What is Stripe?
Stripe is a simple and powerful way to accept payments online. Stripe has no setup fees, no monthly fees, and no hidden costs. Hundreds of thousands of businesses—ranging from startups to Fortune 500 companies—rely on Stripe’s software tools to securely accept payments and expand globally.
Stripe is available to businesses in 25 countries. With Stripe, you can accept all major debit and credit cards from customers in every country in 100+ currencies. You can learn more at https://stripe.com/customers.
How does Stripe work with SchoolAdmin?
With Stripe, you can start accepting credit and debit card payments almost instantly. You can either create a new Stripe account or connect an existing Stripe account if you already have one.
Is Stripe secure? Will I be PCI compliant?
Yes! Stripe meets and exceeds the most stringent industry standards for security. They are also audited by a PCI-certified auditor, and are certified to PCI Service Provider Level 1. (This is the highest level of certification available.) You can learn more about the technical details of Stripe's secure infrastructure here: https://stripe.com/docs/security/stripe
What is Stripe’s pricing?
No monthly fees, set up fees, or hidden costs.
Credit Card Rates
- Stripe sets the rates, not SchoolAdmin.
- VISA and Mastercard changed their non-profit rates, and schools no longer qualify unless 80% of their income is due to donations. Visa and Mastercard specifically identify tuition as non-qualifying. If your school fits these criteria, click here to learn how to receive the discounted processing fee for qualifying non-profit organizations.
- Current clients are grandfathered in for now.
Credit Card Payments
- All credit card providers: 2.9% + 30¢ per transaction.
- An additional 1% charge applies for international cards. https://stripe.com/pricing#pricing-details
- $15 for charge-backs
ACH Rates and NSF Fees
- ACH: $0.75 per transaction. This is a special ACH rate for SchoolAdmin clients negotiated with Stripe. Standard Stripe rates are higher for ACH.
- NSF fee is $4
FOR BILLING CLIENTS ONLY: Free ACH via full rebate from SchoolAdmin
- Starting Dec 1, 2019, we offered an ACH rebate for all SchoolAdmin billing clients. SchoolAdmin will rebate all ACH transaction fees back to the school at the end of each year. We’ll provide this credit during the annual true-up process that ends each year on June 30th.
- For billing clients, it applies to all ACH transactions for billing, enrollment, and admissions. The school or parent is still responsible for non-transaction fees such as NSF or returned check fees.
How are funds transferred to my school?
Once you’ve made your first charges with Stripe, your first payout will be initiated and should post within 7 days. Thereafter, all US based merchants will receive payouts of your available account balance on a rolling 2 day schedule (which is the standard schedule for the US), unless you've defined a custom payout scheulde. Payout schedules vary slightly for merchants outside of the US. You can see your country’s schedule here.
When a payment is first received, it is initially reflected as a pending balance (less any Stripe fees). This balance becomes available according to your payout schedule. For instance, it takes seven calendar days from a payment being received to it being paid out for Stripe accounts on a 7 calendar day schedule.
Most banks deposit payouts into your bank account as soon as they are received, though some may take a few extra days to make them available.
You can set your bank account and set the frequency of these payouts (daily, weekly, monthly, etc) in the Payouts tab of your Stripe dashboard. From there, you can also view all payouts from Stripe to your bank account. To learn more, visit Stripe's documentation on payouts.
- 1-3 days for Credit Cards
- 4-7 business days for ACH payments
Example of a rolling 2 day payout:
- A payment is made via ACH on Monday, January 13th 2020. It will process 4-7 business days later.
- Our current 2 day payout schedule will process payments on the 13th, 15th, 17th, 21st, 23rd, 27th, 29th, and 31st of the month.
- This payment is processed 7 business days later (because of the 4-7 day window), which is the 22nd. Notice how this is not a date in our rolling 2 day payout schedule above. This means the payment won’t be paid out until the next payout schedule date, which is the 23rd even though it was processed on the 22nd.
How can I issue a refund?
You can issue issue refunds via your Stripe dashboard. Depending on your customer’s bank, he or she will see the refund show up anywhere between 5-10 business days later. Credit card refunds can be whole or partial – that is, you can refund any amount up to the original amount of the charge. Bank accounts can only be fully refunded, not partially.
What is a chargeback/dispute? How do I handle them?
A dispute occurs when a cardholder questions a charge with their bank or credit card company. Depending on the reason, the Stripe dashboard will guide the user through submitting the best kind of evidence for each reason.
When a dispute comes in, Stripe gets information about it from the bank and display one of eight reasons to our users. Here are some best practices on the type of evidence to submit based on the dispute reason: https://stripe.com/help/dispute-types. Once you submit your dispute evidence to Stripe, Stripe submits your evidence to the banks/card networks on your behalf, so you do not have to deal with them directly.
To be notified about disputes, select email notifications through your dashboard:
https://dashboard.stripe.com/account/emails (Select "Email me for: Disputes”)
Here are some overall best practices for avoiding fraud: https://support.stripe.com/questions/avoiding-fraud-and-disputes
What will my customers see on their credit card statement?
You can customize this to match your business name or anything more specific you might like. Go into your Stripe Account Settings and look for a setting called "Statement Descriptor".
How to contact Stripe
Stripe provides 24/7 real-time support.
To help us solve your issue as quickly as possible, we recommend formatting your inquiry with the respective IDs, such as:
Customer Name: Johnny Example
Customer Email: firstname.lastname@example.orgAny other relevant Stripe ID’s:
If it’s regarding a specific card, please include as much information about the card as possible, such as the expiration date, last 4 digits of the card number, and the card brand. Please never share or send a full card number or CVC.
After submitting your inquiry via the form, we will send a confirmation email that we’ve received your message.
General Stripe Support Links
- Account settings
- Charges and refunds
- Transfers and deposits
- Fraud prevention
- Searching the Stripe Dashboard
What is Plaid?
Plaid is an enabling technology to instantly authenticate ACH transfers. It is integrated directly into Stripe. To learn more, visit https://plaid.com/