Understanding Payouts on DeskNow
DeskNow uses Stripe for its payment processing system. This means that payments are collected directly from the hosts' connected Stripe accounts. However, DeskNow charges a 6.9% fee on each transaction. This article will guide you through the payout process on DeskNow, including how to set up your bank account for payouts, how the payout schedule works, and what happens if a payout fails.
Setting up your bank account for payouts
To receive payouts, you need to set up your bank account. You can update your account details or add a new bank account using the Payout settings in the Stripe Dashboard. Depending on your bank's location, Stripe might require different kinds of account details to activate your bank account. If you need to modify your banking information, click the Edit button next to the desired bank account stripe.com.
All payments and payouts are processed according to UTC time, except for Asia-Pacific (APAC) markets. As a result, the processed date might not be the same as your local time zone. Your payout schedule refers to how often Stripe sends money to your bank account. In supported countries, your default payout schedule is daily automatic. You can change this in the Dashboard to weekly automatic, monthly automatic, or manual payouts stripe.com.
Payout speed refers to the amount of time it takes for your funds to become available. The payout speed varies per country and is typically expressed as T+X days. If your Stripe account is in a country with a T+3 standard payout speed and you use a manual payout schedule, your Stripe balance is available for payout within three business days of capturing a payment stripe.com.
Handling Failed Payouts
If a payout fails, it’s possible that its state initially shows as paid but then changes to failed. Make sure that the bank account information you provide is correct because Stripe sends the funds using the account information you enter. Therefore, if you provide incorrect information (for example, a mistyped account number or an incorrect routing number), Stripe might send payouts to the wrong bank account and might not be able to recover the funds. Any fees or losses that you incur due to incorrect information fall under your responsibility stripe.com.
DeskNow charges a 6.9% fee on each transaction. This fee is in addition to any fees charged by Stripe. It's important to note that Stripe also charges fees for disputes, which vary by region support.stripe.com.
Understanding the payout process on DeskNow can help you manage your finances more effectively. By setting up your bank account correctly, choosing the right payout schedule and speed, and being aware of DeskNow's fee, you can ensure that you receive your payouts on time and in full. If you encounter any issues, don't hesitate to contact Stripe's support team for assistance stripe.com.