Lyft Pay Sturcture: How Do Lyft Drivers Get Paid?
Driving for Lyft is a job and they strive to keep their employees happy. Lyft offers drivers a strong pay structure and many guarantees and bonuses. Lyft wants you to stay with them and will always do what they can to keep their drivers happy.
Lyft charges you a twenty percent commission fee from your total ride earning which includes prime time trips. You are paid the remaining eighty percent in your pay check. Since you never accept cash as a Lyft driver they are able to properly calculate the amount you are paid automatically after every trip is made. It should be noted for drivers in New York that you’re the Lyft fee is 31.4 percent. They charge more in New York due to higher operating costs associated with the region.
Lyft Driver Pay Day: Daily and Weekly Summaries
Lyft weeks run Monday through Sunday and earnings are calculated at the end of each week. Every day you can log into the Lyft application or go to the Lyft website and see your daily and weekly earnings reports. Direct Deposits begin being processed on Tuesday for the previous week and are deposited by the end of the week. Please ensure that you have direct deposit set up on your Lyft dashboard with a checking or debit account that accepts ACH transfers.
Power Driver Bonuses
Power Driver Bonuses are given to Lyft’s most reliable and dependable drivers. In order to qualify for the power driver bonus you need to drive at least thirty hours a week and drive at least ten hours during peak hour times. Additionally you must accept at least ninety percent of the passenger requests sent to you. If you drive thirty hours a week you will receive a ten percent bonus on your next direct deposit. If you manage to drive fifty or more hours in a week you will receive a twenty percent bonus. However if you do not drive at least thirty hours you will not qualify for the bonus. Peak hour’s requirements are constant at ten hours a week which is included in the thirty or fifty hour goals. Peak hours are when Lyft is at our busiest and constantly need additional drivers to satisfy customer demands. Partial hours count towards peak hours so don’t think you have to work an hour straight to get credit; we will add partial hours together to make whole hours. Remember Peak Hours change so always check your regional summary for the latest information.
In certain cities Lyft will guarantee your average hourly earnings. You must opt in each week to qualify for the guarantee. If you want to opt in please make sure you do by 11:59pm each Sunday, otherwise you will have to wait until the following week. You must also maintain a ninety percent acceptance rate just like the Power Driver Bonus. For an hour to count towards your average you must spend at least fifty minutes in driver mode and fulfill the hourly completed ride requirement. Remember that a ride is only considered completed after you tap the drop off button on the Lyft app.
Guaranteed pay amounts can change hour by hour and week to week. Some hours can be guaranteed at twenty five dollars and others at twenty hours. Lyft will review your eligible gross ride receipts from similar hours with that designated amount. We then calculate your average hourly receipts and if your average does not exceed the guaranteed average then we will provide you with a bonus to make up the rest. Remember we always review the hours you work for other guaranteed amounts in order to repeat this process in the future.
New Drivers with Lyft who are in select cities can earn Weekly Guarantees. If you don’t earn the guaranteed amount Lyft will cover the difference. However you must be approved to drive with Lyft under a referral code or promotional code and be approved to start driving within thirty days of starting your Driver employment application. Additionally you must complete enough rides, hours and achieve a ninety percent acceptance rate for each week under the guarantee. Payment of this guarantee will be on your next direct deposit. Remember they do calculate tips into your guarantees so work hard for bigger tips.
Note: Weekly Guarantees are a separate promotion from the very-limited Guaranteed $1,200 promotion, which is only available in a few cities.
While driving for Lyft you will receive tips on occasion. Sometimes they may be a dollar and sometimes you might even strike it big with a hundred dollar tip. Lyft does not charge a commission fee on tips, so you will receive one hundred percent of any tips given to you through our application. These tips are added into your weekly pay and completely tax free.