Fast track payments

What is fast track payments?

• Surreal fast track payments is a new optional feature introduced for entertainers where you can get paid for your gigs the same night you play them for a transparent 3.9% fee, instead of waiting for the venue to pay
• This feature was introduced to help entertainers access cash flow sooner, because we wanted to help solve the problem that many entertainers face with slow payment times by many venues
• Rather than wait for the venue to pay, you can choose to be paid on the night of your gig in real-time, instantly
  • Note: Fast track payments have to be manually processed for payments to Nationwide Builiding, Society (UK)
• If you’d rather wait for the venue to pay (no fee here), that’s completely fair enough, you will receive the money as soon as we receive it from the venue
  • Normal payment timings - we do a pay run every single business day - once the venue pays us, we pay the entertainer the same day (or the following day if the venue paid us after that day’s pay run has been completed).

Why is there a 3.9% fee?

• It costs us to be able to provide this service - we have a credit line with the bank that enables us to provide the money in advance to you. We’re then wearing the risk that the venue then pays us.

Why doesn't Surreal just pay on time with no fee?

• We don't actually have the payment from the venue in our bank account when we release a fast track payment.
• Venues pay Surreal after they receive their weekly gig invoices & based on their payment terms.
• Instead we borrow the money from a lender at an interest rate. We use this borrowed money to pay entertainers earlier than the venue pays us.
• So to be super clear:

1. Surreal borrows money from external lender
2. We use this money to release money to the entertainer earlier than the venue pays us
3. The venue then pays us at a later date (after the fast track payment)

• There is of course an element of risk for Surreal because there is a chance that we pay a fast track payment and the venue never pays us. This has in fact happened before. This risk is another reason why we charge a %.
• We never hold onto a venue payment and withhold payments to entertainers. It goes automatically to the entertainer. Fast track payments are made with capital we borrow.

Is every gig available to be fast track paid in advance?

• Only eligible gigs are available for fast track payments
• Fast track payment is deemed eligible for any given gig if:
  • You have been paid by Surreal before at least once
  • The gig is confirmed on Surreal
  • The gig end time has finished
  • The venue is a verified reliable payer
  • There is no agent involved that pays you normally
  • You have not yet been paid for the gig yet on Surreal

When will my funds land if I do a fast track payment?

• We process fast track payment requests automatically in real-time.
• This means that most payments will land your way in near real-time after you request them.
• Where they’re not, standard processing times will apply.
• See below the processing times of each geography:
  • UK
    • All banks support real-time transfers
  • Aus
    • 95% of banks and accounts support real-time transfers
    • If your transfer is not instant, please contact your bank and enquire about real-time transfers through the Osko network
  • NZ
    • Real-time transfers are not currently supported
    • Only local transfers are supported (0-2 business days)

How it works

You have two options to request a fast track payment after your gig concludes, either in platform or by replying to the fast track payment SMS.

Claiming via SMS (UK and Aus only)

Step 1: The gig is confirmed on Surreal

Step 2: You finish your gig and receive an SMS to claim your fast track payment

Step 3: You reply to the SMS with your unique gig code

Step 4: Your gig is queued for fast track payment

Step 5: Fast track payment is made and you're notified of payment

Claiming via platform

Step 1: The gig is confirmed on Surreal

Step 2: You finish your gig

Step 3: You sign into Surreal & navigate to your "Awaiting payments" tab via your "Payments" screen

Step 4: You click "Get paid" button for your gig and follow the prompts

• This option for fast track payment will be available up until the point of normal payment processing by Surreal (once venue funds are received by Surreal from the venue)

Step 5: Your gig is queued for fast track payment

Step 6: Fast track payment is made immediately and you're notified of payment

• We now process fast track payment requests automatically in real-time. This means that most payments will land your way in near real-time after you request them. Where they’re not, standard processing times will apply.
• If your fast track payment is under review, it means we're reviewing the transfer internally before processing payment.