For organizers from countries other than India and Indonesia, the payments on Townscript are processed via Stripe and this step enables the user to choose whether they would like to create a Stripe account via Townscript or use their existing Stripe account.
Why do we need this step?
In order to make payouts to organizers, we need our users to complete their KYC (Know Your Customer) process. For organizers from countries other than India and Indonesia, there is a choice to either use Townscript’s default payment system or use one of their own. If you don’t have one of your own, we would recommend that you use Townscript’s default payment system as this would save a lot of hassle for you. For using Townscript’s default payment system, an organizer would need to provide us some information that would help us complete their KYC verification, post which they can start selling tickets and accepting payouts from Townscript.
What happens when you choose a payment method?
There are 2 options for the user to choose from.
Default: This is the option that the user can choose in case the user does not have his/her own Stripe account and would like to use the default payment gateway provided by Townscript. In this case, the KYC process will be done on Townscript and the information asked will be passed internally to Stripe for your account to be created.
Connect your Stripe Account: This is the option that the user can choose in case he/she would like to connect their existing Stripe Standard account in which case the user will be redirected to Stripe to connect their account.
What is the KYC process in the case of the Default Payment Method?
Know your customer or commonly known as KYC is a process of collecting information that businesses do to verify the identity of their clients in order to ensure tax/legal compliance in different countries that they do business in and fight fraud and/or avoid any illegal intentions towards the business relationship.
What details do we ask?
We ask for basic details like name, address, company tax ID, etc.
To verify your identity, we ask for a valid ID proof like Passport or Driving license. We require you to upload a copy of your valid ID proof, it will help us in identifying you to a high degree of fidelity as the inability to accurately identify individual pose risks with respect to fraudulent claims, tax compliance, and creation or listing of valid events on Townscript.
Your bank account details to send your ticket sales revenue to you.
When do we ask these details?
You have to provide these details only once and it can be done before or after creating your event.
Where can you fill these details?
You can visit the KYC details section by clicking on the Billing Section in the profile drop-down.
What happens to your details?
We at Townscript are very serious about keeping your details safe with us. All your details will only be consumed by us to verify your identity and will not be shared with anyone except for one clause mentioned above in ‘What happens when you choose a payment method?’ For the Default option in which case it will only be shared with Stripe for your account creation.