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Allbound Payments Implementation Guide

Kyle
Kyle
  • Updated

Allbound + XTRM

Allbound Payments is powered through our partnership with XTRM, a payment processor that works with financial institutions to allow customers to securely send and receive funds throughout the globe.  More information about XTRM can be found on their website. Additionally, security and compliance information can be found here.

 

Initial Setup

Initial setup for Allbound Payments involves creating a XTRM account via Allbound and then verifying your company and identity as an administrator. 

In order to create a XTRM account, first navigate to the Payments page, accept the XTRM Terms and Conditions, and proceed with company registration by clicking the “Register My Company” button.  You will then enter your required company and account administrator  information including:

  • Company Name
  • Company Web Address
  • Country
  • Admin First Name
  • Admin Last Name
  • Admin Mobile Number
  • Admin Company Email Address

 

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Once submitted, your XTRM account has been created and you will need to set a new password by navigating to the XTRM Login Page and clicking the forgot password link.  You will then receive an email at the registered admin email address enabling you to create your XTRM system password.

 

Profile Completion

In order to send and receive payments, the company and administrative profile must be completed for financial compliance set by the various banking institutions that work with XTRM.  This information is securely held only within XTRM and is not accessible outside of the platform. 

First, the administrative profile must be filled with First Name, Last Name, Login Email and Mobile Number.

 

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Next, the organization profile must be filled with Name, Phone Number, Web Address, Tax ID, and Address.  

Additionally, Identity Documents will need to be uploaded including:

  • One document to identify you - a valid driver's license or passport.
  • One document to identify your company  - typically a tax document.
  • One document to identify the physical address of your business - typically a utility bill or similar.

Once these documents are uploaded, XTRM’s compliance team will review and approve (typically between 1-3 business days).

 

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Advanced Services Application

In order to send payments, an additional application to enable payments is required.  Much of the information here will be pre-filled but there are some additional requirements for payments within the USA and Internationally.  Complete these final two applications and your account will be complete and ready for use.

 

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The required information for these applications is listed below.  This information ensures that your company is fully verified and helps to protect you from any unauthorized use of XTRM.

 

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Incentive Approvers & Payments Administrators

Now that you have completed your profile you are ready to start using Allbound Payments.  There are two administrative permission levels that are important for proper approval and disbursement of incentives via Payments.  These permissions can be given only to administrator users on the User Details page.

 

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Incentives Approver

This permission allows users to edit and approve incentives that have been created in addition to manually creating ad-hoc incentives.  This is usually given to sales managers and/or finance team members in order to have full control of incentives within the platform.  This permission level DOES NOT allow payments to be made through the platform.

 

Payments Admin

This permission allows users to control functionality for sending payments within the platform.  Those who need to make payments to partners, fund wallets, update bank details, and audit wallet information should be given this permission level.  This access is usually given to members of the finance team but can also be given to anyone that controls financial aspects of your organization.

 

Payments for Partners (Company Level)

Incentive payments can be sent to your partners at the company level by onboarding the partners for whom you would like to grant access. These incentive payments can include commissions, referral fees, MDF allowance, and various other forms of incentivization that partners may be given. In order for a partner to receive payments, the Partner Company and at least one Payment Manager need to be added to the Access Control located under Revenue Settings.

Company Level Partner Payments Setup

 

 

 

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Payments for Partners (User Level)

In addition to sending payments directly to your partners, incentive payments can be sent to any partner users that are within Allbound without the need for full registration.  These are most often sent in cases such as SPIFFs to sales reps or direct commissions. For individual payments, users simply need their full name and email address to receive funds.  When payments are sent to users, XTRM will generate a new account based on the name and email address and the account will show within Allbound once they have received funds to their newly created wallet.  Users can then link their bank account and withdraw funds as they would like.*

 

*Note: Users will need to verify their account details for withdrawal of larger amounts.  This is required for tax reporting purposes.  Users will be prompted to verify their account details on the Payments landing page and once verified they will have full withdrawal capabilities.  The information required includes First Name, Last Name, Tax ID, Mobile Number, Country, and Address.  Once again, this information will only be securely held within the XTRM platform.

 

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Tax Information

At the end of each tax year, XTRM will compile any required tax information and make it available for reporting purposes.  

In the USA, XTRM will have a downloadable 1099-K for individuals and for companies, a downloadable file of contributing transactions.  

Outside of the USA, XTRM will have a downloadable file of transactions that can be reported to the local taxing authority.

 

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