PAYMENT FAQs & PAYMENT SCHEDULE.

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iStockHQ
Posted Wed Jan 9, 2013 10:56AM
There have been recent changes to the payment system.

This thread answers most common questions:Tax and Payment Changes FAQs and Timeline.


Summary - Here is how the new system works:

Step 1 - On the last day of every month, iStock makes a note of your account balance.

Step 2 - On the 5th* day of the following month, the amount noted in Step 1 is removed from your balance. The amount removed will show up in your PAYOUT REPORTS

Step 3 - On or before the 25th day of the month, you will be paid the balance that was removed on the 5th.

* Note - The exact dates may be liable to change by a few days due to holidays or weekends.

Also - only balances over $100 are eligible for payout. If you have less than $100 in your account on the last day of any month, your balance will simply roll over and continue to grow until it finally does exceed $100.


Here is a list of upcoming important dates - IMPORTANT DATES

There is also a Google calendar with the important dates and details on it - HERE.



Below is an example of a typical month - please click on it for full details of the current month:

screen150513-232923




(Edited on 2015-07-01 07:31:22 by kelvinjay)
kelvinjay
Member is a Gold contributor and has 10,000 - 24,999 Photo downloadsMember is a contributor and has less than 250 Video downloadsMember is a contributor and has less than 250 Illustration downloadsExclusiveExclusive iStockphoto VideographerForum Moderator
Posted Sat Jan 17 5:56AM
Important Dates

This is what will happen every month. Due to holidays and weekends, there may be some slight movement in these dates, but the following should offer an explanation of what usually happens and when.

Last day of the month
iStock makes a note of your account balance at the end of the day.

5th of the month
The amount of money that you had in your account on the last day of the previous month will be deducted from your account but it won't actually be paid to you until the 25th of the month. Payout Reports are generated following this deduction.

10th of the month
This is the last day to supply your Payment Information details in order to receive payment on the next 25th of the month. We need you to pick your payment method before this date, in order to pay you on the 25th. You do not need to pick a payment method every month.

This is also the last day to complete the Tax Interview in order to have it apply to payments on the following 25th. Failure to provide your tax details may result in maximum withholding tax being applied


25th of the month
You will receive payment of your account balance on or before this date, as it stood on the last day of the previous month, but you will only be paid if you provided iStock with your correct payment info before the 5th, as mentioned above.


If applicable, you will see withholding taxes applied to your payments from Getty Images (US), Inc.

You can find details of your payments in the payout reports here: Your Payout Reports


If you still have any specific payment or tax questions, please email us here:

contributorhelp@gettyimages.com

And be sure to email us from the email account that is associated with your iStock account.



(Edited on 2015-05-13 16:36:29 by kelvinjay)
kelvinjay
Member is a Gold contributor and has 10,000 - 24,999 Photo downloadsMember is a contributor and has less than 250 Video downloadsMember is a contributor and has less than 250 Illustration downloadsExclusiveExclusive iStockphoto VideographerForum Moderator
Posted Sat Feb 7 3:39AM
PAYMENT

How do I request a payment of earnings?

You do not need to request a payment of earnings. If your account balance is $100 or more on the last day of the month, and you have provided iStock with your payment details, then you will receive a payment the following month. This is an automated process and you will not need to make a request yourself every month or every time that you earn over $100.

When will I be paid?

On or before the 25th of each month you will receive whatever your balance was on the last day of the previous month, assuming it was over $100. This payment will include your earnings from regular iStock credit sales that occurred in that previous month and also earnings from iStock image subs, PP, GI and GI+ sales that occurred in the month before that. If the 25th falls on a weekend or U.S. holiday, the payment will be made on a business day prior to that.

If your balance was $100 or more on the last day of the month, your account balance will have that amount removed on the 5th day of the following month and an invoice showing the amount removed will be created which will show up here:

Your Payout Reports

You will then receive that money on or before the 25th.

For example, if your account balance on January 31st is $100, then your balance will drop by that amount on the 5th of February, leaving your balance only showing your earnings reported after January 31st. This $100 will be moved from your account balance to our accounting system and will show up in your Payouts Report. You will then receive this $100 on or before the 25th of February, and so on throughout the year.

Please note: Payout Reports may not be generated instantly on the 5th of the month.


Where can I provide my payment information?

There is a link on your iStock profile page here:

Payment Information: http://www.istockphoto.com/payment-information

If you have not yet supplied iStock with payment info for the new system, then you will see this:

paychoice1

Once you have entered valid info, you should see a confirmation such as this:

screen150210-232500

You should see something like this on your payment link page - for PayPal

paychoice2

And Payoneer users will see something like this

paychoice3



Where can I provide my tax information?

There is a link on your iStock profile page here:

Tax Interview: https://secure.istockphoto.com/tax-interview


Will I receive a monthly statement?

No, however you will be able to view an invoice with the payment details from your Payout Reports page once a payment has been made.

What payment methods are available to me?

Payment options are:

  • USD PayPal
  • USD Cheque (Powered by Payoneer)
  • USD Direct Deposit ACH (available for US contributors only, powered by Payoneer)
  • USD Prepaid Mastercard (Powered by Payoneer)
  • USD International Wire (Powered by Payoneer)
  • Local Currency Wire (Powered by Payoneer)



What are the payment fees that I will be charged?

There are no set-up fees.

The fee schedule for each payment type is as follows. These fees are charged by the payment processor:
  • USD PayPal $0
  • USD Cheque $0
  • USD Direct Deposit ACH (available for US contributors only) $0
  • USD Prepaid Mastercard $0
  • Local Currency Wire $0 + currency conversion fee depending on currency
  • USD International Wire $9.00


Is there a payment limit/maximum?

There is no limit to payment amounts for Payoneer; however, the limit for PayPal is $10,000 USD per month. If you are expecting to receive payments of $10,000 per month or more, we recommend you choose a Payoneer payment method.


Will I receive a remittance notice when a payment has been made?

Yes, you will receive an email notification at the time of payment, providing that you have supplied us with the correct email information in your iStock profile.

Will I be able to see what withholding tax(if applicable) has been removed from my earnings?

Yes. Your monthly payment invoices will provide a breakdown of any and all withholding taxes




(Edited on 2015-04-30 17:07:30 by kelvinjay)
kelvinjay
Member is a Gold contributor and has 10,000 - 24,999 Photo downloadsMember is a contributor and has less than 250 Video downloadsMember is a contributor and has less than 250 Illustration downloadsExclusiveExclusive iStockphoto VideographerForum Moderator
Posted Thu Mar 5 3:52PM
March Payment Reminder

Dear Contributor,

We’d like to remind you that March 25, 2015 is the first payment issued by Getty Images (US), Inc. and therefore subject to tax withholding.

If you have NOT already done so, please provide your Payment Information and complete the Tax Interview by March 10, 2015 to reduce, or possibly eliminate, the amount of U.S. tax deducted from your royalty payments.

We’d also like to take this opportunity to clarify the following:

  • If you are eligible for reduced tax withholding under a treaty, please do provide your Tax Identification Number (TIN) during the Tax Interview. This could be either a U.S. TIN or Foreign TIN (a TIN provided to you by your country). Failure to provide a TIN will result in 30% WHT for U.S. sales.

  • The information you provide in the Tax Interview is not stored there. Please be sure to print a copy of your tax form for your records. The only confirmation of completion you will receive is a confirmation page at the end of the Tax Interview.

  • If your balance is $100 or more on February 28, 2015, you will be eligible to receive a payment. When invoices are generated, typically on or around the 5th of the following month, your payment amount will be moved from your account balance to our financial system.

    Please note that for this first payment by Getty Images (US), Inc. we anticipate this process to occur later than the 5th, but be completed by the 15th.

  • When an invoice is generated, you will see your balance decrease by the payment amount and a pending payment will be recorded on your Payout Reports

  • If you do not select a payment option and your balance is $100 or more, an invoice will still be generated every month and stored in our financial system, and your account balance on iStock.com will still decrease by the invoice amount. Once you provide the information, any pending invoices will be paid.

  • The total pending payment amount may not exceed $10,000 USD if your payment method is PayPal. If your payment exceeds $10,000 USD you will be asked to choose Payoneer and your payment will be delayed.

  • Payments are made on the 25th of the month. Please note that bank transfer processing times may very between countries. Payoneer local currency bank transfers can take 1-3 days for your bank to process, while SWIFT transfers can take up to 5 days.



We’re here to support you through these changes:

  • We have created and posted FAQs about the new tax and payment details. The quickest way to address a question you may have would be to review these carefully.

  • For specific tax and payment issues, please contact contributorhelp@gettyimages.com for assistance. Please note that the iStock support team cannot resolve payment issues.

  • All other inquiries, please create an iStock Support Ticket as you have in the past.



Sincerely,
The iStock Team

(Edited on 2015-03-24 17:57:46 by kelvinjay)
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