Payment Settings are crucial for your business operations on the Buddy platform, enabling secure payment processing and efficient fund transfers. Proper configuration ensures smooth financial transactions and timely access to your earnings.
Watch our quick tutorial to learn how to use connect your Stripe account 👇🏻
Payment Provider Setup
The Buddy platform uses Stripe Connect for secure payment processing and fund transfers. This integration provides a robust foundation for handling all your business's financial transactions.
Stripe Connect Configuration
Setting up Stripe Connect creates a secure link between your business and the platform's payment system. This process involves:
Initial Connection
Click the Connect with Stripe button
Complete Stripe's verification process
Provide required business information
Set up payout details
The platform guides you through each step, ensuring proper account setup and verification. Once connected, your Stripe account handles all payment processing and fund transfers automatically.
Account Verification
Stripe's verification process helps ensure security and compliance:
Required Information
Business registration details
Banking information
Personal identification
Tax documentation
The verification process may vary based on your location and business type. Complete all required steps to enable full payment functionality.
Payout Management
Payout Schedule
Configure how often you receive funds from your bookings.
Schedule Options:
Daily transfers
Weekly consolidation
Monthly batching
Your selected schedule determines when available funds transfer to your bank account. Consider your cash flow needs when choosing a schedule.
Payout Method
All payouts process through your verified Stripe Connect account.
Bank Account Requirements
Must be a verified business account
Properly linked through Stripe
Confirmed routing information
Active status maintained
The system automatically handles currency conversion if your bank account uses a different currency than your booking payments.
Monitoring Transfers
Track your payouts effectively:
View pending transfers
Confirm completed payouts
Monitor processing times
Review transfer history
The platform provides detailed records of all financial movements for your reference.
Currency Management
You can choose to charge your customers in a currency different than your base currency. For example, you are a business based in the Netherlands however, want to charge customers in USD instead of Euro.
To update currency settings navigate to Settings > Finance section > Payments: Currency.
The currency cannot be updated after creating an activity or if you have updated currency once, then you cannot change it again. In order to change the currency contact [email protected].
The base currency for your business will still remain the one that is configured in your Stripe Connect account and your payouts will happen in the base currency. Stripe handles currency conversion automatically.
Any change in currency applies only to the activities your create i.e. customers are charged for activities in the selected currency.
Frequently Asked Questions
Frequently Asked Questions
Account Setup
Q: How long does Stripe Connect setup take?
A: The setup process typically involves:
Initial connection (5-10 minutes)
Basic verification (1-2 business days)
Additional verification if needed (2-5 business days)
Final activation (immediate upon approval)
Timing may vary based on your location and business type.
Q: What happens if verification fails?
A: During verification issues:
Receive detailed error notification
Review missing or incorrect information
Submit updated documentation
Contact support if needed
The platform helps guide you through resolution steps.
Payment Processing
Q: How are customer payments handled?
A: The payment flow includes:
Secure customer payment capture
Automatic processing through Stripe
Fund holding period completion
Transfer to your connected account
All steps follow strict security protocols.
Q: What payment methods can customers use?
A: Accepted payments include:
Major credit cards
Debit cards
Popular payment methods
Location-specific options
Available methods may vary by region.
Payout Management
Q: How do I change my payout schedule?
A: To modify your payout timing:
Access payment settings
Select preferred schedule
Confirm any pending transfers
Implement new schedule
Changes take effect after the current payout cycle.
Q: What affects payout timing?
A: Several factors influence payout timing:
Selected payout schedule
Bank processing times
Weekend/holiday delays
Verification status
Monitor processing patterns to predict transfers.
Security and Compliance
Q: How secure is payment processing?
A: The platform ensures security through:
Encrypted transactions
PCI compliance
Fraud prevention
Regular security audits
All financial data receives maximum protection.
Q: What security features are available?
A: Security measures include:
Transaction monitoring
Suspicious activity alerts
Dispute protection
Secure data storage
Enable all available security features.
Troubleshooting
Q: Why might payouts be delayed?
A: Common delay causes include:
Incomplete verification
Bank holiday scheduling
Processing time requirements
Security reviews
Contact support for unexpected delays.
Q: How do I handle failed transfers?
A: For transfer failures:
Review error messages
Verify account details
Check for holds
Update information if needed
Most issues resolve with proper information updates.
Bank Account Management
Q: Can I change my payout bank account?
A: To update banking information:
Access Stripe settings
Verify new account
Complete security checks
Confirm change
Maintain accurate records of all changes.
Q: How do I handle multiple currencies?
A: Currency management includes:
Setting primary currency
Enabling conversions
Reviewing exchange rates
Tracking conversion fees
The platform handles conversions automatically.