The below information is only relevant if you have a payment that you need to action through Hyperwallet.
Saatchi Art has partnered with Hyperwallet, a third party payment processing software, for our artist payments. All sales made starting March 2020 will be paid using this new system. If you are a new seller or will receive your first payment through this new system, you will activate your account and register your payment information with Hyperwallet to receive your first payment. Activation of your Payment Manager requires a current, legal, address name that will need to match the information found on your tax information which will be submitted.
During activation and before you provide your tax form, you will also need to consider if you will be registering as a business or individual when receiving your payment. In either registration type you will need to ensure your name and address within your HyperWallet profile matches the information on your tax form.
To update your HyperWallet profile information go to ‘Settings’ > ‘Profile’, make changes as needed > save changes.
If your personal information, tax form, and payment details do not match up, your tax form and or payment will be rejected by the Hyperwallet Compliance Team.
VERY IMPORTANT:
During account activation, you will be asked if you want your Hyperwallet account to be a Business Account or an Individual Account. Please pay very close attention to what this means before declaring your account as a Business or an Individual. If you establish your account incorrectly as one of the two, it will result in severe complication and delay in receiving payment.
When deciding to be set up as a Business or Individual, please consider the following:
If your payment is to be directed to you personally, for example, 'John Doe', then select, "INDIVIDUAL".
If you have a business, but you are the sole owner or have complete ownership of your business, in other words, the SINGLE OWNER of your business, then select, "INDIVIDUAL".
If your payment to be directed to your business, for example, 'The John Doe Corporation, The John & Doe Partnership, The John Doe LLC etc...', then select, "BUSINESS".
To Register as a Business in HyperWallet:
For Non-US Citizens - If your business is a Sole proprietorship - You must register your account as an INDIVIDUAL. A sole proprietor is considered an individual under US tax regulation.
If you have a company that is NOT a sole prop (LLC, Ltd. equivalent) you can continue to register as a business. Note that your payment will be in the name of the business owner (or business). You will be asked to provide your business tax identification number issued by your country.
For US-Citizen - Be prepared to provide your business Tax ID, the full legal name of the business and the legal first and last name associated with the registered business owner during HyperWallet registration.
To Register as an Individual:
US-Citizens - US based artists will provide a digital W9 via HyperWallet. Note that the digital submission is secure and strictly confidential.
Non-US Citizen - All artists located outside of The United States will be required to submit a W-8BEN or W-8BEN-E ( W-8BEN-E is necessary when registering as a business. See above)
To properly complete your W-8BEN or W-8BEN-E document use the tips below.
IMPORTANT ADVICE FOR COMPLETING THE W8BEN DOCUMENT:
Any small error on your W8BEN document can result in the delay of your form being verified. Please read the document very carefully and provide the correct information as per this advice:
- Name and address must match the profile exactly (even small discrepancies void the acceptability of these forms). Artists can log in to their portal to determine exact profile information to input on the form. (Go to Settings > Profile)
- All mandatory fields must be completed – including name, address (two lines), country of residence and citizenship, date of birth, signature, certification date, and print name of signer
- Date of birth and certification date must follow the format MM-DD-YYYY
- If name and address are in Cyrillic, form must be in Cyrillic
- If profile is in Korean, Japanese, Chinese - form can be submitted in English
- Any changes to the form require the customer to either initial the change or initial their signature/certification date to indicate that they are the one that made the change
- The date of certification must be within 5 days of uploading. Anything older than 5 days is considered expired.
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