Future Uber Partners and Drivers: Information You Need To Know
- As of now, you cover your own expenses. Keep in mind that gas, maintenance and providing your own car is required to drive for Uber and other rides hare companies.
- You are paid as an independent contractor and you are required to put money aside and pay your portion of taxes at the end of the year. Taxes are not taken out for you.
- Make sure that your regular insurance will work. Ride share companies do cover you when there is a passenger in your car, but there is a gray area while you are logged on and do not have a passenger. Better to be safe than sorry.
- You will be paid weekly. Most ride shares, including Uber and Lyft pay you around even Wednesday after the preceding pay period. Pay period is usually Monday, early morning, to the next Monday, early morning.
- You must have a bank account to receive payments. They are transferred to you weekly via ACH transfer. This is not a direct deposit by definition of your bank; it is just a transfer. So if you have a bank account that requires direct deposit, Uber’s payout method does not qualify.
- If you have any issues with rides or fares, make sure to email Uber or whatever ride share you are driving for-most will fix the issue without a problem. Currently (December 2015), Lyft is very slow to respond; Uber will usually respond within an hour or two.
- Lyft caps rides payouts at $200, so if you’re going a long distance, make sure to check what the fare should be and stop the ride around every 60 miles and have the rider re-request the ride so you don’t lose out on money. Lyft will not compensate you for the additional miles.
- Driving for multiple ride share companies can help you maximize your earnings.
If you are ready to become an Uber partners and drivers, please visit my referrals page to take advantage of a signup bonus for each ride share company.
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