Adjusting payment schedule of connected accounts Open
October 13, 2021 at 7:33 AM #128983Jordan CollinParticipant
I have WCMP Stripe Marketplace installed and working. It is splitting the payments immediately to the vendors connected stripe accounts as expected
Thank you for this feature, the client is very pleased.
How can I adjust the payout schedule for the connected stripe express accounts to payout to vendors bank accounts weekly?
Stripe has confirmed that the schedule is currently set to daily on all vendor accounts. They said they support weekly payouts for connected express accounts, but that it needs to be changed through the API.
Because of the volume of sales the client is doing, it will make a significant saving in their vendors 25c stripe connect fees over time if their vendors can receive weekly payouts rather than daily by stripe.
October 13, 2021 at 10:13 PM #129034NerdySupportExpert MoumitaKeymaster
Hi @lucas, Jordan, WCMp only handles the part where we will send the payment to vendor’s stripe account. However it is very unlikely that we would controll when stripe will send the money to vendor’s bank account.
Becasue releasng the fund to vendor’s bank totally controlled by Stripe.
Can you please explain the query i.e. the flow you are looking for so we can communicate with them too. Make sure to share us all small details that will help us communicate with the stripe team.
p.s. Our office will be closed due to holidays (4th to 10th Oct). Hence, the response might get delayed.
October 18, 2021 at 3:03 PM #129085Jordan CollinParticipant
Yeah I agree with you, this does sound like something that would be handled directly on stripes end, but their support insists that this is handled through the API.
Please see the link they provided here: https://stripe.com/docs/connect/manage-payout-schedule
Here is the flow the client wishes to achieve:
– Customer places order from multiple vendors (working)
– Payments are handled by Stripe Marketplace payment gateway enabled through wcmp (working)
– Payment is received into admins Stripe account, and commissions to vendors are immediately split to the connected stripe express accounts (working)
– Admin Stripe account disburses payments to bank account weekly (set via payment schedule settings tab in admins stripe dashboard) (working)
– Vendor Stripe Express account disburses payments to bank account daily (Here is our problem)
– Stripe support claims that the connected express account payment schedules can be set as either daily or weekly, but that in this instance it cannot be changed via the admin or express dashboards, it must be changed through the API.
You can see my conversation with stripe support here for reference here:
Gem here again with Stripe support. It’s a pleasure to make your acquaintance today. I’m glad to be able to assist with your inquiry about changing the payout schedule of your Express Connected accounts.
You may change the payout schedule of your Connected account through the API using the guide on the link below:
For reference, below is the transcript of our conversation earlier.
If you have any other questions or concerns, you will have my email. It’s the best way to reach me and I’d be happy to help, however I can.
(05:55:01 AM) Amelia (email@example.com): Hi, I am looking to change the settings in the connected stripe express accounts so they pay out once per week on a friday. The last person I spoke to last week said that this could be changed in payout settings in the stripe express dashboard but the vendors report that there is no option to change on this page of the express dashboard
(05:55:04 AM) Amelia (firstname.lastname@example.org): Thanks
(05:55:08 AM) *** GemB joined the chat ***
(05:55:12 AM) GemB: Hi there! This is Gem from Stripe. I’ll be assisting you today.
(05:55:23 AM) Amelia (email@example.com): Hi Gem, I’m Jordan
(05:56:09 AM) GemB: Hello, Jordan! I understand that you would like to change the payout schedule of your Connected accounts, is that correct?
(05:56:21 AM) Amelia (firstname.lastname@example.org): Yep, that’s right, thanks
(05:56:51 AM) GemB: Thanks for confirming. Please allow me a few minutes to check my resources.
(05:59:32 AM) GemB: Thanks for waiting.
(06:00:46 AM) GemB: You can manage the payout schedule of your Connected accounts through the API. You may learn more about this here: https://stripe.com/docs/connect/manage-payout-schedule
(06:03:23 AM) Amelia (email@example.com): Ah okay, so in this instance, where I am using a Multi-vendor plugin with woocommerce, I will need to request the plugin developer to implement this feature? Or is it something I am able to do within the stripe dashboard somewhere? Sorry for the basic question, just working out where I will go next with this one
(06:04:55 AM) GemB: I’m afraid that managing the payout schedule of your Connected accounts can only be done through the API. You may want to seek the help of your developer to be able to implement these changes.
(06:05:09 AM) Amelia (firstname.lastname@example.org): Okay thanks for your help
(06:05:27 AM) GemB: You are most welcome! Is there anything else that I can help you with?
(06:05:37 AM) Amelia (email@example.com): That’s all thanks
(06:06:00 AM) Amelia (firstname.lastname@example.org): Oh, unless you are able to tell me. How often do the stripe express accounts currently pay out?
(06:06:03 AM) Amelia (email@example.com): Daily?
(06:06:37 AM) GemB: You mean what are the options for Express payouts?
(06:07:10 AM) Amelia (firstname.lastname@example.org): yeah, default (or current), or is that purely on the api side too?
(06:07:54 AM) GemB: Let me check if you have a default payout schedule. Give me a moment please.
(06:08:05 AM) Amelia (email@example.com): Much appreciated
(06:10:12 AM) GemB: I randomly checked your Connected accounts and most of them, if not all have their payouts set on a Daily basis.
(06:11:08 AM) GemB: Aside from Daily, you may also opt to set on Weekly (like you mentioned earlier), or Monthly. This can be specified through the API call.
(06:12:32 AM) GemB: You may check each Connected account payout schedule by clicking
each one: https://dashboard.stripe.com/connect/accounts/overview
The payout schedule should be on the top banner.
(06:16:10 AM) GemB: Just checking in to make sure we didn’t lose connection, are you still with me?
(06:19:36 AM) GemB: It looks like you may have stepped away. I’ll close out our chat for now. Don’t hesitate to get in touch with us again if we can be of further help. Thanks for your time and have a lovely rest of your day!
(06:20:15 AM) Amelia (firstname.lastname@example.org): Sorry I’m back
(06:20:18 AM) Amelia (email@example.com): quick phone call
(06:20:37 AM) GemB: It’s okay. I’m still here.
(06:22:20 AM) Amelia (firstname.lastname@example.org): Thanks for this info. Ah yes, I see that it does display this info. If only I could edit it here without asking the developer to do this through the API!
(06:23:43 AM) GemB: I totally understand. Unfortunately, this feature is not supported in the dashboard.
(06:24:08 AM) Amelia (email@example.com): All good, I appreciate all your help
(06:24:51 AM) GemB: My pleasure! Should anything comes up, please feel free to reply to the follow up email that I’ll send after this. Thanks for your time and have a lovely rest of your day!
(06:27:43 AM) *** GemB left the chat ***
Thanks for your help and happy Dura Puja,
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