We want to make things clear and simple for everyone. SWAPD has changed the way it works, and this change is important for all buyers and sellers to understand.
First, SWAPD is no longer an escrow or middleman. This means we are not “holding” your money and passing it on. Instead, every seller on SWAPD now works for our parent company VEYYO as a subcontractor. When you buy something, you are buying it directly from us.
This also means SWAPD is now a Merchant of Record. That is a fancy way of saying we are the official seller of everything on the site. Sellers are not selling “on their own” anymore. They work under SWAPD and are paid as subcontractors.
Subcontractors must respect our rules and any rules of outside companies connected to their services. This is to keep everything safe, legal, and professional.
At the same time subcontractors are still fully responsible for what they deliver. If someone sells you an account, service, or asset it must be exactly what was promised. Quality and honesty are still required at all times.
So in short SWAPD is now the official seller. The people you see offering services are our subcontractors. They must respect our rules and outside rules and they are still responsible for the quality of their work.
Q: What changed with SWAPD in Canada?
SWAPD is no longer just an escrow or middleman. We are now the official seller of everything on the site. Sellers you see here are subcontractors who work under our parent company VEYYO.
Q: What does Merchant of Record mean?
It means SWAPD is the legal seller. You are buying directly from us, and subcontractors provide the service or asset under our name.
Q: Are subcontractors still responsible for what they sell?
Yes. Subcontractors must respect our rules, follow any third party rules connected to their services, and they are still fully liable for the quality of what they deliver.
Q: How does this affect payments?
We can now issue proper invoices for the full amounts of your purchases. The only exception is for Canadian buyers. Until our GST registration is complete, that is.
Q: Does this change safety for buyers?
No. The goal of this change is to make transactions more official and secure while keeping the same standards of trust and protection that SWAPD is known for.
Since SWAPD/VEYYO is now Merchant of Record and based in Canada, I’m just trying to understand how this works for U.S. corporations. Normally we invoice clients directly and use that for IRS reporting, but in this setup it seems we’d be invoicing VEYYO instead of the buyers. Given the U.S./Canada tax reporting alignment, should we simply treat VEYYO as the client in our books, and will payout statements be provided to help with U.S. corporate reporting?
Great question. Yes, under the new Merchant of Record structure you’ll be invoicing VEYYO, not the end buyers. From your side, VEYYO is the client.
But you have to remember to invoice after you get paid out (to reflect the true amount, post SWAPD fee). We will gladly take invoices from you, as long as they are made to:
VEYYO Limited Partnership
BIN#: 1001137131
45 B West Wilmot Street, Suite 201
Richmond Hill, Ontario
L4B2P3, Canada
But, this will only work if you are from the US. If from Canada, you cannot invoice us yet.
Ok, but if we are now legally considered subcontractors and can issue/receive invoices under Veyyo, what does this mean in terms of KYC/KYB for us? Do we need to go through the verification process again to comply with these new terms, or is everything already covered?
Also, since Swapd now views us as subcontractors, would it be necessary for us (as the seller) to provide you with an invoice in order for payouts to be processed—particularly in light of Canadian tax laws and your financial administration?
Finally, how would this arrangement work in terms of potential withholding taxes on payments to non-residents or non-Canadian businesses?
Would it be possible to get a formal client contract agreement with VEYYO? Since we’re now invoicing VEYYO directly, having that agreement would help a lot for tax reporting and corporate bookkeeping. It would also make things smoother when applying for a corporate crypto exchange account, because they usually require strict proof of business relationships and documentation showing who is paying us.
