November 17, 2022 – We are excited to announce that registered SoundExchange creators can now opt in to receive performance royalties via digital payments in addition to traditional payment methods.
SoundExchange is one of the only organizations of its kind to offer this option to creators. The introduction of digital payment options makes the business of music easier and more efficient – what we work towards every day at SoundExchange.
See below for details on the variety of digital payment options available now and coming soon. If you are interested in updating your account, please contact SoundExchange Customer Services to review your options and request the appropriate forms.
The option of collecting digital performance royalties from SoundExchange is now available to eligible creators using Cash App and Zelle®, which provide a viable alternative for those seeking nontraditional payment methods.
- Cash App is a mobile app that enables users to send and receive money directly on their phones.
- Zelle® is a fast, safe, and easy way to send digital payments to those you know and trust with a bank account in the U.S. Money sent with Zelle® goes directly from one bank account in the U.S. to another, using only a recipient’s email address or U.S. mobile number.
These new options are available to U.S. SoundExchange registrants only. Additional information about Cash App and Zelle®, as well as details regarding eligibility, are available below.
How does it work?
Cash App is a mobile app that allows users to receive money directly on their phones. It is fast, free, and allows users to send money to friends and family. Users can move money to a linked bank for free or keep the money on Cash App to send, spend with the Cash App Card, or invest in Stocks/Bitcoin.
Registrants must first enable their Cash App accounts to receive direct deposits.* Once this is done, they will be able to provide routing and account numbers to SoundExchange. This information will allow SoundExchange to issue payments to Cash App accounts whenever the SoundExchange accounts accrue to distributable balances as part of our regular distributions.
Who is eligible?
Currently, SoundExchange registrants taxed as U.S. individuals that have activated a Cash App Card are eligible for Cash App payments. If a registrant is taxed as a U.S. company or a non-U.S. individual or company then our traditional payment options (domestic and international direct deposit, check) remain available.
Cash App will not accept direct deposits over $25,000. If an account is set up for payments via Cash App and accrues to over $25,000 for a distribution, SoundExchange will simply roll the recipient’s royalties to the following month until they can be paid out via paper check at the end of the quarter. The account will then revert to Cash App payments – unless new royalties also exceed the threshold.
We will only remove Cash App information if a creator requests it or if a payment issued with it fails. As such, an account may display as being set up for Cash App payments but only generate paper checks while carrying a balance over $25,000 per quarter. Accounts regularly receiving payments over $25,000 per month should consider alternate SoundExchange payment options, such as direct deposit (ACH).
What else do I need to know?
Cash App will only allow a user to enable direct deposits if they have activated their Cash App Card. The Cash App Card is a free debit card connected to a Cash App account.
To order a card, follow these directions on your Cash App account:
- Tap the Cash App Card tab on the Cash App home screen
- Press Get Cash App Card
- Tap Continue
- Follow the Cash App instructions to order a physical Cash App Card.
Once a user has activated a Cash App Card, account and routing numbers can be found by following these steps:
- Tap the Money tab on the Cash App home screen
- Tap the routing and account number next to your account balance
- Account and routing numbers will be visible
Note: SoundExchange will not issue direct deposits to a $Cashtag – we will need a Cash App account’s bank account and routing numbers.
* Banking services and debit cards provided by Cash App’s bank partner(s).
How does it work?
Money sent with Zelle® goes directly from one bank account in the U.S. to another, using only a recipient’s email address or U.S. mobile number. Funds are typically available within minutes when both parties are already enrolled with Zelle®. The primary representative for SoundExchange registrants and members can provide a U.S. mobile phone number or email address to allow us to send a payment to their bank account.
Who is eligible?
SoundExchange is offering payments via Zelle® as an option only to U.S. individuals and companies at this time. To be eligible, a SoundExchange account must be registered as a U.S. entity for tax purposes. SoundExchange offers non-US entities other payment options, including international and domestic direct deposit (ACH) and paper checks in USD.
For many consumers, Zelle® is already available from the convenience of many mobile banking apps. Check your mobile banking app or sign in to your online banking site and follow a few simple steps to enroll with Zelle®. You can also visit Zelle® online to find a list of participating banks and credit unions offering Zelle®. If your bank does not offer Zelle®, you can still use it by downloading the Zelle® app for Android and iOS.
SoundExchange will pay out royalties via Zelle® up to $50,000 in a single distribution. If a creator’s account is set up for payments via Zelle® and accrues over the max amount for a distribution, SoundExchange will simply roll royalties to the following month until they can be paid out via paper check at the end of the next quarterly distribution. The account will then revert to Zelle® payments unless new royalties also exceed the threshold. Accounts regularly receiving payments over $50,000 per month should consider alternate SoundExchange payment options, such as direct deposit (ACH).
SoundExchange will not remove Zelle® payment information unless payment fails due to incorrect information or because a creator requests for the information to be removed.
What else do I need to know?
A U.S. bank account is required to receive payments with Zelle®, and the bank account linked via Zelle® must be in the same name as the SoundExchange account.
If a creator wants to register with SoundExchange to receive payments with Zelle® but has not yet enrolled, please remember to do so first! Unsure which banks offer Zelle®? A full list of banks that offer Zelle® is available here. Banks that offer Zelle® allow users to enroll using their own mobile apps as well. If your bank does not offer Zelle®, you can still use Zelle® by downloading the Zelle® app for Android and iOS.
Please make sure to review what bank account is being enrolled using your U.S. mobile phone number or email address. Unlike direct deposits, payments with Zelle® are typically received within minutes when both the sender and receiver are enrolled and cannot be recovered after they are sent. SoundExchange registrants should first decide which of their bank accounts they want to use to receive Zelle® payments and then confirm that the desired account is enrolled with Zelle® using their email address or U.S. mobile number before providing that information to SoundExchange.
If SoundExchange is provided with both a phone number and an email address, we will default to using the email address for Zelle® payments.
How to Opt-In to Cash App or Zelle®
Interested in requesting that a SoundExchange account receive payments via Cash App or Zelle®? If so – let us know! We will send a form to provide us with relevant information for the preferred payment type.
How SoundExchange Payments Work
Royalties are distributed by direct deposit and mobile payment apps every month and by check in March, June, September, and December.
Direct deposits are issued monthly for accounts with a balance of $100 or more, and quarterly for accounts with a balance of $10 or more. This includes payment made via domestic and international ACH, as well as Cash App and Zelle®.
Quarterly checks are issued when the royalties payable to a registered SoundExchange creator reach $100 or more. If royalties due are less than $100, we hold them until they reach the threshold, at which time we will issue a payment.
If you have any questions about our payment options or SoundExchange, please contact SoundExchange Customer Service. Our support team can also be reached at [email protected] or at (800) 961-2091 (U.S.) from Monday to Friday, from 9 a.m. to 6 p.m. ET. We are always happy to be of service.