Stripe Payment Transfers

[ChicSassOnline]

Hi All,

I have received my second sale (not today), but Stripe hasn't changed my transfer day. Is it just set to the 7-day period or are we still allowed to change this? If we can change it to the 2-day transfer period after the 1st payment, please let me know because it'll be great if I could get paid sooner.

Thank you!

[cosmicray]

I'm not sure when/how, but I *think* Stripe changes the transfer delay after they get some experience with the seller. You may want to ask Stripe (via the contact when you are logged into Stripe).

[MoonwishesStore]

I think it did take a few sales before they bumped things up sooner for my bank transfers.

[ChicSassOnline]

I appreciate the responses. Thank you!

[trafficjammers]

They like a month of consistent selling first.

[tigercreekgifts]

They change this for you after you have had a certain number of transactions with them. Not sure how many, but they might be waiting to see what kind of seller you are as someone mentioned above. I know a few sellers that contacted them to ask for an earlier transfer day, and only one was granted it but he had constant payments thru them.

[MoonwishesStore]

I'm at the point now that when I make a sale in the evening, as long as the next day isn't a weekend or holiday, the money is in the process of being transferred at times before I even see the order. I don't get a huge amount of Stripe sales, usually 10 or less a month.

[universalcomputers]

We've tested stripe in the checkout section. Its very confusion for a buyer. There's just 2 boxes for the credit card number and the expiration date. There's no labels that say credit card number anything. So we switched to PayPal.

We also found out that deposits take over 1 week or longer to get into a sellers bank account. Looks like stripe wants to hold onto money as long as possible for some reason. We cant wait that long for a "possible" deposit.

Been using PayPal for years without a problem, used PayPal and thanks to their "disputes" section, we've had only 2 chargebacks in 7 years. Vs our credit card processing a few a month at a $25 non refundable fee. Not worthe loss in revenues plus the amount of rediculious paperwork you have to send over to a credit card company. The buyer can file dispute after dispute. Then after 2 disputes its that arbritation clause. Processing credit cards made us sick to our stomach. PayPal is good with that.

Then there's that stupid qualified and non qualified rate that doubles your merchant rate. We'd rather stick with PayPal because we know it works. They've gotten alot better in the past year or so.

Good luck sellers!

[MoonwishesStore]

Having two options for buyers to pay with is a plus for the buyers. While you may think it confusing to check out with Stripe many buyers do use it. I use both because this isn't so much an either or. I've had many buyers over the years hate PP so to have Stripe for them is a bonus. I've been getting my payments within two days for a long time now. No waiting around for money at all. Before they send the money to newbie accounts, they want to be sure that the new person using their system is honorable and part of that is just seeing that no customers come back with complaints, especially no complaints of never receiving their purchases.

The site owner also has stated that having Stripe as a payment source means you show up on Bing, assuming you are selling new products. Sometimes there are things going on in the backgrouand that makes it important to have that second payment source even if we don't know it or understand it.

[universalcomputers]

Personally we wouldnt trust Stripe as far as we can throw them! Looking at the link we had posted below, this week alone 5 different people complained on one site alone just over how they operate. The complaints moreover state how Stripe lied to them saying their account was in good standards, only to have their money still being on hold for 30 days plus, then all of the suddent they refund the buyer's. All that runaround, making sellers jump to through hoops and giving them nothing but BS, makes us stay away from them. If they did the same thing to 4 people who found that site, that means they do it to almost everyone. Their biggest complaint is holding funds, hense the story continues. These people writing the reviews dont seem like they are ripping people off or they sound like thieves. Even know we dont know the whole story, the pattern that Stripe takes every single time is exactly the same. Sorry but I'll never take stripe!

Well our stripe account is about 2 years old and was never used since. The big question is what happens if you get one complaint from a buyer, boom your hit with chargeback fee. Remember that stripe isnt anything like PayPal, Stripe is a merchant account. You go over 1% of your sales in chargebacks - meaning you are only allowed 1 complaint for every 100 sales, which is rediculous.

If you go over 1% they can hold funds, refund it whatever. PayPal you get a dispute and its not a chargeback. You hear all over the TV from credit card companies that encourage buyers to file disputes for whatever reason, they keep on drilling oh you have 100% coverage. Giving buyers even more power to abouse sellers. They can file a dispute for whatever reason, and then immediately the seller is hit with a $15 non refundable fee. Then the seller has to submit paperwork left and right, the buyer can just call the credit card company and just say, i want to still dispute it, the seller has to then submit more paperwork, and then companies like Chase come up with every excuse in the book to screw selers over. They do that prearbitration and the seller is forced to give in.

At least with PayPal there's a layer of protection for both PayPal and the seller. Your not hit with Fees. You can have a few PayPal disputes a month and nothing happens.

Stripe and every other merchant processing company they are paranoid entities that will shut down a merchant account in seconds. We used a merchant account for years and had enough with buyer's filing false chargebacks. When a buyer files a chargeback Stripe and merchant processing companies dont care whether the buyer did it on purpose, the buyer did it to get their ways, or whatever reason. They view a chargeback as a chargeback regardless.

Ever since we switched to PayPal there's been no problems, we dont see fees coming out of our account for buyer actions. You sell a $10 item, get hit with a chargeback your hit with costs of the product, the chargeback fee, the procesing fee, the shipping, your item etc.

In that area with disputes, PayPal is superior on that aspect. PayPal regardless of whether your new or not, you get your money in 3-4 days. You said it yourself, Stripe does it intentionally because they are paranoid about new accounts. 6 months down the line you get hit with one dispute and the excuse from stripe comes up that your funds are on hold without notice. Stripe is no different than having a merchant account with some other 'wanna be' processing company. They follow the same rules and the same procedures.

Case in point, when a dispute happens, its the buyer's own credit card company that makes the final deicision of whether the seller gets his money back. The only thing that Stripe or seller's merchant processing company does is fax your information to the buyer's credit card company. And who do you think the buyer's credit card company works for? 17.9 to 28.9% interest they can charge their customer? or the seller.

For 4 years we've been using PayPal and have been subject to only 2 chargeback fees. With a merchant credit card processing company, the disputes would of been found in our favor 99% of the time, but we would of been out hundreds of dollars because of buyer's false actions or the buyer's actions. PayPal is just safer in terms of that section.

Oh in addition, Stripe advertises 2-3 days or 3-4 days which ever it is, no where in their TOS does it say new accounts have a 1 week deposit time hold on it.

Well anyway, thats our experience with Stripe, I hope our statements of how the chargeback process works, shines some light upon some sellers out there that didnt know.

Goodl luck to you all.

[universalcomputers]

Sorry to add this but, we didnt fully read most of the posts. The biggest concern about Stripe, is the deposit schedule. Right there thats a red flag for sellers, they are operating in a paranoia mode and letting the seller suffer. When the seller completes the application, why does Stripe approve them 123. They are acting too much like a merchant account then trying to mask themselves as PayPal.

We're not a big fan of PayPal, but honestly PayPal has gotten a whole lot better and acted the way they do the way Intuit used to own them before Ebay bought them. Now PayPal is a separate company, even though they still share information with EBay.

The fact that Stripe holds funds for over a week, we would not ship anything out until the funds are in our bank account. Your not legally paid for an item and the transaction is not legallized until the funds are in the possession of the entity holding the goods. Stripe can immediately reverse funds, hold them or do whatever they want for whatever reason.

Remember the whole thing back in 2005 with PayPal holding funds for 6 plus months, until the credit card disputes limitation ran out, and then they would attempt a settlement. It never happened to us, but everyone knew that Paypal got sued every single year after year, and settled. During the past 5 years, we've havent hard a word about anything.

The fact is PayPal now knows they arent the only service around and they have to focus on being a processing company for everyone. We've had no problems with PayPal for years.

Prior to saying enough was enough, we had problems with these bastards of processing companies that would make any excuse to hold funds, steal money from sellers, and make these BS claims they wanted to hold 2 months of a sellers sales, so if you made $2000 a month, they wanted $6000. 3 full months of sales without money to buy income? We'd flip them the finger and say F.O.

Thats the worries all sellers should have in the back of your heads. Its apparant Stripe is worried about themselves first and foremost. I would tell this to any seller, doesnt matter who you think is on your side, its you alone, dont fall into a false sense of reality that the next day your going to see money in your bank account from anyone, you wake up expecting something and dont because the procesing company comes up with an excuse to refund your buyer, even though you shipped it out.

Until the funds are physically in a sellers possession, the seller does not have to ship anything out. There is no legal proof that the processing company completed what they were contracted to do. Regardless of what they try to threaten you with, they have to prove the funds are in your possession to have any type of legal case or any of thereafter.

Legal barter, is an exchange of goods and/or services for an item or exchange of goods/services. etc. The processing company has to prove they had paid the seller for the transaction (fees) they are charging you for. You hired them to handle the transaction from the buyer's source of funding to the seller's source of funding for a fee. If they cant prove that, then you the seller can opt of not shippin the product for the reason that you have not been paid!

Just because a buyer's credit card was charged does not mean a seller is paid, Its only and only when the seller has 100% access to the funds to complete the agreement.

This is what makes us not accept stripe until this very day without knowing the full details there are others that have the same overall complaint about Stripe

https://www.cardpaymentoptions.com/credit-card-processors/stripe/

[MoonwishesStore]

@universal computers -- By your own admission, you have never, ever used Stripe but you sure have a lot to say about it and all of it bad! I have been using it for several years now without a single problem. Your two long posts, as someone that hasn't used the Stripe, is basically hearsay which as I'm sure you know would not be allowed in a court of law to prove a point. I hear a lot about PP and how bad it is -- also hearsay. I also have never had problems with it in about 13 years of selling, yet I've heard plenty of bad stuff about it. I still offer it however. I will offer both payment processors until they prove to me to not be worthy of my trust.

I've had no charge backs from either site - ever! I get my money from both quickly including being able to download my money from PP the day I get it and Stripe is usually already in process with transferring my money by the time I see the order.

I knew when signing on to Stripe that initially there would be a delay in receiving my funds and there was but only about 7 days and that ended within a month or two. I don't have a clue what happened to the mention of the delay in initial payments, but most of us here that signed up for Stripe initially knew this and had no problems with that short delay.

Perhaps until you can give Stripe an honest try and see for yourself how well it does or doesn't work before saying so much bad stuff about it when you have no experience with the company?

[SammysSupplies]

I don't see the big problem...if you don't like it, don't use it. They are THOUSANDS of other users of Stripe...eCrater is just a drop in the bucket. No big company will have all good feedback. If it is a reputable site..most complaints will come from users that figure the rules should not apply to them.

[TechNorton]

Basically stopped using eCrater when gCheckout died. Was thinking of trying again, but wanted to see what payment options were available.
What I find confusing is if Stripe sucks so bad for so many that you use PP, why not use PP sister company? (trying to be discrete as to not offend). I know from personal experience that the problem over there is with PP. It is great until its not. And there is absolutely no seller protection. Whatever buyer says is FACT, regardless.
Ok for large CN garbage sellers and Amazon, etc, but PP can kill small sellers quickly. Exactly why I moved here.

[lastade-designs]

I have not had any problems with Stripe and in all the years I have used Paypal, I have not had any problems with them either. I would go ahead and try both forms.