Stripe Payout Schedule

[tomtomg]

We're currently looking at moving over from Paypal to Stripe. Stripe has a 7 day delay in paying out. This may then go down to 3 days (or 2 days depending on who you talk to).

The question is, does anyone know the criteria to move from the 7 days pay-outs to 3/2 day payouts? Stripe support are about as useful as an ashtray on a motorcycle, simply repeating that "once you reach the criteria we may change you over".

Last year we put around half a million through Paypal, so this sort of response is not what we want to hear. Unfortunately their rates are much much better than PP.

Cheers
T

[Loxta]

When I spoke to Stripe, my understanding was everything was on a 7 day payout, unless you are classed as High Risk, then it is 14 days. Quicker payment options were only available if your company is setup in different countries.

The only option they provided for quicker payments was their Instant Payouts option which costs roughly 1%, but you have hit their (secret) criteria to become eligible. I would be interested to learn if you get any info on quicker payments without paying an additional fee.

[msereader]

Hi T,

It probably won't be of much help, but we get Stripe payments in 3 working days (known as accelerated payments). We started out at every 7 days and then, completely out of the blue, the option to change to 3 days just appeared in our account. Don't ask me why, it just did, but the criteria for Instant Payments (see below) may shed some light on this.

The External payout accounts and scheduling section in Sripe's settings confirms if your account is eligible for 'free accelerated payments'. If it is, you have to confirm you want this to happen by clicking a radio button. The full path is: Settings > External payout accounts and scheduling > Payout timing > Accelerated payout timing (Receive funds 3 business days after payment).

Note: the day after the payment is day 1 and Saturday & Sunday are not counted as working days.

Instant payments was initially only offered in Canada, Singapore, and the United States, but is now also available in the UK. The initial criteria for being offered instant payments was / is:

"Accounts in good standing will typically get access after processing on Stripe for a minimum of 90 days and $5,000 USD in volume."

"Instant Payouts allow you to transfer funds to an eligible debit card within minutes of a transaction for a fee of 1% of the payout amount. Funds that are paid out instantly to a debit card will appear in the associated bank account within 30 minutes."

"Funds that are not paid out instantly will be processed according to your account’s standard payout schedule at no additional cost."

Payout schedule is interesting as it governs how often funds are transferred to you bank account. You can find this setting here: Settings > External payout accounts and scheduling > Payout schedule.

Select the radio button for Automatic every and a drop down box gives a choice of day, week or month. (You can set payments to manual, but if you do you won't be able to see which transactions are bundled in a payout.)

So, if you chose daily, and you process payments through Stripe every day, after 7 days you will receive a payment into your bank account every day (Mon-Fri), albeit 3 - 7 days after the actual transaction date. In our case, we usually receive automatic payments before 9:00 a.m. on the day the payment is scheduled in the Balances section of our account.

I hope you find parts of this useful,

Best wishes,

Geoff
MSE Books

[tomtomg]

Congratulations Geoff, you're officailly more useful than the person I spoke to on the phone yesterday! Thank for all that info, it really helps.