OnlyFans Payment Methods
OnlyFans is the biggest social media platform for adult performers, and the best thing about it is that performers can use it to make a lot of money. Read on if you're an adult performer hopeful of earning a decent income through OnlyFans. In this article, we'll take you through the various payment methods that the platform accepts. So, let's get this OnlyFans payment methods guide started for good!
OnlyFans Commissions
Before we get to the payment methods, let's talk about how much you'll have to pay OnlyFans in commissions. After all, if the platform allows you to publish your adult content and earn from it, it's bound to take a certain cut of the money you earn, right?
Thankfully for creators, OnlyFans charges a fairly reasonable 20% of the income generated by a performer. For instance, if a user pays you $100 for an exclusive video, you'll receive $80, and OnlyFans will take $20 as commission. Some other platforms charge a lesser commission percentage than OnlyFans. However, the fact is that due to OnlyFans' popularity, you'll have more income opportunities on OnlyFans than on any other platform for adult entertainers.
How much money does OnlyFans take?
As mentioned before, OnlyFans will take 20% of all your earnings on the platform, and the platform does this for every individual transaction. So, the more you earn, the more money OnlyFans earns, which makes for quite a brilliant business model.
OnlyFans makes money from the creators' earnings. This is directed toward making the platform better and more feature-rich. So, you shouldn't feel like the forum is robbing you of your money. Think of it as your contribution towards the platform's improvement and the price for the access of such a broad community interested in your adult content completely free of bans and restrictions.
What is the best payment method for OnlyFans?
OnlyFans accepts a variety of payment methods. The most popular payment methods include the following:
Your fans can pick from these OnlyFans payment methods based on the card they own. There are no discounts or additional charges for issuing payments using these options, so it's hard to say the best payment method on the platform.
However, regarding the privacy of payment details, Prepaid Visa cards are the winners. This is because payments issued to OnlyFans will reflect as is on regular debit and credit card statements. This is something that many debit card or credit cardholders may not be comfortable with.
On the other hand, there are no such issues when users pay using Prepaid Visa cards. So, it's fair to say that Prepaid Visa cards make for the best payment method on OnlyFans.
Last but not least, it's important to mention that OnlyFans doesn't accept all Prepaid Visa cards. The official website has all the information regarding which platform accepts Prepaid Visa cards.
How to pay taxes on OnlyFans?
The income you generate from OnlyFans is classified as self-employed income and is taxable. However, it all depends on where the content creator is originally from and the total income generated. For instance, if you're a USA-based adult performer, your OnlyFans income won't be taxable if it's under $600 in a financial year.
However, if it's above $600, you'll have to fill out a 1099 form, which will be provided to you by the platform before tax time. Ideally, you should consult a CPA prior to filling out the form, as you'll have to choose from a variety of taxing structures. A CPA can recommend you the right choice for you based on your preferred tax benefits.