Important things to note on the Payout Procedures
In this very post we will be breaking down the expected procedure for payout this week.
- All inactive accounts and Users will be be removed before payout.
During the past week, we conducted a survey Where we discovered that over 60% of accounts on the platform were inactive. Of the 35,000 total registered users on Video verse, less than 2,000 completed the survey. This is because some Fraudulent users created multiple accounts just to increase their referral rewards. All these inactive accounts has caused the platform to suffer downtimes that is affecting our overall performance.
Due to this, the management has concluded that all inactive account will be purged out and will not be paid. This is why we are going to be taking the verification process very seriously.
Every account that is flagged to have been inactive for more than one week will be removed from the platform.
- Users without a valid means of Identity will also be removed
Identity validation is also key to helping us identify active user from inactive users who created multiple accounts. Hence every account that cannot provide a valid means of identification will be flagged as inactive and will be removed.
Also, every account is expected to have a unique means of identification as no two account can share the same details. Hence we will remove every account that is flagged to share the same details.
- The use of temporal identification
From the last survey conducted, a good number of users expressed that they have not been able to obtain a Tax Identification Number. Because of this most of them suggested that another means of identification be used.
Drawn from this, the management of Videoverse have decided to employ a temporal means of identification which will be further explained.
- We are dropping the minimum payout amount.
Before now the minimum amount withdrawable on the platform is Fifteen thousand naira. But after the purging process we will be dropping this amount to just Ten thousand Naira.
- Breakdown of the withdrawal schedule.
Here is the breakdown on how validation, withdrawal and payout will take place.
- Starting from Wednesday the 18th of September All user will be prompted to complete a temporal Identity validation process by Valley IO.
- Starting from Wednesday the 18th of September All users on Videoverse will be able to place a withdrawal request. This withdrawal request will be marked as pending until the user is able to complete the temporal identification process.
- After the temporal identification process, all inactive account and fraudulent users on the platform will be permanently removed and payment will be made to active accounts.