Thanks to everyone for the explanation. Would be great to have this in the form of an FAQ for future users.

This seems to be correct. After the first 24h, I did not have a hallmark setup and did not receive payment. I setup the hallmark on the second day, and after 48h received a double payout.

The ip address of my node will change from time to time (once every 2-4 weeks). How will this effect my node? Will I stop receiving payments when my ip address changes (until I update the hallmark)? What is the idea behind the hallmark? Is it used solely for the node bounty payout or does it have a deeper meaning?

My understanding was that I can run a regular node (without setting the hallmark) and still get the bounty payout, but a smaller amount than a hallmark node. Is this wrong?

I have been running a node with no hallmark set for >24h. The node checker shows: Upime Until Next Payout: -1080 mins, so it looks like I should get paid, but I'm wondering how the script will know what account I want to be paid to...

When a node deserves a bounty payout, how does the the payout script know which account to send it to? I setup a node, it's seen by the node checker, but I'm wondering if I missed something.