Please note: The information in this article is only relevant to schools still using the Legacy version of Stripe. If your school is using SchoolAdmin Payments, please reference this article instead for the most up-to-date information.
If your school would like to set up your complimentary migration to SchoolAdmin Payments, please contact the Support Team.
Is Stripe secure? Will I be PCI compliant?
Yes! Stripe meets and exceeds the most stringent industry standards for security. They are also audited by a PCI-certified auditor and are certified to PCI Service Provider Level 1. (This is the highest level of certification available.) You can learn more about the technical details of Stripe's secure infrastructure here: https://stripe.com/docs/security/stripe
You can see Stripe’s PCI certification here.
What is Plaid?
Plaid is an enabling technology to instantly authenticate ACH transfers. It is integrated directly into Stripe. To learn more, click here.
How are funds transferred to my school?
Once you’ve made your first charges with Stripe, your first payout will be initiated and should post within 7 days. Thereafter, all US-based merchants will receive payouts of your available account balance on a rolling 2-day schedule (which is the standard schedule for the US), unless you've defined a custom payout schedule. Payout schedules vary slightly for merchants outside of the US. You can see your country’s schedule here.
When a payment is first received, it is initially reflected as a pending balance (less any Stripe fees). This balance becomes available according to your payout schedule. For instance, it takes seven calendar days from a payment being received to it being paid out for Stripe accounts on a 7 calendar day schedule.
Most banks deposit payouts into your bank account as soon as they are received, though some may take a few extra days to make them available.
You can set your bank account and set the frequency of these payouts (daily, weekly, monthly, etc) in the Payouts tab of your Stripe dashboard. From there, you can also view all payouts from Stripe to your bank account. To learn more, visit Stripe's documentation on payouts.
1-3 days for Credit Cards
4-7 business days for ACH payments
Example of a rolling 2-day payout:
A payment is made via ACH on Monday, January 13th, 2020. It will process 4-7 business days later.
Our current 2-day payout schedule will process payments on the 13th, 15th, 17th, 21st, 23rd, 27th, 29th, and 31st of the month.
This payment is processed 7 business days later (because of the 4-7 day window), which is the 22nd. Notice how this is not a date in our rolling 2-day payout schedule above. This means the payment won’t be paid out until the next payout scheduled date, which is the 23rd even though it was processed on the 22nd.
How can I issue a refund?
You can issue refunds via your Stripe dashboard. Depending on your customer’s bank, he or she will see the refund show up anywhere between 5-10 business days later. Credit card refunds can be whole or partial – that is, you can refund any amount up to the original amount of the charge. Bank accounts can only be fully refunded, not partially. Click here for more information.
What is a chargeback/dispute? How do I handle them?
A dispute occurs when a cardholder questions a charge with their bank or credit card company. Depending on the reason, the Stripe dashboard will guide the user through submitting the best kind of evidence for each reason.
When a dispute comes in, Stripe gets information about it from the bank and displays one of eight reasons to our users. Here are some best practices on the type of evidence to submit based on the dispute reason. Once you submit your dispute evidence to Stripe, Stripe submits your evidence to the banks/card networks on your behalf, so you do not have to deal with them directly.
To be notified about disputes, select email notifications through your dashboard (Select "Email me for: Disputes”).
Here are some overall best practices for avoiding fraud.
What will my customers see on their credit card statements?
You can customize this to match your business name or anything more specific you might like. Go into your Stripe Account Settings and look for a setting called "Statement Descriptor".
How to Contact Stripe
Stripe provides 24/7 real-time support.
To help them solve your issue as quickly as possible, we recommend formatting your inquiry with the respective IDs, such as:
- Customer Name: Johnny Example
- Customer Email: firstname.lastname@example.org
Any other relevant Stripe IDs:
- Charges begin
- Transfers begin
If it’s regarding a specific card, please include as much information about the card as possible, such as the expiration date, the last 4 digits of the card number, and the card brand. Please never share or send a full card number or CVC.
After submitting your inquiry via the form, Stripe will send a confirmation email that they've received your message.