Questions you may have about your Stripe Connected Account

Are there any fee's when I receive a payout?

The fees are minimal. To see the fees that are charged on a payout, see the FAQ page. FAQ's

How do I receive a payout?

When your learning materials sell, the payment is transferred into your Stripe Connected Account and placed on hold until the scheduled pay date. At that time, the funding is transferred to the account you provided to Stripe during the on-boarding process.

What is a Stripe payout?

Stripe payouts are how money from your customers are deposited into your bank account. Depending on your business location and payout schedule, funds from your transactions will be paid out to your bank account on a rolling basis. If you reside in the United States and have a US Bank Account, then a payout is made every Friday. You will receive all payments from buyers that were from 7 to 14 days prior.

Example: If the 1st falls on a Thursday and the 8th is the following Friday. And between the 1st and the 7th at 11:59 pm your classmates and school mates purchase 10 decks; You will receive a payment for the 10 decks on the following Friday the 15th.

Delayed 1st payment: When you first start processing payments from your customers with Stripe, you won’t receive your first payout until 7–14 days after receiving your first successful payment. The first payout usually takes a little longer in order to establish the Stripe account.

For more information on Stripe Payouts see what Stripe has to say at: Questions about Stripe payouts

I just received an email from Stripe. Who is Stripe? Is this email real?

We work with Stripe to enable payments between you and others. Updating information about your account is important and required. These updates help protect against fraud and keep your account current with global Know Your Customer (KYC) regulations.

What is onboarding? Do I need to onboard with Stripe?

Onboarding is necessary in order for you to receive payments on our system. Our platform provides revenue which may be taxable. Stripe is a secure third party payment company we are currently partnered with that meets the standards for security, privacy, and reliability. It is not possible to transfer funds to your bank account if you have not provided Stripe your information.

During onboarding, why am I being asked about what do I do for TopScholars?

In certain countries, Stripe is required to collect, verify, and maintain information about its users. These requirements come from government regulators and help promote transparency and prevent financial crimes. It is up to you to chose the correct answer for your situation, but "selling learning materials" would apply to most situations.

Stripe is asking me to update my information. What happens if I do not update my information by the deadline?

If you cannot update your account information by the deadline, payouts to your bank account and your ability to accept payments will be paused. We want to make sure that does not happen, so please let us know how we can help.

How do I update my information?

Follow the link from Stripe’s email. The form will prompt you with instructions on how to update your information. If you need help, you can reach out directly to support@stripe.comor via Stripe chat and phone support.

For information about your Stripe account see the Stripe FAQ pages at Stripe common questions about account information.