Stripe Payments

dahayeser

I have just set up an ecommerce shop using woocommerce and stripe. I hadn't realised that the stripe payment gateway takes up to 14 days to make the first payout to the client and 7 days for subsequent payments.

How long does it take for Stripe to actually secure your payment from the customer and at what point is it safe to ship your product?

dartboardio

dahayeser wrote: »

I have just set up an ecommerce shop using woocommerce and stripe. I hadn't realised that the stripe payment gateway takes up to 14 days to make the first payout to the client and 7 days for subsequent payments.

How long does it take for Stripe to actually secure your payment from the customer and at what point is it safe to ship your product?

Hey, I have an online store also and Stripe is my sole payment processor.

So yes the first week it takes up to 14 days however it’s very reliable

Every other time from then on if a customer buys a product on the 7th of March for example the money will come into the account on the 14th evening. It’s always reliable and stripe customer service is amazing 24/7 live chat.

I always wait for the money to hit the account before shipping just incase ( but that’s because we do have 7-14 working day shipping timeframe)

Once the customers order goes through the payment has been secured but it’s just for people in Ireland you can only have 7 day payout. In other countries they can have automatic ones with quicker time

dahayeser

dartboardio wrote: »

Hey, I have an online store also and Stripe is my sole payment processor.

So yes the first week it takes up to 14 days however it’s very reliable

Every other time from then on if a customer buys a product on the 7th of March for example the money will come into the account on the 14th evening. It’s always reliable and stripe customer service is amazing 24/7 live chat.

I always wait for the money to hit the account before shipping just incase ( but that’s because we do have 7-14 working day shipping timeframe)

Once the customers order goes through the payment has been secured but it’s just for people in Ireland you can only have 7 day payout. In other countries they can have automatic ones with quicker time

Thanks a mill for the reply dartboardio. Good to know you have had a positive experience with Stripe. I do plenty of web dev but never ecommerce, this was a bit of a favour. I did my homework on everything but got caught with this payment delay.

I set the shop up for a client who is anxious to do next day shipping. I would assume that when Stripe have secured payment is then safe to ship. At that point you are dealing with a reputable company in Stripe and not a random customer who might cancel their card. Is there any indicator to know when Stripe have secured payment?

dartboardio

dahayeser wrote: »

Thanks a mill for the reply dartboardio. Good to know you have had a positive experience with Stripe. I do plenty of web dev but never ecommerce, this was a bit of a favour. I did my homework on everything but got caught with this payment delay.

I set the shop up for a client who is anxious to do next day shipping. I would assume that when Stripe have secured payment is then safe to ship. At that point you are dealing with a reputable company in Stripe and not a random customer who might cancel their card. Is there any indicator to know when Stripe have secured payment?

Yes it would be safe to ship as soon as the payment has been confirmed in stripe, no need to wait until the payout is released. They are very on top of security also and are quick to block transactions that look dodgy, but once the customer has made the payment Yep it’s fine

CodeApples

dahayeser wrote: »

I have just set up an ecommerce shop using woocommerce and stripe. I hadn't realised that the stripe payment gateway takes up to 14 days to make the first payout to the client and 7 days for subsequent payments.

How long does it take for Stripe to actually secure your payment from the customer and at what point is it safe to ship your product?

Believe it or not, 14 days is not the longest I've heard of. As I understand it, this duration is based on the value of your cart and the risk you pose to Stripe if you were to go tits up. All merchants are exposed to chargebacks where the consumer can go to their bank (card company) and have the money recovered. So the 14 days is probably what they feel, based on the value of transactions, is enough to protect themselves from those chargebacks if you suddenly and without warning shuttered your business. If you sold high-value/ticket items it might actually be longer and would depend on a risk assessment. And to look at it another pragmatic way, you are safeguarding client money for 14 days while you to fulfil your end of the transaction. You can't spend their client money while they wait for you to ship the goods. Therefore, are probably better off shipping as soon as the payment is processed. Hope that helps!

dahayeser

Excellent guys, that's a great help, thank you. Final query. I only have eyes on a test Stripe account, I can't see what happens in a live scenario. How do you know for sure when stripe have captured payment?

I can see the below notes in the woocommerce dashboard on a sale. The Stripe charge complete appears almost instantly, 1 minute after the order. Does that refer to stripe capturing the payment from the customer of just charging their commission to the merchant?

Order Created
10 March 2021 at 4:18 pm

Stock levels reduced: <product name> 15→14
10 March 2021 at 4:19 pm

Order status changed from Pending payment to Processing.
10 March 2021 at 4:19 pm

Stripe charge complete (Charge ID: xxxxxxxxxxxx)
10 March 2021 at 4:19 pm

Order status changed from Processing to Completed.
10 March 2021 at 4:35 pm by <store manager>

Typically when I buy something it doesn't show on my online banking for a day or so, so that seems a little quick. I am looking some means of were my client can know for sure that Stripe have their money. I reckon they will be happy to ship at that point. Is there an indicator on the live Stripe dashboard that I can point them to?

CodeApples

dahayeser wrote: »

Excellent guys, that's a great help, thank you. Final query. I only have eyes on a test Stripe account, I can't see what happens in a live scenario. How do you know for sure when stripe have captured payment?

I can see the below notes in the woocommerce dashboard on a sale. The Stripe charge complete appears almost instantly, 1 minute after the order. Does that refer to stripe capturing the payment from the customer of just charging their commission to the merchant?

Order Created
10 March 2021 at 4:18 pm

Stock levels reduced: <product name> 15→14
10 March 2021 at 4:19 pm

Order status changed from Pending payment to Processing.
10 March 2021 at 4:19 pm

Stripe charge complete (Charge ID: xxxxxxxxxxxx)
10 March 2021 at 4:19 pm

Order status changed from Processing to Completed.
10 March 2021 at 4:35 pm by <store manager>

Typically when I buy something it doesn't show on my online banking for a day or so, so that seems a little quick. I am looking some means of were my client can know for sure that Stripe have their money. I reckon they will be happy to ship at that point. Is there an indicator on the live Stripe dashboard that I can point them to?

There is always a delay for money to move between banks. In a lot of cases, it is batched and happens at a specific time, usually midnight. However, there will be a hold for the money on the card immediately which would show as a pending transaction. Stripe is a payment gateway or service provider so check their Ts & Cs / SLA's for what protections they offer. It should be that once the payment is processed, your client is good to ship and that the money is guaranteed subject to any chargebacks –– which are disputable and have a mediation process.

ash2020

check out google reviews and on trustpilot before going any where near stripe , i am still owd thousands of euro because of stripe