Once an artist has reached the minimum requirement of 20,000 Notes, they can cash out via their LÜM wallet – which is located in Task Center.
If an artist is cashing out for the first time, they will be prompted to either create a Stripe account or connect to an already existing Stripe account. This workflow will have the user enter in personal banking or debit card information so that LÜM can send funds directly to the connected account.
After connecting to Stripe, any following cash out workflow will be a simple one-step process. An artist will choose to cash out from their Task Center, and those funds will be reviewed by LÜM to initiate the transfer to that artist's bank account.
Upon cashout, expect the transfer to take approximately 1-2 business days to reach the user's bank account.
What is Stripe?
Stripe is a third-party payment processing service that allows LÜM to make secure transfers to your connected bank account. In order to receive the amount earned on LÜM, you will need to have a connected Stripe account that makes the transfer secure and easy.
Are there any cash out fees involved?
Yes, LÜM uses a third-party payment processor for cashouts. The processor – not LÜM – charges a transaction fee each time you are paid as well as for rejected cash outs resulting from any incorrect information that is submitted. The fee is based on the number of Notes being converted to USD. This fee will automatically be taken from your account balance upon cash out.
Individual or Business Account?
When connecting or creating a Stripe account to LÜM, you'll be prompted to either select Individual or Business. In most cases, you should choose "Individual". However, if you are classified as a business please register as such.
If you aren't sure which one, that would suggest you should register as an "Individual."
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For more information, please review LÜM's Terms of Service