What methods we use to send payments, and why (and a word about PayPal)
As a rule, we pay by wire transfer (more on PayPal later). We do this because paying (and for you, accepting payment), by wire allows banks to communicate with each other, cooperate on tracking the payment, and confirms the identities of all parties. It is secure, traceable, and is compliant when it comes to international tax matters and anti-money-laundering safeguards. If it fails, we can follow the payment and we usually know what went wrong.
Our payment partner, Wise (formerly TransferWise), offers one of the best conversion rates and per-transaction fees on the market. This means you will have a higher payout than if we used other options. In addition, it offers receipts of the transaction so that both sides know what happened with the payment. When you enter your email address on the payment form on our platform, you will automatically receive an email from Wise telling you that a payment is scheduled. You are then able to track your payment yourself.
This is usually a pretty easy way to receive money, but it can be tricky to know what information to enter. Don't worry; gotcha covered. Check out our explanation of the banking info we ask for and why we need it here.
At this time, we unfortunately cannot offer PayPal in the vast majority of cases. We reserve the use of PayPal only for countries to which our payment partner can't wire money to. This is because the system as a whole (payment tracking, tax compliance, anti-money-laundering safeguarding etc.) is simply too fundamentally different from the system we have in place and the current capabilities of our platform.
Nevertheless, we know that PayPal is a very popular and in-demand payment option, and we are hoping to add it as a payment option in the future. We will update this article should it become available!
Questions? Concerns? About payment methods or anything else, please contact Support!