2. misc-audio
  3. 137646-117261

Funds held in Stripe Dashboard?

Newbie question...

I have completed my very first Audiogon transaction!!!  I sold some equipment and the funds were paid to my Stripe account.  For some reason, they are being held for a week before transfer to my bank account.  Are these funds secure, and can the buyer retrieve them?  (I'm not saying he would, just asking if he can.)  Am I safe to ship the equipment before the funds actually transfer to my account? Thanks for any insight.
Craig
cjgassma
djones51
4,947 posts
 
If this is your first time using stripe they will hold the funds for 7 - 10 days after the first successful payout they are processed according to your payout schedule. I signed up for this as well but never used it, more geared to dealers.  
djones51
4,947 posts
 
I should also add even if you wait until the funds are paid to you the buyer will still have 7 days from date of delivery to request a refund. That's one of the rules with using stripe only way around that is accept a check or something and wait for it to clear before shipping. 
cjgassma OP
3 posts
 
Thanks!
wolf_garcia
6,692 posts
 
Holding funds by a gigantic company like Paypal allows them to generate interest on those funds. It might not seem like much, but consider that many millions are held in "escrow" at all times, which is essentially free money for the company, and no money for you until the arbitrary time period is over.
djones51
4,947 posts
 
My wife used to audit banks years ago. It's amazing how much money the make on these few day holds. I think after the first hold with stripe the fastest payout is 2 days for the US unless it's considered a high risk then it's 7 days. It also varies by country. 
More to discover