Why am I being asked to enter additional information to receive my payment?

Every country has its own set of rules about paying out funds to individuals and businesses.  These regulations broadly require two things: collecting information, and verifying the information is accurate.

Because 
Vayable values your time (and we know no one likes to spend more time than necessary on administrative tasks!), we ask for minimum information necessary to process your payment when you create an experience, so you don't spend time providing additional details that may not be required.
 
This means that some individuals and businesses may receive an email asking you to provide additional details once the payment had been released and is en route to your bank.  
The good news: once you complete the information once, you shouldn't have to do it ever again

Please review the details below for your country/region below to see what additional information our payment processor may ask you to provide to complete a payment transfer to your bank.

United States

Minimum information required to start paying out (up to a couple of thousand dollars):

Business type—is the account for an individual or a business?
First and last name of the individual account owner or company representative if it’s a business
Date of birth

Additional information required to pay out more than a couple of thousand dollars:

Last 4 of the SSN of either for individual account holder or company representative
Business address (can be personal address for individuals)
Business name and tax ID (Employer Identification Number - EIN), if a business
Full SSN OR government ID or passport only if we’re unable to verify with just last 4 of SSN. This is normally just a minority of cases.

It’s worth noting that if we’re initially unable to verify with the last 4 of the SSN and name, you may want to double check to make sure the full name that you were given matches what’s on an individual’s Social Security card. Updating this information may be enough to get an account verified.

Note too that for managed accounts owned by individuals that reach at least $20,000 in gross volume in a year, we will definitely need their SSN at tax time, for tax reporting purposes. This could be a factor if you only verify with a passport or government ID. If that’s the case, we’ll reach out at the appropriate time!

Australia

Minimum information required to start paying out (up to a couple of thousand dollars)

First and last name of the individual account owner or company representative if it’s a business
Date of birth
Business type—is the account for an individual or a business?

Additional information required to pay out more than a couple of thousand dollars:

Scan of government ID or passport of the individual or company representative
Business address (can be personal address for individuals)
Business name and tax ID (Australian Company Number / Australian Business Number, ACN / ABN), if a business
Canada

Minimum information required to start paying out (up to a couple of thousand dollars)

First and last name of the individual account owner or company representative if it’s a business
Date of birth
Business type—is the account for an individual or a business?
Business address (or personal address if individual)

Additional information required to pay out more than a couple of thousand dollars:

SIN of the individual or the company representative OR scan of government ID or passport
Business name and tax ID (Business Number), if a business
Europe & UK

Minimum information required to start paying out (up to a couple of thousand dollars)

Business type—is the account for an individual or a business?
First and last name of the individual or one or more company representatives if a business
Date of birth for each company representative
Business address (or personal address if individual)

Additional information required to pay out more than a couple of thousand euros or pounds:

Scan of government ID or passport of the individual or company representative(s)
Personal address of each company representative if it’s a business
Business name and tax ID (if a company)

 European businesses must submit company representative information for anyone who owns 25%+ of the business.

What will happen if I don’t provide the above information?

If for some reason you’re not able to provide the bare minimum information needed to send transfers within 7 days or a couple of thousand dollars worth of charges (whichever comes first), we’ll temporarily pause charge creation got your account (meaning people cannot book your experience) until we have that information. If after 21 days we still don’t have the information, we’ll refund the charges.

Similarly, we’ll ask for more information after the platform sends a couple of thousand dollars worth of bank transfers. If we haven’t been able to verify the account with the information provided (e.g., because the name doesn’t match the SSN) after transferring another few thousand dollars, we’ll temporarily pause transfers until we’re able to verify the account.

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