If you're a Topspin Enterprise user, you have the ability to configure automatic third-party payments in your Topspin account. This feature will allow you to automatically pay out a percentage of your revenue (on a product-by-product basis) to third parties every month. Third-party payments are helpful for artists who need to split particular streams of their revenue with a partner or pay an outside rights-holder like a record label. Here’s how to configure a third-party payee in Topspin:
Step 1: Check to see if your desired payee already appears in our drop-down menu of official third-party payees. To do this, just click into one of your existing products, check the "Pay Wholesale to Third Party" box, and browse the drop-down menu:
If your payee already appears in our drop-down menu, great! You can move on to Step 2 (see below). If your payee does not yet appear on our list of official third-party payees, no sweat - we can add them for you. Just log into your Topspin account, click Contact Support, and send us contact information for your desired payee. Our Finance department will get in touch with your payee, gather their required payment information, and add them to our official list. Once your payee has been added to our official list, you're all set to configure a revenue split in your product.
Step 2: Navigate to the correct product in your account and enter the per-unit payout amount into the “Wholesale Cost” field. Let's say you're selling a CD for $10.00 retail, and you'll need to pay out $5.00 for each unit sold. Just add "$5.00" into the Wholesale Cost field. Check the “Pay Wholesale Cost to Payee” box, and select the correct payee in the payee drop-down menu. Save your changes. Now, every time a unit of your CD is sold, your selected third party payee will earn $5.00, and will automatically be paid their cut via Topspin's monthly direct deposits.