Transfers from The Food Corridor to your Stripe Account
The Food Corridor submits daily transfers into your Stripe Account.
Every day, we bundle your approved Client one-time fees and hourly booking transactions (Payments) from that day, as well as anything that has not been billed in the past, and run the Payments through Stripe.
You will see these Payments immediately in your Stripe Account, but they will not be available for transfer into your bank account (where you can actually do things with it, like pay staff and rent) until they are processed.
Credit card Payments are processed immediately, and ACH Payments are processed within 4-5 business days.
Transfers from your Stripe Account to your Bank Account
Once the payment is processed, Stripe transfers deposits (Payouts) into your bank account 2 business days later. (This applies to US companies. If you aren't in the USA, the rules are different, please contact us for more details.) One Payout may contain the dollars from many payments.
Most banks will only process the transfer on business days. This means that if it's a holiday or a weekend, you will probably see the money in your bank the next day your bank is open. For transfers sent on business days, you should see the money for it by the next day.
If the transfer was submitted on a business day and you don’t see the money in your bank account within a couple of days, this probably means the transfer failed. Banks take 3-5 business days to inform The Food Corridor about transfers that did not go through. If this happens, you and the Client will both receive an automatic notification from us that the payment has failed.
You can configure your Stripe account differently to only pull the money from Stripe to your kitchen's bank account weekly or monthly, rather than every 2 days, for example. You can see and update the transfer schedule set up by logging into the stripe dashboard and viewing: https://dashboard.stripe.com/account/transfers
The very first transfer into your connected bank account
Stripe imposes a mandatory wait of 7 business days from the first charge to the first bank transfer (charges after the first one have a 2-day wait). The Food Corridor typically processes a small amount of money through a your connected Stripe account before your Clients are billed, to minimize the cash flow delay. The Food Corridor does this once the you have set-up your Stripe account as the Kitchen Administrator.