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How do card payments on invoices work?

How do card payments on invoices work?

Found partners with Stripe so that your customers can pay their invoices with a debit or credit card. In order to accept card payments, you will have to create an account with Stripe. If you already have an account with Stripe, you just need to sign in to your Stripe account through Found.

Creating an account with Stripe. To create an account, go to your Found app menu, create a new invoice from your Found account, and be sure to select "Credit or debit" as the payment option. Found will then securely share your Found account information (email, SSN and phone number) with Stripe to make it easy for you to create a Stripe account. In the case that Stripe needs more information to approve your account, you will receive an email with next steps from Stripe.

Stripe fees. Stripe charges a 2.9% + 30ยข per transaction. You will receive payment from your customers with the fees already deducted. This means that if you are charging a customer $100, you will receive $96.8 in your account.

First payment delay. The first payout from a new Stripe account is typically paid out 7 days after the first successful payment is received (it can be up to 14 days). This means that the funds for the first invoice your customers pay with a card will not be transferred to your Found account until 7 days later. You can find more information here.

Receiving payment in your Found account. The default settings of your Stripe account is for money to be transferred every day into your Found account. You will receive payment into your Found account usually 2 business days after your customers have paid you. You can see more information about your payment schedule here.

Invoices marked as paid. When your customers pay an invoice with a card, Found will automatically mark that invoice as paid in your Found app and send you a notification even if the funds are not yet in your Found account.

Chargebacks. A dispute or chargeback occurs when a cardholder questions your payment with their card issuer. To process a chargeback, the issuer creates a formal dispute which immediately reverses the payment. The payment amount, along with a separate $15.00 dispute fee is then deducted from your account balance. You can find more info here.

Accessing your Stripe account. You can always access and edit the settings of your Stripe account from your Stripe Dashboard.

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