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A detailed guide of how payments work on Insense 

How payments work on Insense and how you can easily withdraw your hard-earned money

 

How Payments Work

When a brand hires you for a collaboration, the agreed payment is immediately deducted from the brand’s account and securely held in Insense’s account. This ensures that you’re guaranteed to receive payment as long as you deliver the content as outlined in the brief.

Once the brand approves your content and completes the deal, the payment is transferred to your Insense wallet, which you can access from the “Account” page in the app.

How to Withdraw Your Money

You can withdraw funds from your Insense wallet to your PayPal or bank account. If you're withdrawing to a bank account, you'll need to provide a 9-digit Routing Number.

How to Add Your Payment Details/PayPal

To add your payment details in the Insense App, follow these steps:

  1. Go to "Account" → "Wallet" → "Withdraw" → "Add a payment method".

How Long Does It Take to Receive My Withdrawal?

Withdrawals from your Insense Wallet to PayPal or your bank account are not instant. After you request a withdrawal, your payment will be processed by PayPal or your bank before it’s delivered to your account.

  • Withdrawals to PayPal typically take 4 business days to reach your account.
  • Withdrawals to a bank account typically take 7 business days to reach your account.

Taxes and Fees

Your income from Insense may be subject to taxes based on the laws of the country where you reside. It’s your responsibility to understand your local tax legislation and ensure that you file and pay taxes on time.

For U.S. creators, refer to the Self-Employment Tax legislation for guidance.

4 Things You Need to Report on Your Taxes

While this list isn’t exhaustive, here are some key items you should report to the IRS, according to their guidelines:

  1. Brand Partnerships: If you have a podcast or video channel sponsored by a brand, the payment you receive must be reported as income.
  2. Products: If you receive any product from a brand to review (such as laptops, cameras, gym gear, or supplements), you must report the product’s fair market value as income.
  3. Sponsored Posts: Payments from brands for creating content (such as videos, posts, or social media promotions) must be reported as income.
  4. Ads: Any income you earn from ads must also be reported.