- Steve Sokolowski
- Archived posts: 4559
- Joined: Aug 27, 2014
Reminder: forms must be completed to be paid
I wanted to remind customers that they must complete the 1099-MISC information to continue to be paid once debts exceed $600. This information can be provided on the "Settings" page, and once completed, payment will be issued the next day.
We are not a bank, and we require customers to be paid promptly. The documentation states, and has always stated, that we are not liable for balances greater than 90 days old. At 90 days, we pay inactive customers their balances in full, and move money owed to customers who have not provided the required 1099-MISC information offline. After that day, because our liability has ended, we will no longer guarantee payment to customers who are unable to be paid because they either have not entered a payout address, or have hit the $600 threshold and have not completed the required information.
Among other possibilities, we reserve the right to charge a 10% additional fee for the risk we incur for holding money after 90 days, to charge you the transaction fees required to move money to and from the cold wallets, to take a long time to pay these balances because of the difficulty of cold wallet management, to use the money to pay the IRS if they should issue penalties because you didn't provide the information, and to completely write off these old balances should we be "hacked" or decide to close the business.
Finally, we are not responsible for reminding you on day 89 that these problems will occur the next day. This is more than enough time for customers to enter the information.
There are significant amounts of money that are at risk because customers have not submitted the required information. Fortunately, you can eliminate any issues for yourself by simply filling out the form today so that regular payments can resume. All you have to do is fill out the seven fields and you can forget about this problem. Thanks for your help!
We are not a bank, and we require customers to be paid promptly. The documentation states, and has always stated, that we are not liable for balances greater than 90 days old. At 90 days, we pay inactive customers their balances in full, and move money owed to customers who have not provided the required 1099-MISC information offline. After that day, because our liability has ended, we will no longer guarantee payment to customers who are unable to be paid because they either have not entered a payout address, or have hit the $600 threshold and have not completed the required information.
Among other possibilities, we reserve the right to charge a 10% additional fee for the risk we incur for holding money after 90 days, to charge you the transaction fees required to move money to and from the cold wallets, to take a long time to pay these balances because of the difficulty of cold wallet management, to use the money to pay the IRS if they should issue penalties because you didn't provide the information, and to completely write off these old balances should we be "hacked" or decide to close the business.
Finally, we are not responsible for reminding you on day 89 that these problems will occur the next day. This is more than enough time for customers to enter the information.
There are significant amounts of money that are at risk because customers have not submitted the required information. Fortunately, you can eliminate any issues for yourself by simply filling out the form today so that regular payments can resume. All you have to do is fill out the seven fields and you can forget about this problem. Thanks for your help!
