HOW TO - Connect stripe to Paidtoday

Connect your Stripe account to PaidToday for easy invoicing



In this day in age, the ability to accept credit cards and online payments is a critical part of just about every business. Connecting your Stripe account to your PaidToday business will allow you to invoice your customers and receive payments. Signing up with Stripe is a snap, and can even be done from inside PaidToday using the Connect Stripe process.  Stripe is a trusted payment processor with a simple fee structure.  Stripe powers a vast myriad of online shopping experiences, and there is a good chance that you've purchased from an online retailer or service company that uses Stripe to process their payments.  Stripe has a 2 day rolling deposit (US and AUS), meaning that after your account verification and initial transaction, Stripe will automatically deposit your funds directly into your bank account every day, for transactions processed two days prior.

If you need to create a new Stripe account, you will need the following information:

  • Bank Account Details (bank routing number and bank account number) - found on the bottom of a check or inside your online banking portal
  • Business Number (Tax ID) if you're a formalized company or corporation or your Social Security Number (SSN)

Step 1: Create Stripe Account (Free)

Create a FREE Stripe account by visiting:

https://dashboard.stripe.com/register

If you already have a Stripe account, skip to Step 3.


Step 2: Activate Your Stripe Account

This is Stripe's way of verification for you, your business, or your Stripe account.  Initially after you create your account when you land your Stripe Dashboard, you will notice that your account will be in Test Mode.  This means that you won't be able to process live transactions until Stripe verifies your account.  To do this, click the Activate your account link in the upper left of the Stripe Dashboard.  If you didn't confirm your email, do that now by clicking the button or link contained in the account confirmation email that Stripe sent you.  Once you're looking at the Activate your account page, you will be prompted to fill out a form.  This is the basic information for your business and where Stripe will be depositing the processed funds.

Make sure to choose the correct Country.  If the country needs to be changed for your Stripe account after it's been established, a new account must be made. However you can use the same email to manage multiple Stripe accounts. Other than the Country field, there are a few more fields on this form that are of particular interest.  First is the Type of business select box.  The fields below this one will alter depending on which option you choose.  If you haven't formalized your business, you can choose the Individual, sole proprietor, or single-member LLC option for now.  Update this when you formalize your business!  Next, enter your Employer Identification Number (EIN) or your Social Security Number (SSN) in the Employer Identification Number (EIN) field.  The Statement descriptor field is required, but payments processed through PaidToday will use the Statement Descriptor field inside PaidToday on your business settings page rather than the one set in Stripe here.  It's probably a good idea to make them match anyway. Lastly, enter your bank Routing number and bank Account number in the appropriate fields.  This is the bank account that the processed payments will be deposited into.

For Stripe's documentation on activating your account, click the link below:

https://stripe.com/docs/account


Step 3: Connect Your Stripe to Your PaidToday Business

After signing into PaidToday and switching to your business portal, click the business logo or name located in the upper right, in the top header.  In the Payment Processing/Billing section of your business settings, click the Connect with Stripe button.  If you're not still signed into Stripe, do so now using the Sign in link located near the top of the page. After you sign in, the details that you entered when you activated your Stripe account should automatically fill into the fields.  Review the entries and then click the Authorize access to this account button at the bottom of the page. After the authorize button is clicked, you should be returned to PaidToday, to your business settings page.  You will notice that the Connect with Stripe button has now changed to Disconnect Stripe button.  This means that your Stripe account is successfully connected to your PaidToday business and you're ready to invoice and process payments!

*If you have multiple Stripe accounts from one Stripe email login, make sure you choose the correct Stripe account from the select box (drop down menu) prior to clicking the Authorize access to this account button.

No Stripe connection? Click this button from your business settings page:



Click this button from your business settings page to disconnect your Stripe from your PaidToday:

FAQs

How often does Stripe deposit my payments?

In the USA and Australia, Stripe has a rolling 2-day deposit turnaround after the initial payment processed.  The initial payment takes 7 to 10 days to be deposited because Stripe and your bank are still verifying each other.  After the initial deposit and handshake between Stripe and your bank, Stripe will default to the 2-day rolling deposit (US and AUS).  Other countries may vary.  You can find more information about Stripe Payouts in the link below:

https://stripe.com/docs/payouts

Why is there a Statement Descriptor field in both PaidToday and Stripe?

All debits made by your business (when you collect payments from clients) in PaidToday will use the statement descriptor set on your business settings. If you use your Stripe account in another app, it will use that apps statement descriptor or the one used in Stripe.

What happens if I switch which Stripe account is connected to my business?

You will receive a confirmation email from PaidToday that your Stripe account has been disconnected from your business. Additionally, Stripe may have to handshake with your bank account, if it hasn't already.  Other than that, it should be seamless!

Is Stripe the only payment processor that works with PaidToday?

Currently yes, however we are working diligently on implementing some other options for processing payments. Have a payment method suggestion? Send it to [email protected].