Wix Payments: Updated Account Version

Wix Payments works with several payment processors behind the scenes to better manage our user accounts. To this end, your account is being updated and we are replacing your processor to have your payments managed via a different processor. 

Your updated processor allows you to continue selling products and services that would no longer be allowed by your previous processor. This can include items as diverse as jewelry, car parts and social campaigns. Due to this update, you may see some of the following changes in your account.

Your updated Wix Payments account may need additional verification documents to be submitted. This may be because previous documentation has expired or further information is needed by your new processor.

During the verification process, your payouts are placed on hold and are available to be added to your payout schedule as soon as your account has been successfully re-verified. Payouts are only on hold for the account version that requires additional verification. Your ability to accept payments remains unaffected during this process.

For a time, you may see a greater number of payout streams in your Wix Payments account. These streams reflect payments processed by your previous Wix Payments version as well as your updated version. In other words, these are different providers processing your payments; one stream through Adyen, and the other through Stripe; our processor partners.

Once your account has been updated, an additional column is added to the downloadable version of your settlement report. This shows which transactions are related to the previous version of your Wix Payments account, or the updated version of your Wix Payments account.

A CSV file of your settlement report is available to download from your Wix Payments dashboard. You can use this transaction information to review issued refunds, or compare your payments against your 1099-K form, if applicable.

If you meet IRS requirements, we will generate a 1099-K form for you. This form will be a record of your payments processed through Wix Payments for the preceding calendar year.

If your account has been updated, this means you may need an additional 1099-K as a different processor will have processed your payments. Your 1099-K form(s) are generated as long as you meet the necessary requirements.

You can access any available 1099-K forms from the Tax Documents page in your Wix Payments account.