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Mandatory Withdrawals

In order to comply with financial regulations and the policies of our service providers, merchants cannot accept payments to a WePay account for more than 30 days without completing Know Your Customer (KYC) information and providing a means to settle funds. This WePay policy has been in place since July 9, 2014.

Financial regulators are becoming stricter about how private companies like WePay handle other people’s money.  By forcing withdrawal after 30 days, WePay eliminates any uncertainty about whether WePay is acting like a bank or some other regulated entity.  This way, WePay can continue to offer streamlined setup and rapid disbursements to merchants, and a flexible API to platforms.

The clock begins for new merchants when they receive their first payment (not when they sign up). Please review the scenarios below and in our Account Policy:

  • A user who has not confirmed their WePay account or provided KYC and settlement information will have 14 days from the date of first payment to confirm the WePay email address. If the email address has not been confirmed, the account state will become disabled, and no new payments will be processed. If the account becomes disabled, the user will have 30 days from the date of disablement to provide KYC and settlement information. If this information is not provided, refunds will automatically be issued and the account deleted.

  • A user who has confirmed their WePay account but has not provided KYC and settlement information will have 30 days from the date of first payment to confirm the WePay email address. If KYC and settlement has not been added by that time, the account state will become disabled and no new payments will be processed. If the account becomes disabled, the user will have 60 days from the date of disablement to provide KYC and settlement information. If this information is not provided, refunds will automatically be issued and the account deleted.
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