Did you know that Stripe enables you to automatically receive funds directly into your bank account from your Stripe account without you having to lift a finger? And that you can have the cash transferred to you daily?
We’ve chosen Stripe as the preferred payment processing system at the heart of Coacha for several reasons. Most notably, Stripe offers market leading commission fees of just 1.4% plus 20p per transaction. We at Coacha do not add to these fees, nor receive any commission from Stripe. As a comparison, Paypal charges 3.4% plus 20p (unless you take over £15,000.01 pcm, in which case it drops to 1.9%). Both Apple and Facebook use Stripe to collect payments, so as you can see, it is trusted by some very well established and high tech companies.
As with many good things in life, you do have to wait a little before the daily takings from Stripe get to you. But don’t panic - this is not uncommon with online payment collection services. In fact, in the grand scheme of things, Stripe is pretty quick.
Many direct debit collection services will take up to 14 days to release your money, but with Stripe you’ll have your cash in the bank in just 7 days. What’s more, direct debits usually arrive all in one go which can be crippling for your cash flow. Receiving daily transfers from Coacha will take this headache away.
Very few, if any, merchant or e-pay services out there offer instant access to your money. For example, and to quote iClassPro’s live support chat:
‘If you are using iClassPro Merchant Services for eCheck processing, funding for those payments can take from 4-7 business days…’
Screengrab of actual conversation
In real terms, that translates to 7-10 normal days. So, the next question is, what are Coacha and Stripe capable of?
Stripe will transfer funds to your bank account based on the schedule listed in your dashboard. For example, “Daily — 7 day rolling basis” would mean that charges processed on March 1st would be grouped together and deposited in your account on Monday 8th March. Money taken through Stripe on Tuesday 2nd March, would hit your bank account on Tuesday 9th March, and so on.
If you are already used to, or would rather have, larger but less frequent deposits, that’s easy to configure too. Once logged in to your Stripe account, you’ll see that Stripe is configured by default to deliver your money on a ‘Daily’ basis as outlined above. By selecting the “Weekly” option and using the Monday (for example), charges processed before a given Thursday will be grouped together and deposited in your account on the following Monday.
Here’s how this looks:
The settings option once logged in to Stripe:
Selecting the transfer schedule:
Changing the transfer interval:
In red: The periods of transactions; and in black: pay day for you!
Many direct debit processors will dictate the days you can receive your money (ie. the 1st or the 15th of every month), but with Stripe you can choose Monday – Friday. Not all processing systems allow you this flexibility, which is one of the reasons why we built Stripe in to the heart of Coacha.
Many clubs out there will save money every month by using Coacha. If you are already paying fees to someone else for taking payments, why not contact us and we’ll help you figure out if using Coacha could save you money. What have you got to lose? After all, the money you save could potentially pay your monthly subscription to Coacha…
If you have any questions about Stripe payments and fees or Coacha in general, we’d love to hear from you. Simply email us on email@example.com or contact us through our website or Facebook page.