Receiving payouts
What are payouts?
As a competitor on the platform, Sponsor Driven allows you to receive funds from individuals and organisations through contributions and sponsorship.
In order to receive funds to your bank account, we use Stripe to collect your bank details to transfer the funds to you. Stripe requires additional information about you, including proof of identification, in order to verify that you are who you say you are.
How do I set up payouts?
Step one: Complete onboarding
In order to enable payouts, you will need to complete the onboarding via your competitor settings. Stripe will request your bank details, along with some proof of identification. This is collected in order to adhere to Know Your Customer (KYC) requirements set out by banks and card processors. KYC requirements do vary by country, however Stripe will only request what is required based on your country of residence.
You will need to provide accurate information during the onboarding process, as well as any time that Stripe requests further information from you. Any information that is intentionally misleading or inaccurate is a violation of both Stripe's and our own Terms of Service, which will lead to restrictions such as disabling payouts and preventing you from receiving additional funds.
Step two: Receive funds to your balance
Any funds received through the platform, will be added to your balance. This may not be immediately available until you reach a certain threshold explained here.
Pending Balance
Any contributions received within the last 7 days will be shown as "pending". Funds will become available to withdraw after 7 days.
Step three: Withdraw your balance
Once your bank details have been verified, you can start to withdraw your balance once your balance reaches a certain threshold.
You may then use those funds to pay for your motorsport expenses.
Depending on a number of factors, it may take up to seven business days to initiate the transfer. Once initiated, payouts can take a further 72 hours to arrive in your bank account, depending on your bank.
Note: Stripe may request additional information at any time, which may temporarily prevent funds from reaching you.
What is the threshold for withdrawing the balance?
For new accounts that have not initiated a withdrawal before, we require the balance to be above £20 GBP. After your first payout, this threshold is reduced to £10 GBP.
If you have a negative balance, you will not be able to withdraw funds until your negative balance has been cleared.
Why is my balance showing as negative and what can I do?
While our terms and conditions do state that all contributions are final, it is still possible contributors to request a refund under certain circumstances.
Any refunds essentially reverse the payment, and will be deducted from your available balance. If your balance is too low to cover it, such as the funds already being transferred to your bank account, you will not be able to initiate another payout until the balance has returned above £0 GBP.
If your balance remains negative for over 90 days, we reserve the right to request payment from you in order to bring your balance back to £0GBP.
If you have any questions, please do not hesitate to contact us.
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