Important update on payment system rollout for Elements Authors

Envato Announcements
24

I personally will not use Payoneer but I can help with Payoneer for others (check if I’m right about this @BenLeong ;] ) - I suggest all of you wait untill Ben or someone from Envato confirm I made correct instructions.

No screenshots here but I think step by step will be ok:

  1. Go here: Sign In | Envato Account

  2. Click “Add Payout Method” (I suggest you delete previous methods if you have ones, just to start fresh)

  3. In “General Information” select “Individual” (if you are private person) or “Business” (if you are acting as a Company on Envato) - you have to use same details as you did on Envato.

  4. Next add all your details → Personal name and address if you selected “Individual” or your Company name and company address if you selected “Business”

  5. Next → select “Bank Transfer” → Bank account country = United States of America

  6. Get your Payoneer Bank info → login to you Payoneer account → go to “Banks & Cards” section → go to “Receiving accounts” section → Select “USA” → now you should see all your Payoneer Bank Account info (ABA and account number)

  7. Back to Envato setup → here under “Routing Number” you have to write your “Routing (ABA)” from Payoneer (9 digit number) → Next add “Account number” (13 digit number)

  8. Under “Name of Account Holder (as shown on bank statement)” - just write your Full Name (if you selected “Individual”) or full Business Name (If you selcted “Business”)

  9. “Add and Activate” → click and you are done.

6 Likes
25

What are the costs of curency conversion? Can I receive my payout in USD even though I’m in EU (Germany) ?

I remember when you first introduced this, conversion fees were very high and you offered a way to send us USD to a non US bank account.

26

Please leave payments to payoneer for belarus as before.

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27

So guys, three simple questions:

  1. You constantly refer to some political things and the nature of political relations blah blah blah. What are you, a political organization? Or are we doing some political things here? I want to remind you that we are doing business here. Both you and us (authors). I thought business is doing everything for its development, prosperity and constant profit. Why is there this constant political demagoguery? Finally, get down to business.

  2. Our payment provider can’t, our payment provider doesn’t want, our payment provider is not compatible blah, blah, blah. If a client comes to me today, and I answer him in the spirit of “you know, mister, I’m not ready, I can’t, I don’t want to.” What will the client tell me? Nothing, just find someone who can (pay attention to competitors who not only develop their business, but also successfully find someone who can and wants to).

  3. What do you mean the systems are not compatible? Am I mistaken, or there are already two pools of authors who RIGHT NOW RECEIVE PAYMENTS IN DIFFERENT WAYS. Explain to me in simple terms why something is not compatible? Do your programmers hang up and have to call engineers? Will there be a fight in the accounting department? What exactly is incompatible?

When you guys first launched your “payment provider”, the guys at Payoneer weren’t even up to date. I spoke with their representatives. I strongly suspect it’s about the money, that’s all. You just want savings.
And where are the people who made all these “brilliant” decisions? Why is it only Ben who tries to answer for everyone and gets negative?

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28

@Toyda - You are attacking wrong company here. Do you know who is responsible for this mess?

Let me quote:

  1. Payoneer:

“Payoneer will no longer serve Russian clients or Russian bank accounts beginning on Dec.16, 2022**. In November 2022, Payoneer announced that it will no longer be serving clients based in Russia, or clients with Russian bank accounts beginning on December 16, 2022”

( source: How can I access my funds - Russia )

  1. Wise:

"We’re not able to serve customers in Russia at the moment. This means we’re closing all Wise accounts with addresses registered in Russia on 9 May 2022. Here’s what will happen, and what you need to do. "

( source: Restrictions for Customers based in Russia | Wise Help Centre )

  1. Revolut:

“From March 4, Revolut will no longer support transfers to or from entities in Russia and Belarus. The move follows similar bans by major remittance firms like Wise and Remitly.”

( source: https://www.theblock.co/post/136402/revolut-bans-transfers-in-russia-and-belarus )

  1. Bunq:

“According to the last portion of sanctions towards Russia, from the 12th of March, you won’t be able to send or receive SWIFT transfers to and from Russia or Belarus.”

( source: https://together.bunq.com/d/47988-update-on-banking-services-for-russia-and-belarus )

… and so on - Literally all payment providers do the same (or actually DID the same).

So who is this fault? Envato? No → whole western world went crazy about Russia and Belarus and you have the results here.

Thank you for your patience. I think Envato is the last to be attacked here - they already gave us at least more options than only Payoneer.

Peace.

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29

@PeakStar

Oh no my friend, I didn’t attack. I want to understand what makes envato act so one-sidedly and without thought.

Payoneer - Left Russia, but successfully continues to operate in Belarus. (Different sites continue to successfully process their payments using this)

SWIFT - Yes, there are a lot of banks in Russia and Belarus that still accept and receive payments from all over the world. Belarus also has payment cards.

There is a QIWI provider in Russia. (Direct competitor envato recently hooked it up.)

EasyStart is a new payment solution that works with Russia and Belarus. (I haven’t used it but I know it works)

Yes, many have left, but many options have remained or new ones have appeared. I’m sure there are many options. Yes, what I’m talking about, the old solution is PERFECTLY WORKING RIGHT NOW.

Yes, the politicians are crazy, but we are NOT POLITICS. B
business must move, develop, look for options and alternatives.
Business must grow!
And what good is it that envato drives itself into a framework that is unclear to anyone, does not hear the authors, has forgotten about development?

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30

:slight_smile: ok

31

ok

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32

qwqw

33

I think this is a move in the right direction.
@BenLeong Did I understand correctly that there will be one payout center for the Elements and Market, and the same bank details will be used for payments from the Elements and Market?

34

I dont understand why did they remove payoneer option, please someone explain. Paypal is not used in every country, different payment methods maybe required, Why do you make harder such a simple matters?

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35

Hi,

I think sending money direct to Payoneer; is the best option for authors who can use only Payoneer in their country. It’s an easy way. Half of authors and I want and ask Envato to add previous option (Sending money direct to Payoneer account) and remain it as before.

Because Payoneer does not accept and reject funds coming from Financial Companies, I mean the new partner of Envato for Authors Fund Withdrawals.

The other reasons is; the new partner doesn’t support some countries, it means some authors will have some serious issues.

8 Likes
39

Hi all. I have some more answers to questions raised so far.

One common theme is about whether we’re removing Payoneer as an option. This is not the case, as Payoneer (and now many other services) is available through the Bank Transfer method. This change makes it possible to receive money via the many alternative services that have been requested over the last few years, providing one universal method instead of customising the platform to add each specific money transfer provider.

This is not correct. KYC/AML regulations require that any money transmitter must know who they are sending money to, so addresses are a legal requirement when setting up an account.

Hi @Russell_Frederick. Your account is listed in the batch that starts using the new system in June - this will also be the case for anyone who received a setup email in the last 24hrs.

The older system (set via the Elements Contributors App) is still active, in case you need to update any of those payment details before your next payment on May 16th. After that, your Elements payments will begin to use the new system.

We’re moving towards that goal, but the current stage just involves adding Elements accounts to the new system. We’re starting with Elements as that platform did not previously have any way to receive payments via Bank Transfer, and it’s a much smaller group to get started with. After the Elements rollout is completed, we expect to start moving Market authors across as well.

You can find instructions on setting Payoneer as your Payout Method on the Author Help Centre here - the instructions posted by @PeakStar should also work.

We have been attempting to do this - all authors with tax forms lodged for Belarus and Russia have been placed in the final batch, in order to avoid disrupting their payments for as long as possible. However, we can’t continue to maintain two parallel systems for Elements payments indefinitely. We’re currently planning to switch off the old system in the next three months, once all Elements authors have been moved to the new system.

I’ll have to check on the USD question, but any virtual wallet that allows you to have a USD receiving account (Payoneer/Wise/etc) should be fine. If you choose to receive a bank transfer in local currency, the fees are 1.9% above the live wholesale rate.

Thanks for all the questions so far! I’ll be back in this thread again on Monday, to catch up on new questions from across the weekend.

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40

I’d like to get USD to my german bank account. There is no problem in sending USD to it from Envato Market. 1.9% cnversion fee is very high, not to say insulting.

1 Like
41

Does this regulation not apply to other stocks paid to authors from Belarus?
Does this regulation not apply to Envato right now?
Does this regulation not apply to Payoneer and Skrill?

This regulation requires an address, but does not prevent payments to residents of Belarus to bank accounts in other countries. This was meant.

You are going to pay your new payment provider a lot of money for their services. Why can’t they provide payments in the same way as other payment providers?
Why don’t you demand it from him?

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42

You yourself announced that authors from Belarus and Russia will not be able to switch to the new system.
Therefore, it would be fair for them to leave the old system.

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43

Why not combine Market and Elements payments? This would remove some fees.
And you said there is an option to receive local currency at a low fee?
Where can I find this option because a 1.9% conversion fee is definitely not low.
My bank charges a 1% conversion fee.

1 Like
44

Hello.
I have temporarily moved to another country and do not live in Russia at the moment.
Can I specify only the address of the country where I live now in the new payment system to receive payments?
Or do I need to change the tax form in the billing information of Envanto so that they are the same?
What documents will I need to do this?

7 Likes
45

This is very simple - Envato Tax info (your address etc.) + *Payment provider info (your address etc.) have to be the same.

46

Well, this is an awesome idea, but,
What is the new payment system for Elements Authors and what are the benefits of this system?