Dequency Announces Stripe Connect Integration, Enabling Card Payments for Sync Marketplace
We are so excited to announce that card payments are now live on the Dequency marketplace! As part of our long term commitment to provide users with a simple and transparent way to license music, we’ve partnered with Stripe Connect to give licensors (musicians and rightsholders) and licensees (license purchasers) the flexibility of transacting in fiat.
How does it work?
Musicians can now decide whether their licenses can be purchased with cards, crypto, or both. To enable card payments for their uploaded tracks, licensors can easily create a Stripe Connect account in their Dequency profile settings and connect securely to their bank account. Once this is done, the licensor’s tracks will become purchasable via cards, and all income from card payments will be routed directly to their connected bank account. Note that while licensors can presently set their currency preferences (as described above), we anticipate making all tracks purchasable via cards in the near future.
Any other important details?
Stripe Connect transactions are subject to various international fees and minimum transfer rules. Additionally, payout frequencies (i.e how long before a licensor can access a received Stripe Connect payment) affect the total compensation to the licensor. To ensure that licensors are compensated adequately for their work, we are implementing a one month payout hold on Stripe Connect income and a license fee minimum of $10 (existing licenses that are priced under $10 will not be purchasable via cards). Note that while the license fee minimum applies to all tracks on Dequency, the payout hold only applies to fiat money received via a licensor’s Stripe Connect account. Any income earned in crypto will be accessible instantaneously, as usual.
Got questions? We’re here to help! Get in touch on Discord, Twitter, or email us at firstname.lastname@example.org.
Want more info about Stripe? Check out their website here.