Our cash-out process is changing - here’s why.
The world of energy sharing (where you get paid for the energy you don’t use) is exciting, fast-paced and transformative. It’s also brand spankin’ new, meaning that we - along with you - are still in the process of figuring out how it works and how best to make the process as easy, seamless and efficient as possible.
One of the areas we’re currently trying to make a bit more efficient is the cash-out process.
As of this month, OhmConnect users will be limited to one cashout per 30 days. The means that if you cash out on any given day (we’re using October 2 as an example) and then attempt to cash out again the following week, It will look something like this:
While in a perfect world, we would love to keep up the possibility for users to cash out anytime they’d like, the process is too expensive to maintain without us needing to cut into the amount that we can pay users for their energy reductions … which we certainly don’t want to do!
To bring you behind the scenes on our financials: for each transaction (or cash-out) that a user makes, we pay a $0.25 fee to our bank. While it might not sound like a lot, twenty five cents when multiplied by hundreds of thousands of users cashing out more than once per month adds up to a whopping bank fee at the end of the month.