Setting up your owner account is essential to ease with working with Boatsetter. Boatsetter pays owners for charters through direct deposit, via Stripe. Stripe requires that we validate the owners identity in order to fulfill a requirement set forth by the IRS and to send payment for the rentals.
There are four easy steps to setting up your payment account:
1. Finish setting up your account, by adding your birthday, first and last name, and phone number.
2. Add your bank account information, in your payout preferences.
3. Fill out the tax form.
4. Send a picture of your photo ID to Boatsetter Support at email@example.com. This is required to receive payment. The ID will be uploaded and scanned by Stripe to verify the information provided.
The Payout Process:
Payments are processed 2-3 business days after the end of the rental period and will be deposited directly into the bank account you provide via Stripe. Weekend or holiday trips may take another business day to process. When we release a payout, you will receive an automated email confirming that the payout was successful. Once the transfer is released, your bank normally takes 24 hours to review the payment before crediting the account.
How to Add a Bank Account:
Once logged in to your account, in the upper right corner click Account > Payout Preferences > Add Account (pictured below).
From there, you will be prompted to include the name on the account, the account type (checking or savings), account number, routing number, your billing address for all payment related communications and birthday. Once you have entered all the above information, click “Save” in the bottom right corner. You can edit your bank account settings anytime.
How to Fill Out the Tax Information:
You will also need to fill out the Tax Form. This information is required by the IRS to have on file, in order for you to receive payments. You can find this option on the same screen as above (also pictured below), at the bottom of the options, listed as "Tax Forms". You can click here to be linked to the form.
In order to receive a 1099-K at the end of the year, you must meet the following requirements for the calendar year:
- The gross amount of total payment transactions that exceeds $20,000, AND
- The total number of such transactions (concluded rentals) exceeds 200
Find out more information about 1099-K forms and how to export your payment history here.
Be sure to check with Boatsetter that your payment account with Stripe is in good standing. After your first rental, you MUST fill out your tax information and send a picture of your ID to firstname.lastname@example.org to verify your identity on the payment account. If these requirements are not fulfilled, payments will be halted on the account or the account may be closed by Stripe.
Remember: Boatsetter takes 35% for Geico Marine insurance and 15% for self-insured boats. See the service fees article for more information.