Help me to understand PP merit rating please..

[Ism]

OK, so last week I ended with 1502 merits and think I'm good for the 5Mcr payout.
But I only got a 50Kcr payout. I'm pretty sure I ended the previous week with over 750 merits, so I should have received 500Kcr at least.
What am I missing? Will I receive it next week or did I get screwed?
The pic is from today with the rating reduction and my current merits.

 

[Whiterose]

You rank up over the switchover, so if you have just started PP and get 15,000 merits you will still only get the initial rank payout, the next switchover should give you the right amount.
What rank were you at switchover?

 

[RingoD123]

you have to "work" a week at rating 4 to be paid for being rating 4. last week you worked as rating 3 and did enough to be promoted to rating 4 this week, so makes sense that you would only be paid 5M after being rating 4 for a full cycle.

 

[Ism]

You rank up over the switchover, so if you have just started PP and get 15,000 merits you will still only get the initial rank payout, the next switchover should give you the right amount.
What rank were you at switchover?

I think I WAS rank 2 the 1st week at switchover but got nothing (started late). Then I ended last week at 1502.
I guess it's like my paycheck, I get paid next week for my work this week.
Thanks for the replies.