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Stripe payments
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Karen&John



Joined: 13 Aug 2017
Posts: 43
Location: Norfolk

PostPosted: Thu Jul 30, 2020 11:09 am    Post subject: Stripe payments Reply with quote

Jut set up stripe & got this in an email

Once you begin processing payments, 25% of the funds for each transaction will be held on a rolling basis for 60 days. This means that 75% of funds minus any fees will transfer to your bank account 7 days after the transaction is completed, while the last 25% of the funds for each transaction will be released to your bank 60 days after that transaction took place, on a rolling basis

Is this normal?
Best,
J&K
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AndrewH



Joined: 12 Sep 2013
Posts: 1470
Location: Kefalonia, Greece

PostPosted: Thu Jul 30, 2020 4:54 pm    Post subject: Re: Stripe payments Reply with quote

Karen&John wrote:
Jut set up stripe & got this in an email

Once you begin processing payments, 25% of the funds for each transaction will be held on a rolling basis for 60 days. This means that 75% of funds minus any fees will transfer to your bank account 7 days after the transaction is completed, while the last 25% of the funds for each transaction will be released to your bank 60 days after that transaction took place, on a rolling basis

Is this normal?
Best,
J&K

It is certainly not normal in my experience. I have just checked the two Stripe payments that were made to me this month (July 2020) and they took just 6 or 7 days to process before the full amount (less their commission) showed in my bank account.

Is this a scam email? Perhaps not, but I should double check with Stripe to make sure. It looks bad for a payment agent to have to resort to this kind of thing and take their commission as well. If true, they are either getting greedy or are in trouble.
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SusanMay



Joined: 29 Jan 2012
Posts: 96
Location: Dorset

PostPosted: Thu Jul 30, 2020 6:14 pm    Post subject: Reply with quote

Very odd. Similar to AndrewH here. Iíve just checked and my last 2 payments in July both took 3 days from being paid to arriving in my bank account. Full amount minus the Stripe commission.

EDITED: Just had a look at the Stripe website and it seems they put rolling reserve on accounts where they decide "that a business faces elevated risk of customers requesting refunds or disputing charges".

See https://support.stripe.com/questions/reserves-faq

Presumably the amount of refunds we've all been processing due to CV-19 cancellations has lead them to decide to do this.It's not clear if it's just for new customers or they'll start doing it to the rest of us too.
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Cymraes



Joined: 07 Jul 2015
Posts: 482
Location: North Wales

PostPosted: Fri Jul 31, 2020 11:07 am    Post subject: Reply with quote

I hope they don't!

I'm on faster payment with them and all's well at the moment.
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Sam V



Joined: 20 Nov 2009
Posts: 1701
Location: Villa in Gale, Algarve, Portugal. At home in Fetcham, Surrey, UK

PostPosted: Sat Aug 01, 2020 8:38 am    Post subject: Reply with quote

I need to check this too.

I have an ongoing dispute following a cancellation where the CC co have taken the refund from Stripe/my bank account.

I have also paid a refund to a guest in the past week, which I still have to follow up as the guest emailed he still hasn't received the payment. Strip were having to get the refund from my bank account, which is fine in my case (for the time being), but there could be similar situations with plenty of others who are not.
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AndrewH



Joined: 12 Sep 2013
Posts: 1470
Location: Kefalonia, Greece

PostPosted: Sat Aug 01, 2020 12:31 pm    Post subject: Reply with quote

Sam V wrote:
...I have an ongoing dispute following a cancellation where the CC co have taken the refund from Stripe/my bank account.

I didn't know that Stripe was able to take a claw back of funds from one's own bank account, without so much as a 'by your leave'. It must be in the small print. I need to check.
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Sam V



Joined: 20 Nov 2009
Posts: 1701
Location: Villa in Gale, Algarve, Portugal. At home in Fetcham, Surrey, UK

PostPosted: Sat Aug 01, 2020 2:36 pm    Post subject: Reply with quote

AndrewH wrote:
Sam V wrote:
...I have an ongoing dispute following a cancellation where the CC co have taken the refund from Stripe/my bank account.

I didn't know that Stripe was able to take a claw back of funds from one's own bank account, without so much as a 'by your leave'. It must be in the small print. I need to check.


Neither did I!

I'm still waiting for an update on the case too.
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newtimber



Joined: 24 Nov 2012
Posts: 1784
Location: Brighton

PostPosted: Sun Aug 02, 2020 8:24 am    Post subject: Reply with quote

AndrewH wrote:

I didn't know that Stripe was able to take a claw back of funds from one's own bank account, without so much as a 'by your leave'. It must be in the small print. I need to check.


I'd be very surprised if it wasn't the case. When there is a disputed charge, the CC company takes the money back. The money is returned to Stripe only if you win the chargeback.
https://www.barclaycard.co.uk/business/accepting-payments/learn-about-taking-payments/beginners-guide-chargebacks

Stripe therefore has the money taken from its account and is not going to give you a loan of the money whilst you dispute the chargeback.
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Karen&John



Joined: 13 Aug 2017
Posts: 43
Location: Norfolk

PostPosted: Sun Aug 02, 2020 9:17 am    Post subject: Reply with quote

Just had an email from stripe confirming the setting up of the direct debit from our bank account.
Must have been a ticked box when I filled in bank details.

So they can withdraw money - so long as it is in compliance with their terms and they have to tell you they are doing it.

Still a bit miffed about then hanging on to 25% for 60 days!

Best,
J&K
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AndrewH



Joined: 12 Sep 2013
Posts: 1470
Location: Kefalonia, Greece

PostPosted: Sun Aug 02, 2020 4:41 pm    Post subject: Reply with quote

Reading newtimber's and Karen&John's posts above, I can now understand why Stripe, having paid out funds to their customer, after which they receive notice that the payment is disputed, do not want to risk being left in the middle holding the baby (excuse the metaphor), unable to recover the money from their customer. The card company can pull back money from Stripe using a direct debit mandate, but not until now (I think) has Stripe required such a mandate from its customers. I don't remember signing or agreeing to one.
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Sam V



Joined: 20 Nov 2009
Posts: 1701
Location: Villa in Gale, Algarve, Portugal. At home in Fetcham, Surrey, UK

PostPosted: Sun Aug 02, 2020 7:36 pm    Post subject: Reply with quote

This is the original email I received from Stripe on 25 June and the dashboard gave me until 23 July to respond, I submitted tge required evidence within a few days and havenít heard anything to date.


£775.00 payment disputed because product not received.

You may be able recover your funds if you can show the bank the product was received. Stripe can help you respond from your dashboard. First time seeing a disputed payment?. A payment is disputed when a cardholder contacts their bank to question a charge. In this case, the cardholder says they didn't receive the purchased product. The bank decided to return the payment to them, so this amount and a £15.00 dispute fee will be deducted from your account within 24 hours.


CUSTOMER

mxxxxxxn@fxxd.com





View‑and‑respond


REASON FOR DISPUTE

Your customer says they didn't receive the purchased product


FAQs



How could funds be withdrawn without my consent?


The cardholder's bank decides whether the disputed payment should be returned to the cardholder, and Stripe is only notified of their decision.


Can I just refund the payment to resolve the dispute?


The bank has already returned the money to the cardholder, so if you agree with the decision to refund, you should accept the dispute from your dashboard.


We realize how frustrating this can be. Just reply to this email if you have questions and someone from our team will be in touch.


Best,

The Stripe team



I emailed the guest to understand what he knew about it and this is his reply: on 25 June
Hi Sam,
I wasnít aware that anyone would contact you as I raised the issue with my insurance company following having to cancel due to the FCO guidance back in March. I had to share it with Barclaycard also as one of the stipulations in the claim was to share with the payment provider. The only update I have had in the last 12 weeks is irregular emails saying they couldnít do anything due to the Covid19 crisis.

The following day he confirmed he had received his money back.
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dont mess in the affairs of cats for they are subtle and will p on your computer.

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zebedee



Joined: 12 Sep 2014
Posts: 1166
Location: yorkshire dales

PostPosted: Sun Aug 02, 2020 8:01 pm    Post subject: Reply with quote

I presume this is the guest in the members only thread??
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Karen&John



Joined: 13 Aug 2017
Posts: 43
Location: Norfolk

PostPosted: Sun Aug 02, 2020 9:08 pm    Post subject: Reply with quote

So writing,
You may wish to take out travel insurance to protect you from any losses associated with you needing to cancel your holiday. in our (covid) terms and conditions,
is a bit of a waste of time Sad
J&K
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Sam V



Joined: 20 Nov 2009
Posts: 1701
Location: Villa in Gale, Algarve, Portugal. At home in Fetcham, Surrey, UK

PostPosted: Sun Aug 02, 2020 9:13 pm    Post subject: Reply with quote

Karen&John wrote:
So writing,
You may wish to take out travel insurance to protect you from any losses associated with you needing to cancel your holiday. in our (covid) terms and conditions,
is a bit of a waste of time Sad
J&K


It appears to be just so. A gap in the market for owners to have insurance to protect them from guests cancellation could be useful
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dont mess in the affairs of cats for they are subtle and will p on your computer.

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greenbarn



Joined: 30 May 2009
Posts: 6129
Location: The Westmorland Dales, Cumbria

PostPosted: Sun Aug 02, 2020 9:19 pm    Post subject: Reply with quote

Sam V wrote:
A gap in the market for owners to have insurance to protect them from guests cancellation could be useful


I think a number of policies have guest cancellation cover, even if itís an add-on; itís certainly offered on the policy I have with NFU.
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