A quick look through the popular Twitter accounts will reveal that some people earn huge cash selling their uncensored content on the internet. Although you might think of the platform as a place for photos of lingerie and selfies, getting paid on OnlyFans is more accounting-based than premium accounts. Here’s, How Creators Get Paid On OnlyFans.
“My tagline is ‘I get paid to be hot,’ but there’s a lot of work on the back end,” Megan, also known as The Fat Babe, consultant in social media and the top creator of OnlyFans, says to Bustle. “It takes a lot of understanding and responsibility.”
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According to Megan, the raking in from OnlyFans requires some planning, business knowledge and plenty of Excel spreadsheets. From the types of subscriptions to payment schedules, here’s how you can get paid by OnlyFans.
How Creators Get Paid On OnlyFans
How Fans Pay You
There are four primary ways to earn money from OnlyFans: monthly subscriptions, pay-per-view (PPV) content private messages/media, and suggestions. According to a representative of OnlyFans, most creators opt for this month-to-month subscription that charges their customers an annual fee of $4.99 to $49.99 to see their content. In addition, artists can get a “Free account,” where the monthly subscription is completely free; however, fans will be charged $50 to gain access to certain PPV shows.
For both types of websites, creators can charge their users up to $100 for private, direct messages or media, such as messaging within the app or sending personal and/or images or videos. How Creators Get Paid On OnlyFans.
Tipping on the tipping, which Megan refers to as”the “bread and butter” of OnlyFans, is entirely at users’ choice. The users can leave a particular post, a tip or simply generally. Users new to the app can tip the maximum amount of $100 per visit for the first four months of using this app. They can give at least $200.
When you sign up to create the OnlyFans member account, members must connect their credit card to their account. Every time they pay (or each month they renew the subscription), their credit card is debited.
Customers can also purchase “Wallet Credits” to add an amount that they are allocated in your OnlyFans account to make payments to monthly fees and creators instead of making another credit card payment each time they sign up or give a tip.
How Much You Profit
Since its inception at the end of 2016, OnlyFans has given out more than 3 million dollars in cash to its creators. However, creators receive only the 80% of their income. OnlyFans keeps 20 per cent of the creators’ income to pay referral payments, processing of payments hosting, support and other services.
They are the owners of OnlyFans and can access two accounts they can draw from a “pending” balance of their earnings, which is still being processed, and a “current” balance that they can cash out. Based on the OnlyFans representative, all earnings from users go to the creator’s balance that is pending which is capable of withdrawal (i.e. transferred into”current” balance) “current” balance) eight days after the date of earning.
The minimum withdrawal amount for many countries is $20. This means creators can only take money from their balance or “cash-out” when a minimum of $20 is in their balance. Cashing out is possible by hand (i.e. creators can decide the amount they wish to cash out at a particular time) or by setting up auto-recurring payments monthly, weekly or every day.
“I withdraw every $200 with a manual payout,” Megan declares. “You don’t have to withdraw it. You can keep it in there, kind of like a bank. But until you withdraw, you can’t use that money.”
How To Cash Out
When musicians create their OnlyFans accounts, they connect their accounts with their banks to their profiles in the same way as you make it with Venmo and PayPal. If you’ve set up an auto-recurring payment, your income will directly transfer to the bank account linked to it.
If you’re using a manually-operated transfer option, you can decide at any point how much cash out of your existing account you’d like to withdraw and submit a “Pay Out Request.” The withdrawal process takes about two days to appear in your bank account. Based on the OnlyFans representative, bank wiring (transferring funds into the bank account) is the most commonly used way to cash out.
Since income taxes are not paid out of the earners’ income, they must pay tax at the end of each year. OnlyFans will mail the tax form and your annual income, and you can file as a self-employed 1099. Megan recommends budgeting 25 per cent of your income for tax payments and tracking the entire amount in Excel.
“It gets scary if you’re not saving part of your income for taxes and you have a massive tax bill at the end of the year,” Megan declares. “You’re not just getting loads of cash dumped into your account. Everything is taxed and overviewed by OnlyFans and the government.”