The need for verification
In order to comply with applicable laws and regulations, both we and our payment partner Stripe may require you to verify your identity or other information related to your payment method. This is a measure to ensure transparency and prevent illegal activities such as money laundering.
Implementation of verification
If additional verification of your payment method is needed, you'll receive an email or notification in Spond guiding you to a verification form. The form will specify what information is missing. To complete the verification, it may be necessary to upload a photo or scan of your ID card, a proof of address, or other relevant information about your payment method.
Consequences of failed verification
Please note that if verification is not completed, any outstanding amounts may be frozen by Stripe until verification is completed and approved. Furthermore, payments may be temporarily stopped and members won't be able to pay in to requests related to this payment method.
Submission of documentation
Please ensure that the information on the documents matches what is registered with Stripe. If documents are rejected, you'll receive an error message and will need to update and resubmit the information. Contact us if you experience repeated rejections or have questions about the verification process.
Frequently asked questions
I have selected daily payments, but it's been several days since I received my first payment. Where is the money?
I have selected daily payments, but it's been several days since I received my first payment. Where is the money?
Due to regulations, our payment intermediary (Stripe) is required to hold the funds for the first payout for up to 7 business days after they are received. This means your initial payment may not be transferred to your account until seven business days have passed, even if you have selected daily payouts.
If the account is newly created, please note that we need to confirm that your details are correct before we start the payouts. This process usually takes up to five business days from when you add the payment method.
(Only for 🇺🇸) Do 1099-K reporting requirements apply to payments processed through Spond and Stripe?
(Only for 🇺🇸) Do 1099-K reporting requirements apply to payments processed through Spond and Stripe?
The 1099-K form is a US tax document used to report the total amount of payments an individual or business receives through third party payment platforms. It only applies to users who are considered tax liable in the United States.
If a user meets the reporting thresholds set by the IRS and Stripe, Stripe is responsible for issuing and delivering the 1099-K form directly to the user for their Stripe Connect account.
More information can be found here: https://support.stripe.com/questions/1099-k-tax-forms#when-1099-k-forms-are-issued
Can I use my existing Stripe account in Spond, or merge it with the account created through Spond?
Can I use my existing Stripe account in Spond, or merge it with the account created through Spond?
If you already have a Stripe account, it’s good to know that this account is not used in Spond. The account you create through Spond is a separate account linked to Spond’s main account. This means you cannot log in to Stripe to view the payout method from Spond, and it is also not possible to merge your existing Stripe account with the Spond account.