What is Stripe Express?
Stripe Express is a form of receiving & sending payments within the platform that is currently available to UK based companies. This form of card integration means you would only receive one charge on each Stripe Express transaction. All Stripe Express accounts are managed by TutorCruncher, meaning payments would automatically be made to your bank account within seven days. This will streamline the whole process & make taking payments that bit easier.
How do I set up Stripe (Express) for my company?
In order to link your TutorCruncher account to Stripe Express, you will first need to sign up for a Stripe account in your branch settings. If you head over to Settings > Payment Integrations, there is an option there for Card Payments with Stripe (Express).
From here, select the 'Connect to Stripe' tab.
This will then redirect to you Stripes website, where you will be able to either setup, or login to your Stripe Express account.
Once those details have been entered, you'll be redirected to TutorCruncher's website & your Stripe account will be fully linked to receive card payments from your clients.
If you want to simultaneously pay your tutors when clients make payment for their completed lessons, then you can use our split payments feature. You can read more about that feature just here.
Note: It's currently only available to new agencies in the UK with a company registration number (CRN)
Can I link clients from my existing Stripe account to my new Stripe Express account?
If you want to move payment details from your existing Stripe account (Source Account) to your new Stripe Express account (Destination Account), then you will need to request a Data Migration. In order to do this, you will need to create an intake request within Stripe from your source account here (for migration type, select "data copy", then indicate that the account is the 'source'). You will also need to email us as at [email protected] to let us know you will be migrating users over to your new Stripe Express account.
You will also need to log into your Stripe Express account and complete the copy destination request here as well (for migration type, select "data copy", then indicate that the account is the 'destination'). When completing the forms, make sure you indicate that you want to complete a "data copy from one Stripe account to another Stripe account" and complete the additional information accordingly. After the forms are submitted, Stripe will email you directly to continue the process.
Important: This is the Destination Account ID you will need to transfer that data to.
Migrating that data over won't change your workflow, meaning all of your clients payments details will still be saved to their profiles and you can continue to take payment as normal. If you have any general questions about the migration process before initiating a migration, you can select "Tell us about your other data migration use case" from their support form here.
What Information will I be able see in my Stripe Express account?
If you want to view information in your Stripe account, then you can go to Settings > Online Payment Integrations > Card Payment Integrations with Stripe (Express) & choose the option for View Stripe Account Details
From your dashboard, you'll be able to see data relating to how much is on the way to your bank account, money you've earned that's not yet paid out, as well as you total earnings as well.
When will I receive money into my bank account?
In order to receive money into your Stripe account, the first thing you need to make sure is that you are issuing Invoices to your clients which you can read about here. In most cases you will be able to see that money is On the way in your Stripe account straight away. You'll then generally see that in your Stripe balance within 3 days. From here, it's then sent to your bank account 7 days later (Meaning you'll receive those funds in 10 days).
How much will it cost to use?
All payments processed through Stripe Express accounts will be charged at the following rates, including TutorCruncher’s fee. Whether or not you use Split Payments, the pricing for processing payments through Stripe will all be under this pricing structure:
Pay as you Go: Payments taken this way will cost 2.6% of the amount charged.
Startup: Payments taken this way will cost 2.2% of the amount charged.
N.B: Please also note that this is preliminary pricing based on our projected costs, it may change in the future.
Is there a Stripe Express limit?
There is a £2000 limit which can be used on up to 40 payments per month.
Is there a minimum transaction amount that can be transferred to a bank account?
The minimum amount that can be transferred to a bank account is £1.00
Note: We recommend reading the following if you are a UK based company using Stripe