What are the requirements to withdraw funds?
Collectors must satisfy five requirements in order to be eligible to withdraw funds from their Cash Wallets.
Two of the requirements are to be completed once, as part of establishing your account with Quidd. These are known "One-Time Requirements."
And three are to be completed each time you request a withdrawal, known as "Per-Withdrawal Requirements."
One-Time Requirements
Account Age: the join date on your account must be 30 days or more in the past. In simple terms, if you created your account yesterday, you will need to wait 29 more days to be eligible to withdraw.
Identity Verification: you will need to verify your identity with our trusted identity verification partner, SORA. This involves performing a liveness test, which requires you to scan your face with the camera on your phone or laptop, and producing a government issued identification card, such as a driver's license or passport, in order to match the two. All collectors must be aged 18 or older in order to pass Identity Verification. All data transferred with our identity partner, SORA, is secure and encrypted.
Per-Withdrawal Requirements
Sufficient Sales Proceeds: once you've satisfied the One-Time Requirements, you must have sufficient Sales Proceeds to request withdrawal. The current minimum requirement to withdraw, starting Friday, January 12, 2024, is $200 in Sales Proceeds. In order to check your balance of Sales Proceeds, please visit the Quidd app on iOS or Android, go to your Profile, and tap your Cash Wallet. From there, you will see both a breakdown of your spending power and your withdrawal eligibility status. For more information on calculating Sales Proceeds, please see below.
A Cash Deposit: once you have sufficient Sales Proceeds, you must have made a minimum cash deposit of $19.99 within the last 90 days for your request to be approved. Quidd has implemented this practice as a security measure to protect users and to help prevent wash-trading.
Monthly Limit: if all requirements are met, one additional requirement exists that looks at your past withdrawal history. In particular, the maximum amount to withdraw on rolling 4-cycle basis is $1,000. So long as your most recent withdrawal request does push the total amount withdrawn over the past 3 weekly withdrawal periods over $1,000, your withdrawal request will be approved.
Please note: Quidd allows you to try-before-you-buy for deposits.
Funds deposited via In-App Purchase on iOS or Android, or Stripe on the web, are eligible for withdrawal under the following conditions:
Deposit Age: the specific deposit transactions you're looking to withdraw were made 60 days or more in the past.
One-Time Only: you have not previously requested a withdrawal of deposited funds and were accepted. This means, each collector is able to withdraw deposited funds only once.
As of December 1, 2023 the process to request a one-time-only withdrawal of deposited funds 60 days after depositing is to mail a letter to the following address:
Quidd Inc.
61 E. 86th St #45
New York, NY 10028
For faster servicing, please include:
Username
Specific deposit transactions for withdrawal, including date of deposit
Reason for requesting withdrawal
Contact name
Contact email
A customer representative will reach out about the status of your "deposited funds" withdrawal request upon receipt of the letter.
Some final notes:
First, Store Credits are ineligible for withdrawal.
Second, the processing of all eligible withdrawal requests includes a review of the requester's past transaction history. If fraudulent transactions are detected, such as those with obvious signs of wash trading where less valuable items are bought and sold for outsized clearing prices, the request will be rendered ineligible.
Such measures exist in order to maintain the integrity of Quidd's marketplace.
Where do I initiate the withdrawal process?
It's all built into the apps on iOS and Android.
You can also withdraw on the Quidd website.
Simply visit your Profile, tap Cash Wallet, and you'll see:
Spending Power Breakdown
Deposit Workflow
Transaction History
Withdrawal Workflow
Underneath the phrase "Request Withdrawal", you'll see your status and if you're ready to initiate the withdrawal process. If you are eligible and ready, simply tap "Request Withdrawal" to get started.
Note: you will want to get your PayPal account ready before you start. The last step before making the withdrawal request requires your PayPal information.
Are there withdrawal minimums?
In terms of withdrawal amounts, a minimum of $200 in Sales Proceeds is required to withdraw.
In terms of withdrawal frequency, collectors are encouraged to seek withdrawals no more than once per month in order to ensure a high quality of service for all collectors seeking withdrawals. Quidd processes new withdrawal requests weekly on Fridays.
Is there a withdrawal maximum?
We currently limit the amount per 4 withdrawal periods (weeks) to $1,000. Once you hit this amount you will have to wait 30 days to request another withdrawal.
The max amount available to withdraw in any week is $1,000, minus the amount withdrawn in the previous 3 withdrawal periods.
For example you could withdraw $250 per week without restriction. Or you could do one $1,000 withdrawal and then wait for the following 4th withdrawal period (week) to withdraw again.
When are withdrawals processed?
Currently, withdrawal requests are processed each Friday morning ET.
The deadline to submit withdrawal requests from inside the Quidd app on iOS and Android is 7:00pm ET on Thursday. If withdrawal requests are sent after that time, they will be processed as part of the following week's batch.
How are fees incurred?
There are two fees for each withdrawal.
First, Quidd imposes a 2% service fee in order to fund the staff required to process withdrawal requests, which includes fraudulent transaction monitoring. This will reduce a withdrawal request of $100 to $98 if approved.
Second, PayPal imposes fees on a per transaction basis. PayPal will apply this fee after Quidd initiates the transfer of funds from Quidd's account to your PayPal account.
How am I notified of my status?
Each collector's withdrawal eligibility and status is displayed on their Profile in the Quidd app on iOS and Android.
Simply visit your Profile and tap Cash Wallet. From there you can see if your Account Age has reached the minimum, if you are "ID Verified" by SORA, and if the proper funds exist in your wallet to proceed with a withdrawal.
You can then proceed with submitting your withdrawal request all from within the apps.
Note: you will be required to submit the email address that you use for PayPal, which may be different than the email address you have on file with Quidd, so please be ready with that when you initiate your withdrawal request.
Upon successful completion of the request, you will see a confirmation screen at the last step in the app.
Now, after you've requested your withdrawal, a representative from Quidd will email you, using your email address on file with Quidd, on Friday morning if your request is rejected for any reason. Over email, you may work with this representative to explain your case or correct any inaccurate information provided to us.
If approved, please expect to receive an email from PayPal notifying you of the new credit to your PayPal account.
This can be expected by early Friday evening.
If for any reason you have problems, please contact: support@myquidd.com.