payment, which Mighty Networks then deposits directly into your Stripe account. Your payments from iOS purchases take about 8 to 12 weeks to process and are typically a month behind the current date (this is due to how Apple runs their payouts).
Your Income Reports
Your Income Reports capture how much you made from the Plans that you're selling within your Mighty Network. Each Income Report breaks out gross revenue by Plan, fees, and net revenue (after fees) for a specific date range. Income Reports also summarize past activity, including revenue received through Stripe. Income reports will show the currency that a network is settling in on Stripe, regardless of whether or not that currency is added to the network. To read more about selling in multiple currencies, check out this article.
To view your Income Reports, go to Network Settings > Plans and Payments > Income Reports.
Each Income Report represents a time period and summarizes the gross revenue by Plan, fees, taxes collected, net revenue (after fees), and any (if applicable) Apple payouts. Your first Income Report will be ready 8 to 12 weeks after you’ve set up your first active Plan. You should receive all other income reports in the middle of every month for the 8 weeks prior. This timeline is because of Apple's processing delay.
From the Income Report overview, you can click into any individual Plan to view a detailed report of that Plan. Definitions of the main sections are outlined below.
Please note that if you are a Mighty Pro Host and you are running payments within your Mighty Network, your Income Reports will not display Apple iOS fees. Instead, because you have your own branded iOS app in the App Store, you will see all of these details related to Apple fees within your App Store Connect account.
When a member purchases a Plan, there are transaction fees associated with that purchase. First is the Mighty Networks transaction fee, which varies according to the Plan that your Mighty Network is on. These fees are deducted directly from your Stripe account.
Stripe and most credit card companies also collect a small fee. With all purchases that members make via the web, Stripe deducts their transaction fees. These typically range between 2.5% and 5%. There are no Stripe fees for purchases made through the Mighty Networks iOS app. More details about using Stripe for your Mighty Network can be found here.
For purchases made through the Mighty Networks iOS app, all payments are processed using Apple In-App Purchases and these are managed via the App Store. When a member buys through iOS, Apple’s standard policy requires that they take a 15% transaction fee per each transaction. Mighty Networks does not charge a transaction fee for any iOS purchases. Also keep in mind that when you create a new Plan and set up pricing for that Plan, you always have the option to increase the price only on iOS, as a way to offset Apple's required fees.
As a Host using payment features on your Mighty Network, you are responsible for taxes on your Mighty Network, which may include taxes where you live as well as where your members are purchasing from. Our goal is to make every aspect of running a paid subscription or one-time payment as easy as possible on your Mighty Network, which is why we offer a third party tax integration for you to manage the process with the flexibility you need.
On web, the default setting for all member purchases is zero taxes collected, including any new purchases and all ongoing member subscriptions.
If you want to collect taxes for member purchases, you can set up Quaderno to customize your tax collection. This third party service integrates seamlessly with your Stripe account and your Mighty Networks purchase flows. To learn more about how to set up your taxes for member purchase with Quaderno, go here.
For any member purchases made on the iOS app, Apple collects and handles any taxes directly, including submitting to the appropriate tax authorities.