Once you’ve taken a few card payments from customers using the Smart App, you’ll be eagerly awaiting those 7 days for the money to be deposited into your bank account. But when it comes through, you’re left confused as the payments from Stripe don’t match the payments on the Smart App. How could this be?
Stripe combines your payments into one
It’s because our card processing partner, Stripe, rolls all your day’s payments into one sum to deposit into your account. For example, if you take two payments in one day, a £60 payment and a £50 payment, you will get £107.08 deposited into your account 7 days later. Remember – that’s if you absorb the card fee for the customers, so you pay 2.65% + 20p. If you make the customers pay half the fee, you’ll get £108.31 because you only pay 1.32% + 10p.
Use the Smart Dashboard to track your payments
To check how much a customer has paid or how much someone still owes you, just log in to your Smart Dashboard and click on the Payments tab where you can see all the individual payments a customer has made to you. Also, Stripe is working on using the invoice number as the reference when they deposit money into your account, so it’ll be easier to see which customers have paid you on your bank statement.