I absolutely love Stripe for payment processing. For all of 2021 and most of 2022, I ONLY accepted Stripe payments. I got my money easily, quickly, and have easy access to tracking and reporting. Plus, in Dubsado, I can toggle on an option to only allow ACH payments, which means I pay a MAX fee of $5 on every transaction, even if it’s for thousands of dollars, which is SUCH a business savings.
So why am I rambling about how much I love Stripe today? Because I constantly see sooooo many people saying that it takes them forever to get their money, and they end up switching to a processor like PayPal who just randomly decides they get to hold on to your money for days and makes you jump through hoops to receive it. I’m here to tell you how you can get your money quickly with Stripe.
I want to make sure you know that there IS a better way. Stripe doesn’t just randomly take forever to payout, you just have to go TELL IT when you want to get your payouts.
And as always, I do want to be transparent. There ARE certain situations where Stripe may take longer, but the biggest reason is that you’re a NEW customer. Stripe’s documentation says, “won’t receive your first payout until 7–14 days after receiving your first successful payment. The first payout may take longer for a number of reasons, including your country or being in a high-risk industry. Processing subsequent payouts then happens according to your account’s payout schedule.”
SO, with that in mind, let me teach you how to set your payout schedule so you actually get your money when you want it.
In supported countries, your default payout schedule is daily automatic. You can change this in the Dashboard to weekly automatic, monthly automatic, or manual payouts. When selecting a weekly or monthly schedule, you can specify the day of the week or month that you want payouts to arrive in your bank account.
Remember that selecting a payout schedule doesn’t change how long it takes your pending balance to become available, but it does give you control over when your funds are paid out. For example, if your account was operating on a daily payout schedule with a 3 business day payout speed, the funds paid out daily would be from 3 business days preceding.
Once you’re an established account, you also have the option to use Instant Payouts. With Instant Payouts, you can instantly send funds to a supported debit card or bank account. You can request Instant Payouts any time, including weekends and holidays, and funds typically appear in the associated bank account within 30 minutes. See here for more details.
New Stripe users aren’t immediately eligible for Instant Payouts. You can check your eligibility in the Dashboard.
To learn more about Instant Payouts see here.
And there you have it.
Now you know how to navigate your Dashboard to easily get your money quickly with Stripe. Go forth and MAKE THAT DOUGH!