Any experience with having a stripe payout paused by wise. They asked for extra documentation. Only issue might be that the Stripe account under a subsidiary company of the wise account (similar name but different company). How would you resolve this?
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Experience with Wise transfer paused? Stripe Payout
- Thread starter dha145
- Start date
What has Wise requested?
Provided nothing else is suspicious or wrong with the setup, I'd just show Wise statement from Stripe, proof that the subsidiary is a subsidiary, and provide an explanation for why the subsidiary doesn't receive the money into its own bank account. Hopefully you have a service agreement of some sort between the two companies which explains why the parent company is receiving settlements on behalf of its subsidiary.
Provided nothing else is suspicious or wrong with the setup, I'd just show Wise statement from Stripe, proof that the subsidiary is a subsidiary, and provide an explanation for why the subsidiary doesn't receive the money into its own bank account. Hopefully you have a service agreement of some sort between the two companies which explains why the parent company is receiving settlements on behalf of its subsidiary.
Receiving payments on behalf of another subject is exactly the issue that many (frankly, practically all reputable) banks and EMIs do not like and explicitly forbid in the TOS. I am not familiar with the exact wording of current Wise's TOS but check it carefully; and if it is there (as I guess), prepare a very well tailored argumentation that your subsidiary just represents you against Stripe or so, etc. (otherwise you are endangered by account freezing and all the possible consequences).
Arent they not allowed to touch customer funds? I thought the funds are kept in segregated accounts
Im actually curious, could you elaborate on this?that is not how that game works
Wise is quite fast and correct in accepting documents if everything is legit.
Provide proof it's a subsidiary or the relationship between the companies with a contract and invoice.
Provide proof it's a subsidiary or the relationship between the companies with a contract and invoice.
Correct. The funds are held in such a way that they are of no value the financial institution. If it were a bank, it might be a different story.
Do you say that because you know for a fact, or are you echoing what someone else has said without providing evidence?
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