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?
Experience with Wise transfer paused? Stripe Payout
- Thread starter dha145
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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.
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This is the probably the answer to your question.
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.
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This is the probably the answer to your question.
Just wise carrying on normal business and enjoying interest free loans from customers.
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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).
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
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Arent they not allowed to touch customer funds? I thought the funds are kept in segregated accounts
As @Sols already mentioned, show Wise how things are connected and they will release the money. I don't believe them not to be cooperative.
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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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This is the probably the answer to your question.
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