Stripe is a company that facilitates payments between internet companies. Stripe provides the technical, fraud prevention, and banking infrastructure necessary to successfully complete online payment systems.
All you need to do to get started with Stripe is to connect your e-commerce store to a Stripe account and you are good to go. You can receive various forms of payments through Stripe including payment from customers and refunds from merchants among others.
Stripe makes deposits from the balance available in your account from all your previous transactions. However, you should know several things about Stripe payments.
The first payment made via Stripe typically takes longer so as to establish the Stripe account. Moreover, once you start processing live payments from customers via Stripe, you will not receive your first payment until 7 to 10 days until the first successful payment is made to your account. The following payments will then be processed as per your payment schedule.
Receiving payments via Stripe also includes several factors such as your country of residence, the industry in which you are operating and the risk involved. You are able to see the payment amounts and the date that you are due to receive them in your Stripe account dashboard.
Reasons for Payment Failure
Wrong Banking Information
One of the reasons why you may be facing trouble receiving payments through Stripe is if your bank account is inconclusively filled. When you open an account with Stripe, you will need to submit your bank account number and routing number.
In case you no longer have access to the bank account, you can still update your banking information at any time. You can do so through the payout settings on your account dashboard. You can do so by:
1. Open your Stripe account page
2. Go to 'Settings' located in the navigation sidebar
3. Click 'Bank accounts and scheduling'
4. Click 'Edit' situated next to the bank account you want to change and modify your banking information.
Wrong Settlement Currency
When setting up an account with Stripe, you will also be required to submit a settlement currency in which you will receive payments and withdraw funds from your account. The settlement currency will depend on your currency of residence and more often than not is the national currency.
You should visit the Stripe website and check which settlement currencies are allowed in your country and make the necessary changes.
Stripe users in some countries can use multiple bank accounts for different settlement currencies. If you receive a payment in the same currency as your bank account's settlement currency, Stripe automatically processes he payment without doing any currency conversion.
You can only add one bank account per supported settlement currency. If you do not have a bank account with a settlement currency accepted in your country, there may be trouble receiving your payment.
Wrong Payment Schedule
When setting up an account, you will have to create a payment schedule based on our country of residence and industry risk level. Stripe processes payments based on the aforementioned payout schedule which you can see on your account dashboard.
For example of you have a seven calendar day payment schedule, you should receive your payment seven calendar days to be received. However, the payment will first be reflected as a 'pending balance' in your account dashboard.
Therefore, you should check your country's payment schedule to find out if the payment adheres to the schedule.
If all the above reasons do not apply but you still are not receiving payments via Stripe, it would be best to contact them directly for assistance. You can retrieve their contact information from GetHuman.