When you develop on VentureStorm we want to guarantee you get paid for all of your services. Be sure to have your project manager put their money where their mouth is by putting money into escrow before development begins. With the money in escrow we can guarantee you will get paid!
In order to receive money through the escrow service you need to set up a merchant account through the VentureStorm platform. You can set up the account as an individual or a business and can receive payments to a bank account or a Venmo account. To create your merchant account or update current information you can go to your submerchant account settings page.
As soon as your project manager puts money in escrow you can see how much is being held for you on the project page under the Our Team Section. Note that the manager must put in money specifically for you. When the funds are placed into escrow there must be a specific account they are going to. So the money held for you can only be released to your account. We cannot split payments between teammates.
Unfortunately we cannot handle partial payments, even to the same account. However, you can easily get paid in increments by working with the project manager to split the amounts in escrow. If you're working on a $10,000 project and would like to get paid 10% for the documents, 40% for the design work, and 50% for the finished project then you must instruct your project manager to make 3 separate transactions to the escrow service for $1,000, $4,0000 and $5,0000 respectively. Then upon completion you can ask the project manager to release the correct amount at the appropriate time.
Our partnership with Braintree allows us to handle all 1099-K tax forms! At the end of the fiscal year Braintree will send us the completed 1099-K paperwork for all submerchants registered through VentureStorm that have received some payment. We will then email the paperwork to the primary email you have listed on VentureStorm. If you do not receive forms you believe you should have please reach out to us at team @ venturestorm.com
We charge a 3% service fee on top of the transaction value for standard processing. Then on the release we take 7% as a VentureStorm service fee. We provide entrepreneurs with a calculator so they can see exactly how much you will receive in your account upon release. So please work with the entrepreneur so you can ensure clarity in payments.
By utilizing our escrow services, all payments are secured and refundable
if work is not completed properly or payments are not disbursed as expected. If any issues arise during the development process, VentureStorm can
mediate the conflict as an unbiased third-party if both parties agree to the mediation*.
*VentureStorm will only mediate disputes of escrow payments greater than or equal to $5,000. All project scoping documents and designs agreed upon between the parties are necessary to proceed with any mediation.