In order for you to receive funds, Stripe makes payout to your bank account. When you receive your payout will depend upon what has been configured for your account and your country.
This article will take you through the following
- What is a Payment Gateway?
- Creating a Stripe Account
- Creating Stripe accounts for individual locations
- How to reconcile
The first payout for every new Stripe account is typically paid out 7 days after the first successful payment is received. This waiting period can be up to 14 days. This delay allows Stripe to mitigate some of the risks inherent in providing credit services. This cannot be changed.
By default, Stripe automatically creates payouts of your available account balance based on the schedule specified in your Stripe Dashboard. The schedule depends on your country and whether your business operates in a higher-risk industry.
It will take between 3 to 7 working days for transactions billed through the LOKE platform to hit your account. Typically LOKE clients will have a Payout on the Monday (week 3)
UK - for transactions billed on the Thursday (week 1) to Wednesday (week 2)
AU - for transactions billed on the Friday (week 1) to Thursday (week 2)
this will of course differ depending on your region and country. Please speak to your LOKE Representative to regarding your schedule.
Most banks, deposit payouts into your bank account as soon as they receive them, though some may take a few extra days to make them available.
The amount you will receive in your bank account on your Payout Day will be the Payout Amount. All fees related to those transaction will be automatically deducted. This is calculated by;
The value of the funds taken from the customer - Stripe Fees - Refunds = Payout Amount
If you need to clarify your Stripe Fees then please contact your LOKE Representative.
All refunds whether they are full or partial when processed will be immediately actioned by Stripe and return the money to your customer’s bank instantly. Depending on the bank's processing time, it can take anywhere from 5-10 business days to show up on your customer’s bank account.
Each payout reflects your available account balance at the time it was created. In some cases, you may have a negative account balance. For example, if you receive 100 USD in payments but refund 200 USD of prior payments, your account balance would be -100 USD. If you don’t receive further payments to balance out the negative amount, Stripe creates a payout that debits your bank account.
Your bank account must support both credit and debit transactions so that Stripe can perform any required payouts.