A great feature of the Glencoco platform is that we've set up automated payouts for our users. There is a separate, more in-depth article about how payouts and the timing of payouts work, but the headline is that when a sales meeting you've set is marked as qualified by the company on the other side of the marketplace, this triggers an automated payout through our Stripe integration for a direct deposit to your bank account.
In order for this automation to work successfully, you'll need to connect a bank account of your choice to our platform. To do this, we use Stripe. If you've never heard of Stripe, you can think of it as similar to Paypal. We use Stripe because it is a reputable, $50B company that takes its security very seriously (Stripe Security Docs), and because it has great, flexible infrastructure to build payments across our platform.
We do not store your bank account information, nor do we want to. That's why we use Stripe.
Setting Up Payouts
If you're logged in, in the left navigation bar of your home screen, click Settings -> Payouts. You'll see a "Connect with Stripe" option if you haven't connected yet, where you'll be taken to Stripe's setup page.
Common User Questions Related to Stripe Setup
Can I use a business/LLC bank account?
Answer: Yes, you can if you'd like to set your account up as a LLC for tax purposes.
Can I sign up with any bank account in the world?
Answer: Currently, we only support users with access to bank accounts in the following countries: the US, UK, and Canada. The Stripe setup process has you go through a KYC (Know Your Customer) identity verification flow as part of this setup.
I'm based overseas and I'd still like to use the platform. Can I still use Glencoco?
Answer: As long as you have access to a bank account from the US, UK, and Canada, you can use our platform from anywhere in the world, provided you have a laptop, a good wifi connection, and a quiet place to work.
I'm being asked to include my website as part of the Stripe setup process. What should I use?
Answer: If you're signing up as an individual 1099 contractor and you don't have an applicable personal or business website, you can just use your linkedin profile.
How are taxes handled?
Answer: We do not withhold taxes or anything like that. As an independent contractor, you are responsible for managing your own records for Glencoco income for tax-filing purposes. We issue W-9s upon request. Over time, we will be providing more documentation and resources to help you and other independent contractors manage these.
⏭️ Next Up in Getting Started
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