From mid-May 2023, service providers of all stripes now provide bank details (to receive payouts) on a self-service basis.
An ID verification process is baked into the steps as well.
It is indeed.
Before mid-May, we collected bank details from service providers via email and we set up payout workflows using the Payoneer platform manually.
That worked well, but the process was slow and prone to human error.
Moving forward, our partner for payment processing is Trustshare, which is now integrated in the MeasureMatch marketplace.
Integrated means this - service providers submit their bank details directly. No more to/fro via email.
Service providers will be prompted to submit their bank details right after they've successfully confirmed their first services contracts.
Note: It's not yet possible to change bank details after they've been submitted (coming soon), so please double-check each field before finalizing.
Yes.
The bank details submission process also includes ID verification steps for both independent consultants and organizations providing services. Please be prepared to upload a copy of a government-issued ID and more.
Consultancies, agencies & systems integrators need to provide the details of all shareholders with greater than 25% ownership of their companies.
Lastly, US-based companies will be required to provide their Employer Identification Number (EIN), also known as the Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number, which is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.
Below are a few screenshots showing what to expect.
