This article outlines all the details of how you get paid when you create plans for members to buy, how to access your reports, and how transactions are defined. If you don't find answers here, please reach out to us directly via Host Help within your Mighty Network, or by sending a note to our support team.
Your Plan Payments
We want you to get paid and we do this via Stripe, our third party payment processor. Stripe is accepted in 34 countries with another 10 on the way. Unfortunately, we don’t support PayPal or other payment processors today.
When you add your first plan, you will be prompted to connect your Mighty Network to Stripe. For all purchases made on the web or via the Mighty Networks Android app, you collect payment from your members directly via Stripe, where you can link up a bank account and transfer funds into that account. For purchased 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 eight 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 and from Apple iOS app purchases (with Apple’s payouts typically coming a few months after they are generated).
To view your Income Reports, go to Network Settings > Get Paid > Income Reports.
Each Income Report represents a time period, and summarizes the gross revenue by plan, fees, taxes collected, net revenue (after fees), and Apple payouts. Your first Income Report will be ready 8 to 12 weeks after you’ve set up your first active plan. This wait time is due to the fact that it will need to include Apple's first payout to you. In the future, we’ll breakout Apple from Stripe payouts via other channels and get this Income Report to you sooner.
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.
Sample Income Report Overview
Here's a preview of what the Income Reports overview will look like once you have at least one plan that has been live for at least 8 to 12 weeks:
Sample Income Report for an Individual Plan
Here's a preview of what the Income Report will look like for an individual plan:
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 made via the web and the Mighty Networks Android app, 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 iTunes. When a member buys through iOS, Apple’s standard policy requires that they take a 30% transaction fee per each transaction. If you're selling a subscription plan (with monthly and/or annual options), the fee goes down to 15% after the first year and thereafter. 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.
Depending on where a member lives, there may be an additional tax added on in addition to the price you set for a plan.
For iOS purchases, Apple handles any taxes directly, including submitting to the appropriate tax authorities. For plans purchased on the web and via the Mighty Networks Android app, taxes are calculated and withheld based on a member’s location. You'll be able to see all taxes withheld in your Stripe account. You can view the percentage and amount an individual member has paid in taxes for each purchase, add a VAT or other tax number to a member’s account for a business-to-business sale, and change a member’s tax status if needed.
After payments are deposited in your Stripe account, you're responsible for handling taxes and accounting tasks associated with the income you've earned. As a result, we encourage you to make sure you have business or tax advisors on hand who can answer your financial questions and give you counsel on how to handle taxes and other accounting issues related to the revenue you're earning from your Mighty Network. Unfortunately, our team here at Mighty Networks is not able to directly provide counsel on how to handle taxes and accounting.
Value-Added Tax (VAT)
The European Union Value-Added Tax, or EU VAT, is a tax charged on purchases made by members based in the European Union. This includes digital products and services. When a customer in an EU country purchases one of the plans that is available in your Mighty Network, our payment system identifies which country it is and adds the appropriate tax. Each EU country has its own VAT rate. For businesses based in the EU and elsewhere, we’re looking at ways to offer more flexibility for handling VAT and other specifics in a future release.