Transfers from The Food Corridor to your Stripe Account
The Food Corridor submits ongoing transfers into your Stripe Account.
Every night, we take your approved Client transactions (Payments) from that day, and run the Payments through Stripe. These payments include Daily Charges such as applicable one-time fees, hourly bookings, and cancellation fees, as well as Monthly Charges such as applicable storage, monthly billing plans, and recurring fees. The Daily Charges are run through Stripe each day, whereas the Monthly Charges are run through Stripe on your monthly billing date (e.g. the 5th). There are also a few immediate charges that can take place - past hourly booking updates that you approve charges for, and any time you click "charge now" on a client's statement.
You will see all processed Payments immediately in your Stripe Account, but they will not be available in your bank account (where you can actually do things with it, like pay staff and rent) until they are paid out.
Credit Card Payments are processed immediately
ACH Payments are processed immediately*
PAD Payments (for Canadian users) are processed within 3-5 business days
**see below 👇
Transfers from your Stripe Account to your Bank Account
Once the payments are processed, Stripe bundles these payments and transfers the deposits (Payouts) into your bank account 2 business days later. (For Canadian users, it is 2-3 business days.) 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 payment 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 payment failed. If this happens, you and the Client will both receive an automatic notification from us that the payment has failed.
*Note on ACH Payments
Note that while ACH Payments are processed immediately in your Stripe account, the payments actually stay pending with the bank for 3 days, before the bank informs The Food Corridor about the success or failure of the payments. This means that ACH payments may be deposited in your bank account while they're still technically pending. This accelerated payout means you can do things with these payments, like pay staff and rent. However, note that if a client's ACH payment does fail after these 3 days, that one will be pulled back out of your account, which Stripe denotes as a "refund." You will receive an automatic notification from us if this is the case.
If you would prefer to wait for funds to be deposited into your bank account until the payment is deemed successful, please reach out to us, and we can make this change for you! Note that this will extend the payout timing.
If you have a Standard Stripe Connect account, 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 deposits $1 into your connected Stripe account before your Clients are billed, to help minimize the cash flow delay for you. The Food Corridor does this once the you have set-up your Stripe Connect account. This is for bank security reasons and will shorten after the first approval goes through.
For Canadian users, the first time a client uses PAD, there is a 3-day delay for their first charge to be able to go through.