If you are a US citizen creating events on Vibrnz, you can collect payments through Vibrnz via Stripe - a global online payment processing platform. This is how it works:
You need to link your Stripe account to your Vibrnz account. If you do not have a Stripe account, you can create one by going to payment settings (in account settings on your Vibrnz dashboard). Your Stripe account will receive the payout each time a ticket is sold. Stripe will make the payout to your bank account based on the settings which is typically 7 – 14 days. To know more about Stripe and the payout timeline, click here.
If you do not have a Stripe account, please reach out to us at firstname.lastname@example.org.
Service fee: For event organizers there is no fee to create events. The service fee is charged to the ticket buyers. There is no fee for free events. In case of paid events, for all purchases the end user/ticket buyer pays a service fee in addition to the ticket price. The service fee is a total of the Stripe payment processing fee and Vibrnz fee. Stripe currently charges a total of 2.9% of the amount processed plus $0.30 per transaction. Vibrnz fee is currently at 1% of the total amount plus $0.55 per ticket.
If you are a foreign person residing outside the US, and creating events on Vibrnz, this is how the payments work.
1. For international payments, we will require an IRS form W-8BEN
(for individuals) to be completely filled and returned to us. The W-8BEN is an IRS form that helps you claim either an exemption or a lower rate of witholding as per the tax treaty between US and your country of residence. (Form W-8BEN-E
incase of entities)
2. Withholding of tax would be based as per publication 515 from IRS
as per which a foreign person is subject to US tax on his or her US source income with respect to services.
3. Vibrnz will withhold 30% of the payments unless a completed W-8BEN form is on file.
4. Once you complete the form, you can submit it here
. Once submitted, the form is valid for 3 years from the date of submission.
5. Specifically for service providers residing in India who do not have a permanent establishment in the US (as per section 5 of the US India Tax Treaty) can claim exemption from withholding if Vibrnz has your completed W-8BEN form on file. In most cases we will not be withholding any payments for tax purposes.
6. Service fee:For event organizers there is no fee to create events. The service fee is charged to the ticket buyers. There is no fee for free events. In case of paid events, for all purchases the end user/ticket buyer pays a service fee in addition to the ticket price. The service fee is a total of the Stripe payment processing fee and Vibrnz fee. Stripe currently charges a total of 2.9% of the amount processed plus $0.30 per transaction. Vibrnz fee is currently at 1% of the total amount plus $0.55 per ticket.
7. How payments to international event organizers will work?
- All the proceeds from ticket sales will be collected by Vibrnz via Stripe.
- Vibrnz will receive the proceeds from Stripe based on its payment schedule which is typically 7 to 14 days. Click here
to know more.
- Within a reasonable period of receiving payments from Stripe, Vibrnz will transfer the money to the event organizer via Wise,
a global payment platform. Final proceeds to the event organizer will be net of any Vibrnz, foreign exchange and bank fees charged by the above mentioned payment platforms. Vibrnz fees on all international payments is 5%
- The above process applies for one-time events. For recurring events like classes, monthly workshops etc. ticket proceeds will be accumulated to be paid at the end of each calendar month.
While Stripe is our preferred payment platform, we also accept payments through PayPal as a special request. However, please note that since Vibrnz is not yet fully integrated with PayPal, the following considerations apply:
1. Payments recieved through PayPal (net of PayPal processing charges and Vibrnz service fees) would be paid out monthly.
2. While the payment amount would be communicated to the buyer, Vibrnz cannot ensure the amount of payment processed. It is the responsibility of the event organizer to ensure that the agreed amount is paid. Vibrnz will make the payout net of Vibrnz Service fees.
3. Vibrnz Service Fees are non refundable.