Coacha Blog

helpful news, info and articles from the Coacha team

Stripe & GoCardless Payout Timings
06 March 2020

Stripe & GoCardless Payout Timings

Our mission has always been simple, save coaches’ time. Over our many years in this game, we’ve been continuously working on what we can do to Coacha to save you more time. Even after a huge software launch that’s been months in the making, we’re already planning what’s coming next. Needless to say, we want to help you save as much time as possible.

When it comes to working with payment processors, unfortunately we don’t have much of say in payment processing times. We partner with both Stripe & GoCardless for each their individual benefits and leave it down to you to choose which provider(s) to use.

Collecting recurring payments/direct debits isn’t as simple as: 1) customer completes request, 2) bank makes payment.

There are a whole bunch of processes that are legally required in order to set up, verify and eventually take each payment/direct debit. This is why each payment provider has set timings they work by in order to collect payments for your members, process them and pay them out to your club. As these timings vary depending on which provider you use, we’re going to run you through each of them. It’s important to understand the timings as they may require you to alter your chosen payment date.


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Stripe


The first payment date:

If you’ve just set your Stripe subscriptions up, you won't receive your first payout until 7-10 days after your members’ payments have been made. The funds will remain safely in your Stripe account throughout this process. This is because Stripe’s process for setting up and beginning the collection recurring payments runs on a 7-calendar day cycle. See here for more information.

So, for example, if your payment date is Tuesday 3rd March, your subscription payments will hit your Stripe account on that date. When you withdraw those funds (or choose to have them manually deposited), it’ll take a further 7-10 days for the funds to appear in your bank account.

After the first payment date:

Once your first set of payments have been taken and you’ve been given access to your funds, your account is then verified. Going forward, after payments are made to your Stripe account, your funds will be available to withdraw/be automatically deposited within a few working days (usually the lower end of 2-7).

So, for example, if your payment date is Tuesday 3rd March, your subscription payments will hit your Stripe account on that date. When you withdraw those funds (or choose to have them manually deposited), it’ll take a further 2-7 days for the funds to appear in your bank account.

 

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GoCardless


The first payment date:

If you’ve just set your GoCardless subscriptions up, you won’t receive your first payout until around 6 working days after your members’ payments have been made. This is because GoCardless’ process for setting up and beginning the collection of direct debits runs on a 6-day cycle. See here for information on collecting payments when no mandates exists.

After the first payment date:

Once your first set of payments have been taken, your account has been verified and you’ve received your payout from GoCardless, things will become quicker. Going forward, after payments are made to your GoCardless account (on the date you selected for your Coacha subscription), your funds will be automatically paid into your account after 2 working days (between 2pm & 5pm) For example, if your payment date is Tuesday 3rd March, the funds will paid into your account by Thursday 5th March (between 2 and 5pm).

As an additional example, if your payment date is Sunday 1st March, funds will hit your account on the next working day (Tuesday 2nd March) and be paid out on Thursday 4th March.

Naturally, if your bills are due on a specific day, this may alter your chosen payment date. For example, for your funds to be paid out on the 1st of the month with GoCardless, you’d need to be paid 2 days before.

As mentioned above these payout times are standard across the industry and sadly can’t be helped.

If you have any more questions, or need any help with getting things set up, be sure to pop an email to our support team!