How do I get paid?
And how can I make it easy?
Under 4 Minute Read.
In this article, we cover how you can get paid for your work on Alter Sleeves.
Getting paid for the Alter Sleeves that you have sold is relatively easy to do. We require that all of our artists are over the age of 18 with little exception, part of the reasoning behind this is that we need to be able to pay you and other artists. To do this we use a third-party service that is secure and easy to use called TransferWise. TransferWise is safe, secure, and regulated by the Financial Conduct Authority based out of the EU. Alter Sleeves will transfer your royalty to you in US dollars ($USD).
If you require the currency to be exchanged for a local currency, you will receive a fair mid-market rate to exchange it from USD into whatever local currency you prefer, which is the best rate available for the general public.
There is no cost to open or maintain an account with TransferWise. However, with an established account, you will receive your transfers much quicker and in some cases, the fees will be reduced or nonexistent. You are never required to maintain a balance but can do so in multiple currencies. TransferWise is similar to PayPal but gets around a lot of the fees and country restrictions that PayPal faces.
Alterists get paid a royalty for every design of theirs that is sold on the Alter Sleeves website. Per design, they earn either 20 percent of the total price or $1.20, depending on which one is higher.
We should clarify; you do need an account, or rather must be setup with TransferWise to accept royalties, you do not need an Borderless Account; however, there are several benefits:
There is no transfer fee to receive funds after setting up a TransferWise Borderless account.
You can receive funds and hold them in your account to use whenever you choose and in whatever currency you choose.
TransferWise offers an alert feature so you can transfer funds out of your TransferWise account into your local account when the exchange rates are at your advantage.
TransferWise also offers a Mastercard that can draw on your balance in multiple currencies and is accepted around the world.
In the case that TransferWise does offer the Borderless account service in your country, you will be required to open the account with a minimum $20 USD balance.This is not a fee but rather an account verification token. Once you open the account, you are not required to maintain a balance and can withdraw the $20 USD at any time. The Borderless account is not available in all countries and currencies at this time. The TransferWise website has more details and their staff is extremely helpful via phone and email. If you have any questions regarding the Alter Sleeves payout system, we would encourage you to reach out to us via our contact page and we will be glad to help you.
If you do not wish to open an account with TransferWise, that is totally fine, we just won’t be able to pay you. For uses that do not have a Borderless account with them, the artist will be charged a small fee, per transfer, to use the TransferWise platform.
Follow the link and one of our staff will provide you with an invitation to TransferWise.
Artists, like yourself, will be able to see the royalties you’ve earned on your dashboard, and can choose to have that balance sent to you via TransferWise once each month, this is a partially automated process once you agree to withdraw. You can choose full or partial payments anytime, During this time, payment transfers are initiated within 24 to 48 hours after withdrawal requests are submitted, we batch them together and process multiple withdraw requests at once.
You may choose to use all or part of your accumulated balance to purchase Alter Sleeve products (of your own designs) at wholesale prices for yourself to collect, re-sell or give away. To find more information on this option, please see your artist dashboard where you can find your personal promo code. When you submit for withdrawal, you will receive an email from TransferWise stating that your funds are on their way. If you have a TransferWise account, your funds will be deposited directly into your account or transferred to your bank and can be used immediately. If you do not have a TransferWise account, you will be instructed to enter your bank details and your funds will be transferred and usually available within 48 hours. Your banking information is never shared with Alter Sleeves. We do not store or handle banking info for artists in any way.
Below is a screenshot of the Balances page; just fill it out with your TransferWise info.