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How to Monetize Facebook and Go through the Payments Deep Dive

If you’re a creator making money on Facebook with Ad Breaks or other monetization tools then you’ll want to bookmark this article, because it’s got instructions for updating your banking and tax info.

Let’s start with the basics…

Permissions

The Page Admin that sets up Ad Breaks for the Page becomes the Financial Admin by default. (Scroll on to learn how to add additional Financial Admins to a Page.)

You must have the role of Page Admin to see any info related to payments or Ad Breaks on Facebook. Only a Page Admin may setup Ad Breaks for a Page or see Ad Breaks Insights for a Page. You can also toggle on or off someone’s ability to see Ad Break Insights if they have a role on your page.

Tools

Any payment received from Facebook for ad breaks in your videos is known as a payout. You can set up and edit your payout methods from Creator Studio. To do so, click the Monetization tab, then click Payout Settings. Here, you can view all of your past transactions, download invoice and remittance statements, and edit your account settings.

If you don’t have access to Creator Studio, you can update your bank account info directly from your Facebook Page or by using Facebook Payment Support for Monetizers.

Statements and Remittances

After each month you will receive a statement from Facebook summarizing your on-platform earnings for the prior month. This typically occurs within the first week of the month. You will also receive a remittance several weeks later, typically in the third week of the month. The remittance statement signifies that Facebook has paid you for the earnings reflected in your statement. You’ll see line items for different types of earnings (e.g., ad breaks or other monetization earnings). Your total Ad Breaks earnings for each page will correspond to one line item in these documents (if you have one page, it’ll be a single line item).

Statements and remittances get sent out via email to the email you input when you first setup Ad Breaks (financial admin by default). If you need to add additional emails to receive this statement or change the email that’s on file, please do so via the payout portal in Creator Studio.

Important Dates

You’ll receive a statement the first week of each month for the prior month. Payments from Facebook will hit your bank account around the third week of each month for the previous month’s earnings. That means you’ll be paid around March 21st for your earnings from February, for example. When our bank initiates the payment to your bank account, you’ll receive a remittance document, which will signify the payment has been made.

If you’re changing your banking or tax info, please make sure to do so before the 2nd of the next month in order for your earnings to be paid out to the new bank account.

The Role of Financial Admins

Financial Admins are able to edit and manage banking and tax info. Please choose carefully! Additional Financial Admins must be Facebook friends with the original Financial Admin in order to be added. You can set up and edit your Payout Account Admins from Creator Studio. To do so:

1) Click the Monetization tab on the left hand side of the page
2) Select the Payout Settings option
3) Click on Manage Account
4) For security, you will proceed to enter your password
5) Click on Account Settings
6) Scroll down to Payout Account Admins and update from there

To edit this from the Payouts Hub you’ll need to:

  1. Go to Facebook’s Payout Hub
  2. Select the Payout Hub tab at the top of the page
  3. Select Settings
  4. Scroll down to Payout Account Admins section

How to update your Bank Account Info

If you’re the Financial Admin and wish to update your bank account info, you can set up and edit your payout methods from Creator Studio. To do so:

1) Click the Monetization tab on the left hand side of the page
2) Select the Payout Settings option
3) Click on Manage Account
4) For security, you will proceed to enter your password
5) Click on Account Settings
6) Scroll down to the Payout Methods section

To edit this from the Payouts Hub, you’ll need to:

  1. Go to Facebook’s Payout Hub
  2. Select the Payout Hub tab at the top of the page
  3. Select Settings
  4. Scroll down to Payout Methods section

Note: It’s rare, but if your bank requires an intermediary bank you may need to contact Facebook Support via Facebook Payment Support for Monetizers and provide Bank Name, Country of Origin and SWIFT code.

It may take several days to finalize any changes you make to financial info. Changes made before the payment is released may affect your ability to receive their payout on time so we recommend you update as soon as possible before beginning of next month. Please note that changes to financial info begin a 10 day hold on payouts unless bank account ownership is established.

How to update your Tax Info

To do this, you’ll need to be the Financial Admin. If you want another Page Admin to update this, you’ll first need to give them the role of Financial Admin. Once that’s all set, these are the steps to update your W-9 or W-8:

  1. Go to Facebook’s Payout Portal
  2. At the top, click on the dropdown, View Payments for, please select your account
  3. For security, you will proceed to enter your password
  4. Select Account Settings
  5. Scroll down to Tax Information and click Edit
  6. Upload your new tax form

Note: The W9 or tax document should match the bank account where you are being paid. Please check with your agency, MCN or manager to make sure you are uploading the correct document depending on where your earnings are going and who is filing your taxes.

How to update your Company Name and Tax ID Number

Before we get to that, you should know there are a few other fields in the Facebook Payout Portal that are not able to be edited even by a Financial Admin. This includes all fields under Account Infoand Account Owner. In order to update those fields, kindly rely on Facebook Payment Support for Monetizers! Here’s how you can update the name of your company and your tax info:

  1. Navigate to Facebook Payment Support for Monetizers
  2. Click Ad Break
  3. Click Update my account records
  4. Click Change the name of my company/organization
  5. Input your Facebook Page URL, your current Company Name (ie. “John Smith”) and your new Company Name (ie. “Smithly, LLC.”)
  6. Under Message specify if relevant that you’re also changing the Company Type (For example: ‘I’m changing my Company Type from an Individual – John Smith – to a Business – Smithly, LLC.’)
  7. To correspond with our Support team in an ongoing fashion after you’ve filed a request, navigate to Facebook’s Support Inbox
  8. Next, navigate back to Facebook Payment Support for Monetizers
  9. Click Ad Break
  10. Click Update my account records
  11. Click Update my tax info
  12. Input your Facebook Page URL, your new Company Name (Smithly, LLC) and the corresponding new Tax ID
  13. Upload a tax form (W9 or W8) that matches your new Company Name
  14. To correspond with our Support team in an ongoing fashion after you have filed a request, navigate to Facebook’s Support Inbox. After you’ve submitted your ticket, you’ll be notified via email and Support Inbox within 7 days. Additional documentation may be requested. If you don’t hear from our team after the 7 days, please reach out to your SPM.

We’re here for you

Use this step by step guide to stay on top of your Facebook payments and to ensure all the correct info is associated with your account come tax time. If you’re experiencing any issues or have questions about your payments, let us know and we’ll work with you to help resolve the issue.