Payments
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      Stripe Payments

       

      Table of contents

       

      Stripe setup

      Important: Stripe has added a new field for KYC verification for businesses registered as anything other than "individual." This field is the statement descriptor that will appear on your customers' purchase histories. Even if you've already connected Stripe, please follow the steps in the following article to ensure your payments aren't potentially marked as fraud:

      Stripe Statement Descriptor

      Permissions and accessibility

      Staff access:

      • Setup of Stripe MUST be done by the Studio/Business owner

       

      Getting Started

      Upon logging into your account, you will see a banner at the top of the page prompting you to take action for your account. Clicking this banner will automatically redirect you to Stripe to begin account setup.

       

       

      Note: If you don’t see the banner at the top of your control panel, you can also access the Stripe setup page by going to payments > view Stripe payouts > click the pencil next to personal details. If you do not see this section in your account or the banner, please reach out to our customer success team for troubleshooting.

       

      Business information

       

      The first step is to fill out your business information. This will vary based on the type of business you chose, but this could include:

      • Type of business: most of the time this is selected as “company.”

      • Business structure

      • Legal business name: if you selected “individual” for type of business, you do not have to fill out business details

      • Employer Identification Number (EIN): in the US, if you are a business with employees then you are required to have an EIN. If you are a sole proprietor or single LLC without employees, then you are able to enter your SSN instead.

      • Doing business as: this is an optional field

      • Registered business address

      • Business website

       

      Important: If you already have a Stripe account, you still need to create this new one since it is directly connected to MyStudio and there is no way to connect a pre-existing Stripe account to MyStudio. This should not be a problem, as Stripe allows you to have two accounts with the same legal entity. 

       

      Personal details

       

      Next, you will need to verify your identity and connection to the business. You will need to enter:

      • Legal first and last name

      • Email address: this is directly connected to the email address on file with MyStudio

      • Job title

      • Date of birth

      • Home address

      • SSN: if you labeled your type of business as an individual, you will be asked for your SSN

      • Business owner: if you are a representative of the company and not a business owner, you will need to add the business owner’s information as well. Otherwise, if you are the business owner, you can “continue with no owners.”



      Public details

      Once you've confirmed your personal details, you will be taken back to the review and confirm page. In the middle of the page you will see public details, which outlines the descriptor shown on customer statements. This will auto-fill to the business name you provided. However, if for any reason it is different, you will need to edit it to match or be similar to your business.

       

       

      If you are part of a franchise, you will include your location. For example, Incourage's Fairfax location will have "Incourage Fairfax."

       

      Once completed and confirmed, you will be redirected to a confirmation screen and you can return to MyStudio.

       

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      Payout details (bank information)

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      When you return to MyStudio, you will have a popup that redirects you to payments > view stripe payouts. You will need to enter your payout details so that profit gets deposited into your bank correctly.

       

      Click “update” next to “payout details” then choose your payout method.

       

      image (9)

       
       

      • Debit card: enter your debit card information

      • Bank account (ACH):

        • Bank routing number: if you are in Canada, the routing number is the transit number + branch number. This will look like 11000000 when typed, but you will see it formatted correctly as 11000-000 once added. 

        • Bank account number

        • Holder name

        • Holder type

       

      Ensuring Stripe KYC is correctly set up

      If you chose “company” during the setup process, the MyStudio view Stripe payouts section will show personal details as “not applicable” and there will be a green checkmark next to both the business details and payout details.

       

      If you chose “individual” during the setup process, the MyStudio view Stripe payouts section will show company details as “not applicable” and there will be a green checkmark next to both the personal details and payout details. 

       

      Once these are completed, you will be prepared to start processing payments via Stripe!

       

       

      Payouts

      Payout speed

      Stripe offers a rolling payout speed of (T+2) for US and Australia and (T+3) for UK and Canada, where “T” represents the day the transaction took place and the number is the number of business days after the transaction. This means for a US account, transactions that occurred on Monday are deposited by Wednesday, Tuesday by Thursday, etc.

       

      Note: transactions that occur late in the evening may not process until the next day. The payout speed occurs after the transaction processes.

       

       

      Check out the typical payout lifecycle as it moves from MyStudio through Stripe and into your Stripe-connected business bank account:

       

       

      Example 1: mid-week transactions

       

      For US and Australia, transactions that are processed on Monday will deposit on Wednesday, Tuesday transactions on Thursday, and so on. 

       

       

      For Canada and the UK, transactions that are processed on Monday will deposit on Thursday, Tuesday transactions on Friday, and so on.

       

      Example 2: weekends and holidays (T+2: US and Australia) transactions

      If a transaction would deposit on a weekend (Saturday or Sunday), then these transactions will deposit on Monday, since payout speeds are based on business days. Any transactions that occur on the weekend will be processed or posted on Monday, then deposited on Tuesday. 

       

       

      Holidays will generally be posted the first business day after the holiday and then deposited two days (3 days for UK and Canada) after it’s posted.

       

       

      Disclaimer: The information above is provided by Stripe to MyStudio. The above timings are a reliable representation of Stripe's commitment to transaction payout timings. However, in some circumstances, timings may vary. If you encounter delays with your payout timing, or have any questions, please contact MyStudio's customer care team by chat or phone at (757) 997-1233, and our team will be happy to assist.

       

      Can I change these times?

      The payout speeds from when transactions occur vs when those transactions are paid out, listed between the initial and accelerated payout speeds above, is controlled at a platform level and those time frames cannot be changed at the business connected account level.

       

      However, how often you receive a payout can be changed. The default is set to daily, but if you’d like to change this to weekly or monthly you will need to contact MyStudio support team to have this changed. 

       

      Failed payments

      What are failed payments?

      Failed payments occur when there is an issue with the payment method on file for a registration. This can be an immediate notice, such as during a registration, or it can become a failed payment later.

       

      If a payment fails, it will display in your MyStudio account in payments > past due. Depending on the reason for the failure, it may have a status of either "failed" or "past due."

       

       

      Why did the payment fail?

      To check why a payment failed, go to payments > past due payments and export the transaction(s) you wish to check. This exported table will have a column for the payment error description, listing the reason for the failure.

       

       

      Note: transactions made before August 14, 2024 will not show a payment error description. We recommend re-running these payments first, and if it fails again the error description will appear for the rerun.

       

      Check out the table below for reasons payments could fail and the actions you can take. If you have any further questions about these reasons, please reach out to our customer care team via phone 757-997-1233 or live chat at the bottom right corner of your control panel.

       

      Listed reason Next steps
      The card was declined because the transaction requires authentication such as 3D Secure. Try re-running the payment to allow the customer to authenticate the transaction. If the card issuer returns this decline code despite a successfully authenticated transaction, the customer needs to contact their card issuer for more information.
      The payment can't be authorized. Attempt the payment again. If you still can’t process it, the customer needs to contact their card issuer.
      The card was declined for an unknown reason. The customer needs to contact their card issuer for more information.
      The card does not support this type of purchase. The customer needs to contact their card issuer to make sure their card can be used to make this type of purchase.
      The customer has exceeded the balance, credit limit, or transaction amount limit available on their card. The customer needs to contact their card issuer for more information.
      The card does not support the specified currency. The customer needs to check with the issuer whether the card can be used for the type of currency specified. A different payment method may need to be used.
      A transaction with identical amount and credit card information was submitted very recently. Check to see if a recent payment already exists.
      The card has expired. The customer needs to use another card.
      The card was declined for an unknown reason or Stripe Radar blocked the payment. The customer needs to contact their card issuer for more information.
      The card number is incorrect. The customer needs to try again using the correct card number.
      The CVC number is incorrect. The customer needs to try again using the correct CVC.
      The PIN entered is incorrect. This decline code only applies to payments made with a card reader. The customer needs to try again using the correct PIN.
      The postal code is incorrect. The customer needs to try again using the correct billing postal code.
      The card has insufficient funds to complete the purchase. The customer needs to use an alternative payment method.
      The card, or account the card is connected to, is invalid. The customer needs to contact their card issuer to check that the card is working correctly.
      The payment amount is invalid, or exceeds the amount that’s allowed. If the amount appears to be correct, the customer needs to check with their card issuer that they can make purchases of that amount.
      The expiration month is invalid. The customer needs to try again using the correct expiration date.
      The expiration year is invalid. The customer needs try again using the correct expiration date.
      The card issuer couldn’t be reached, so the payment couldn’t be authorized. Attempt the payment again. If you still can’t process it, the customer needs to contact their card issuer.
      The payment isn’t permitted. The customer needs to contact their card issuer for more information.
      The card was declined because it requires a PIN. The customer needs to try again by inserting their card and entering a PIN.
      The customer can’t use this card to make this payment (it’s possible it was reported lost or stolen). They need to contact their card issuer for more information.
      The allowable number of PIN tries was exceeded. The customer must use another card or method of payment.
      An error occurred while processing the card. The payment needs to be attempted again. If it still can’t be processed, try again later.
      The payment couldn’t be processed by the issuer for an unknown reason. The payment needs to be attempted again. If it still can’t be processed, the customer needs to contact their card issuer.
      A Stripe test card number was used. A genuine card must be used to make a payment.
      The customer has exceeded the balance or credit limit available on their card. The customer needs to use an alternative payment method.

       

      The following additional reason descriptions need to be handled more carefully:

       

      Listed reason Next steps
      The payment was declined because Stripe suspects that it’s fraudulent. Don’t report more detailed information to your customer. Instead, present it as "the customer needs to contact their card issuer for more information."
      The payment was declined because the card is reported lost.
      The payment was declined because it matches a value on the Stripe user’s block list.
      The payment was declined because the card is reported stolen.

       

       

      Note: if your exported payment history lists a transaction as past due and does not contain a payment method or payment error description, this means the customer pays manually with cash or check, and payment needs to be taken in person.

       

      General solutions

      1. Rerun

      Any failed payment attached to a credit card or ACH can be rerun either from the payments > payment history section, or from within a registration page’s payment history. We recommend doing this first.

       

      Payment History: go to payments > payment history > check the box next to the payment > click "rerun payment."

       

      Registration Page: go to all customers > participants > the category the past due payment is in (in the screenshot below I went to program participants) > click the participant name > payments > click "re-run failed payments." 

       

      Clicking this re-run failed payments option will re-run ALL listed failed payments. If you want to only re-run individual ones, drop down the list > click the past due payment you would like to re-run > re-run payment.

       

       

      2: Customer notification

      If re-running the payment method still results in a failed payment, export the failed payment and check the reasoning column. There may be an issue with the customer's card that they need to address with their bank. Even in cases where the reason listed is unknown, it is still good to inform the customer.

       

      When a payment goes into a past due status, the customer will receive an email. If there was a credit card or ACH attached to the payment, the email will prompt them to update their payment method on file. If the customer updates the payment method, their past due payment will rerun automatically. If a manual payment method such as cash or check was attached to the payment, the email will not contain an “Update” option.

       

       

      Customers will receive this past due payment email every 3 days until credit is applied to the past due payment or the customer updates the payment method. Additionally, customers will not be able to access the member app if they have past due payments on file connected with a credit card or ACH. Customers will be prompted to update the payment method on file for these payments or rerun the payments as soon as they login and attempt to go to a category within the app.

       

      3. Update payment method

      If rerunning the payment doesn't work and the customer doesn't automatically update the payment info from the email, you will need to ask the customer to update their payment information for the registration. To do this, go to all customers > participants > the category the past due payment is in > click the participant name. In the example below we are in a program registration internal page. 

       

       

      Under payment method, click "send link for user to update payment method." This will send them an email prompting them to update their payment information. Once they do, ALL failed payments under that registration will be re-run at once.