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Payout: What You Need To Know [Updated]

Details on Payout including KYC process, fees, and more…

What is VeVe Payout?

Payout is a system that allows you to withdraw your Gems from your VeVe wallet and into your bank account in your local currency. You must complete KYC (Know Your Customer) and be verified before you will have access to the feature.

Payout Requirements

There are a few details to be aware of with Payouts:

  1. You may only use your personal bank account for the payout.
  2. You must have a minimum balance of 500 Gems to qualify for Payout.
  3. There is a 100 Gem minimum withdrawal.
  4. Your account must be at least 30 days old.
  5. The maximum withdrawal amount is currently 50,000 Gems in any 7-day period.
  6. Given the nature of the international banking system, we do not provide any guarantees as to the speed of the Payout. However, we expect most bank transfers to arrive within 10-12 business days.

  7. The Payout service provider will conduct their own compliance checks (comparable to any other payment provider) before approving a payout.


Get Verified to Access Payout

Identity verification requires you to provide identification documents and will be required before you can access certain financial transactions on the platform. Processing a Payout transaction is one such transaction; you must complete the verification process before withdrawing.

Completing VeVe Verification is a quick and straightforward process, and more in-depth details can be found here: KYC — What You Need To Know.

How to Use the VeVe Payout Feature

After being successfully verified, Collectors can access the payout feature on the VeVe web app, which is found on Profile > Settings > Payout

1. Enter the Payout Amount
Enter the amount of Gems you wish to withdraw.

  • You must have a minimum Gem balance of 500 Gems to use Payout
  • The minimum withdrawal is 100 Gems.

2. Select Payout Type
Withdrawals from VeVe are available only to your linked bank account. 

  • If you have already linked a bank account, select ‘Bank Transfer’ as the Payout type and proceed to select your linked account from the adjacent drop-down menu. You can skip to Step #3, Agree to the Payout Terms and Conditions.
  • If you have not linked an account yet, please continue to 2a below, or select ‘manage accounts’ to update your linked bank account. 


2a. Add Your Bank Account Details
The first time you opt to Payout to a bank account, you will be prompted to add your bank account details.

To add a new bank account:

- After selecting ‘Bank Transfer,’ choose ‘Add New Account’ from the adjacent dropdown menu.

- Select USD as the currency (as the payout is in USD). Note: Your bank may charge incoming transfer and/or currency conversion fees if you receive your Payout to a non-USD currency account.

- The Beneficiary Name will default to the name you entered when getting Verified.

- Enter all applicable bank account details:

  • Account number (or IBAN if using an international account)
  • ACH routing number (US only)
  • BIC / SWIFT
  • Bank Name and Bank Country.
  • Note: Please ensure you do not use hyphens or other special characters to separate your entered information.


- Press “Add Account” and enter the 6-digit code sent to your registered email to complete the process.

If you are in a country that uses the IBAN standard for bank account numbers, you’ll need to use your IBAN when entering your bank account number in the Payout screen. IBAN stands for International Bank Account Number, which you can use when making or receiving international payments

Once your bank account has been added, it will be available for future payouts.


3. Agree to the Payout Terms and Conditions
Before proceeding with your Payout, you must confirm that you agree to the VeVe terms and conditions.

If you agree, select the checkbox and click ‘next’ to proceed.

4. Enter 2FA and Review Payout Details
Before proceeding, you will be prompted to enter a two-factor code, which has been sent to your registered VeVe email address. 

  1. Enter the 6-digit code to proceed to the Payout review screen.
  1. You will have 5 minutes to review and process the Payout. If details are entered incorrectly, please click the edit icon (pencil) to update
  2. Once happy with the Payout details, click “Withdraw” and complete the facial liveness check.


5. Facial Liveness Check 
You must pass a facial liveness check to finalize your Payout. 

This involves turning your head a few times in front of a camera and can be completed on a computer or smartphone (we recommend using your smartphone for the easiest experience).

Note: You may need to grant permission to use your camera if you have not done so previously.

- Select ‘Continue to Facial identity’ to begin the check.

- Hit ‘continue’ to use your webcam, or, if you prefer to use your smartphone, select ‘continue on a phone’

- If you choose to continue on a smartphone, you have two options:

  • copy and paste a link into your mobile browser or
  • simply scan the QR code on the screen to automatically open a browser window on your device.

- Follow the on-screen instructions to capture your face within the frame.

- Once complete, return to the VeVe web app, and you will see the ‘verification is in process’ modal. This modal will also display devices you have opened and logged into VeVe. 

The facial liveness check typically takes a few minutes or less to complete. Once accepted, you will see confirmation on-screen and a pop-up notification to confirm that your Payout withdrawal request has been completed. This can also be verified in your transaction history on the main Payout screen.

Your funds should arrive in your bank account within 10-12 business days.

Payout Fees

A 10% fee will be applied to any Payout transaction. This is noted on the Payout: Review screen and must be confirmed by the user before a Payout can be processed.

In addition, the following Fees may apply.

  • For payouts to US bank accounts, a USD $1 fee applies 
  • For other countries, a USD $20 wire transfer fee applies.

You may also be charged fees by the receiving bank (including foreign exchange conversion fees if you are paying into a non-USD account)

Example 1 — US: Payout amount: USD1,000.00

  • VeVe fee: 10% (USD100.00)
  • Sending bank wire fee: USD1.00
  • Receiving bank wire fee: ~USD1.00 (differs based on bank)
  • You receive: ~USD898.00


Example 2 — Non-US: USD1,000.00

  • Payout amount: USD1,000.00
  • VeVe fee: 10% (USD100.00)
  • Sending bank wire fee: USD20.00
  • Receiving bank wire fee: ~USD15.00 (differs based on bank)
  • You receive: ~USD860.00


FAQ

Why Is Payout Not Available in My Country?
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 countries currently ineligible for payouts include Afghanistan, Belarus, Burkina Faso, Burundi, Central African Republic, Congo, Cuba, Eritrea, Guinea Bissau, Haiti, Iran, Iraq, North Korea, Liberia, Libya, Myanmar, Russia, Somalia, South Sudan, Sudan, Syria, Venezuela, Yemen, and Zimbabwe.

For certain other countries, additional information and compliance checks may be required before you can payout. You won’t be able to receive a payment if you reside in one of those countries.

Why Don’t I Have Access to Payout?
The Payout feature is being released using the usual VeVe feature release process and will progressively open access to larger batches of collectors when our testing parameters have been satisfied. 

Can I Request More Than One Withdrawal at a Time?
Yes, as long as the total amount does not exceed 50,000 Gems in 7 days.

Who Do I Contact if There Are Issues With My Payment?
For issues with the Payout, please contact VeVe customer support.

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Jul 12, 2023

VeVe Team

Founded in 2018, VeVe was created for collectors by collectors to bring premium licensed digital collectibles to the mass market. With over 8 million NFTs sold, VeVe is the largest carbon neutral digital collectibles platform, and one of the top grossing Entertainment Apps in the Google Play and Apple stores. #CollectorsAtHeart