Payout: What You Need To Know
Details on Payout including KYC process, fees, and more…
Note: We are transitioning to a new payout provider. Payout will be rolled out in phases to VeVe users so payouts may not be available to you at this time.
Since the inception of VeVe, many collectors have amassed amazing collections and some have been lucky enough to on-sell their collectibles in VeVe’s secondary market for more than they paid. Now, as we begin to open access to our beta Payout feature, collectors will be able to convert their Gems into selected currencies and withdraw.
Payout Feature
Payout is a system that allows you to withdraw your Gems from your VeVe wallet, and back into your bank account.
Payout currently supports Bank Transfers (fiat). We expect cryptocurrency payouts to become available in the future.
In order to use this feature, you will be required to complete KYC (Know Your Customer) and be verified, before you can make any withdrawals. Our partner Nium is the provider of the Payout service.
Payout Requirements
There are a few more details to be aware of in relation to Payouts.
- You can only payout as an individual;
- We will need to complete due diligence on you
- You will need to live in a country eligible for payouts — see the Ineligible Countries list below. This list may change from time to time.
- You need to have more than 500 Gems in your App Wallet.
- The payout transaction needs to be between 100 Gems and 50,000 Gems.
- You cannot be paid out more than 50,000 Gems in any 7-day period
- Any historical payout applications from you need to be completed or cancelled
- You need to accept responsibility for the accuracy of all bank and other information provided
- You can only deposit funds into your personal bank account
- Your ability to request payouts has not been disabled (which we are entitled to do)
- Any other conditions we include in the Terms of Use or on the Fees page.
Ineligible Countries
Due to the nature of international payments regulation, payout providers that we work with have their own country restrictions. These restrictions are subject to change and we cannot guarantee the availability of any country. The current ineligible countries for payouts are:
Afghanistan
Belarus
Burundi
Central African Republic
Cuba
Eritrea
Guinea Bissau
Iran
Iraq
Korea, North
Libya
Myanmar
Russia
Somalia
South Sudan
Sudan
Syria
Yemen
Get Verified to Access Payout
In order to access Payout you must be Verified, or in other words, pass KYC or ‘Know-Your-Customer’ regulations. Getting verified requires you to provide identification documents in order to complete a financial transaction. Processing a Payout transaction on VeVe is no different, and you will be required to complete this process before you can withdraw.
Completing VeVe Verification is a relatively straightforward process and more in-depth details can be found here: KYC — What You Need To Know.
How to Use the Payout Feature
This information will be updated soon.
Terms of Use
Please also note that the Terms of Use are being updated to reflect the Payout feature.
FAQ
Q: Why is Payout not available in my country?
A: There are some restrictions on some countries due to international regulations and sanctions. These are no different from those imposed by ordinary financial institutions (and in most cases, cryptocurrency exchanges). A list of restricted countries is here (see Non-Operational Countries). You won’t be able to receive a payment if you reside in one of those countries. Additionally, refer to the list of Ineligible countries above for countries ineligible for payout.
Q: Why don’t I have access to Payout?
A: The Payout feature is a new integration and is currently in beta. To ensure adequate testing of the Payout it will be rolled out to small groups to begin. We will progressively open access to larger batches of collectors, and eventually, all users, when our testing parameters have been satisfied. Please stay tuned to our socials for more updates!
Q: Can I request more than one withdrawal at a time?
A: Yes, as long as the total amount does not exceed 50,000 Gems in 7 days.
Q: Who do I contact if there are issues with my payment?
A: For issues related to Payout, please do not contact the payout provider. Contact VeVe Customer Support.
Get VeVe today to start your digital collection!
