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Spond App: How to add a payout method

Guide for admins and coaches requesting and receiving payments in Spond's team management solution - Spond App

Rob Lawson avatar
Written by Rob Lawson
Updated over a week ago

You need to add a payout method in Spond for us to send funds to your group.

You can do so by going to your Spond profile (top right on web, top left in the app) Payment > Payout method > Add payout method.

  1. For a personal account, we require bank account number, name, date of birth and street address from individuals.

  2. For a business (or group) account, we require the company number and any further owners of the company (because of the eu-regulations that our provider is obligated by). Any other private owners (other than yourself) that own more than 25% of the company need to be added to this section. This is not relevant to teams, associations and foundations.

We will verify that the information you input is correct before payments can begin. This will normally take a maximum of five days.

If you have requested a payment, once we have been able to verify your account details, the funds will be transferred according to the payout schedule you have set up. The first payout may take 7-10 business days after verification.

NOTE: This payout method can only be used by you. If other admins would like to use the payment function, they need to create a payout method on their own profile.

Extra Stripe verification

In order to comply with laws and regulations, we and our payment partner Stripe may require that you verify your identity or other information related to the payout method you have created. This requirement exists to promote transparency and to prevent, among other things, money laundering. Read more

Payout schedule

When setting up the payout method, you can choose whether the payout schedule should be daily, weekly or monthly. Important to note: Due to regulations our payment provider (Stripe) must follow, the money will be paid out at least 3 days after it has been paid. (This means that payments to your account are made no earlier than 3 days after payment, even if you choose daily payments) The first payment may take 7-10 days after verification. Read more

Payout summary

You can get a full overview of all payments and payouts by downloading a payment export.

Deletion and refund

If a payment request is deleted from the group, all outstanding funds will still be transferred to the payout account, but the request itself cannot be recovered. You can not delete a payout method before all outstanding payouts are made to your account.

Payments cannot be refunded through Spond, this may need to be organized between the member and the recipient.

Member receipts

Members who use the app will be able to see the receipts under Payment > Payment history. Members who receive email notifications will receive an email receipt.

Find Out More

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