When Yorlet Owners is enabled for your account we will automatically provision your account with a platform owner account. This account serves as the default destination for collections when no other destination is provided.
This account enables you to receive funds deducted from owners for fees, expenses, and non-resident tax charges. You can make payouts from this account just like other owner accounts. However, these payouts describe money movements from your client account to your business account for fee payouts or payments to local tax authorities.
Differences to other owner accounts
The owner accounts for your platform are essentially the same as other owner accounts. However, there are some key differences:
- You cannot create new platform owner accounts yourself, they are provisioned by Yorlet when Owners is enabled.
- You can only have one platform owner account.
- You cannot create collections against the platform account that move funds from the platform account balance to other owner accounts.
- You can use Owner Payment Refunds to return collected funds to other owner accounts.
- You can attach multiple external accounts for payouts.
- You do not need to provide full identity verification information to enable payouts.
Viewing your platform owner account
You can find your platform owner account in the Platform owner balance section under the Balance tab of your Yorlet Dashboard.