You choose whether you want daily, weekly or monthly payments. As part of Spond's verification process, we need to confirm that your details are correct before we start the payouts. This process typically takes up to five business days from when you add the payout method.
Daily Payments: Paid out three days from deposit.
Weekly Payments: Paid every Thursday.
Monthly Payments: Paid on the 3rd of each month.
⚠️ NOTE!
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.
Change payout frequency in the Spond app
How to change the payout frequency in the Spond app
How to change the payout frequency in the Spond app
App:
Open the Spond app
Tap your profile picture in the top left corner
Select Payment
Tap the account for which you want to change the payout frequency
Choose the menu option Payout schedule
Select your preferred frequency:
Daily
Weekly
Monthly
Tap Save in the top right corner
Web:
Log in to your Spond profile here
Click your profile picture in the top right corner
Select Payment
From the tabs at the top, click Payout methods
Click the View button to the right of the account you want to change the payout schedule for
Select payout schedule:
Daily
Weekly
Monthly
Changes are saved automatically when you click outside the box
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.
How will payments appear on my bank statement?
How will payments appear on my bank statement?
Payments will appear as Stirpe Spond in your bank statement. In some cases, Banking Circle, Copenhagen may also appear on the bank statement.
(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