Fortumo pays you money immediately after we have received it from the mobile operators. Operators in different countries pay at different speeds. Payout cycle of 3 months means that the revenue earned by your services in January will be transferred to you in the first half of May.
After the initial waiting period, you would get a payout each month, as your February money arrives in June, March money in July, etc.

3
January
February
March
April
May
1. Your services earn revenue
2. Operators pay money to Fortumo
3. Fortumo pays money to you