Q: Do I need to set up a Stripe account by January 1, 2020? If I forget, where does my money go?
A: January 1, 2020 is the earliest you can set up your Stripe direct deposit account (because it is the start of a new tax year). After that, you can set up the account whenever you want, but you won’t be able to withdraw funds until the setup is complete.
Q: How do I create a Stripe account?
A: It’s easy! All you have to do is fill out a form with some basic information.
Q: Do I need to provide my bank info to Stripe?
A: You need to provide either a bank account number or debit card number. You won’t be able to withdraw funds unless you provide one of them.
Q: Do I need to have a minimum balance to withdraw from Stripe?
A: Yes, you must have a balance of at least $20 to make a withdrawal.
Q: What if I need to make a third withdrawal?
A: You can only make two withdrawals per month. The main difference between Stripe and our current payment process is that you’ll be able to choose when you get paid.
Q: How long does the standard (free) withdrawal take?
A: Once you make a withdrawal request, the money will hit your bank account within two days.
Q: Can I use Stripe to pay bills directly, like I can with PayPal, instead of making a withdrawal?
A: No. The money will be deposited directly to your bank account, and then you’ll be able to use it however you want.