If you are a US citizen and selling your services on Vibrnz, here is how your payouts will work:
With Stripe: You need to link your Stripe account to your Vibrnz account. If you do not have a Stripe account, you can create one on
Stripe OR by going to your Vibrnz dashboard - Settings - Payout settings. You will receive the payout each time a transaction takes place on your account, based on the Stripe settings which is typically 7 – 14 days. To know more about Stripe and the payout timeline, click
here.If you need assistance,
please email us at info@vibrnz.com.
Fees:
Fees charged to you (Seller): A % commission of the total sales proceeds. % would vary based on the product.
Service fees charged to the buyer: Includes Vibrnz service fees and Stripe payment processing fees (currently 2.9% plus 30 cents). The service fees is added to the listing price at the time of the transaction.
If you are a foreign person residing outside the US, and selling your services 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 members 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.
Fees (if applicable):
Vibrnz Fees charged to you (Seller): A % of the total sales proceeds depending on the product.
Service fees charged to the buyer: Includes Vibrnz service fees and Stripe payment processing fees (currently 2.9% plus 30 cents). The service fees is added to the listing price at the time of the transaction.
7. How payments to international service providers will work?
Payouts via Stripe
- All the proceeds from the transactions on your account will be collected by Vibrnz via Stripe.
- Vibrnz will receive the proceeds from Stripe in US$ 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 seller/service member via a global payment platform. You might have to create an account with the payment platforms to receive the payouts.
-Final proceeds to seller/service member will be net of Vibrnz fees, foreign exchange fees and fees charged by the above mentioned payment platforms.
International (Direct) Payouts
-Vibrnz will use a global payment platform for international payouts.