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
 
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. 
uberwaltz's avatar
uberwaltz
13,381 posts
 
It is the same system as reverb uses and they expect you to ship right away even though you will not actually see your money for probably10 days. 
One reason I closed my ad for a guitar on reverb and went back to eBay with it. Fortunately eBay saw the light on musical instruments a while ago and matched reverbs 3.5% commission instead of their normal 10%.
Wish they would do same with hifi gear and match audiogon fees.
More to discover