[CAD] Payouts and Reporting

Table of Contents

Reconciliation

Payouts

First Payout

Troubleshooting

Reconciling Payments in Owl with Payouts from Stripe

When payments have been processed using Stripe, a reference to the unique Stripe transaction ID is logged in Owl. When viewing Receipts or Refunds that were processed through Stripe you will see the card or account listed as the Payment Method. Hovering over it with your cursor will display the Stripe transaction ID:

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The Stripe transaction ID is also included in the Receipts Export and the Refunds Export for your reference when reconciling accounts. Additionally, we have added a Fee column to the Receipt Export which will allow you to see fees that have been deducted from each transaction. You can pull this report and then sum the Fees column and subtract that amount from the Amount Paid total to get the amount that will match what has settled into your bank account from Stripe.

Note: Shortly after the release of the new Stripe integration, we will be adding a new export to Owl called "Payout Export" that will allow you to see all the payouts between Stripe and your bank account. Check out the What's New section for an announcement once this export is available

Payouts

With your new Connected Account, you will be paid out automatically on a daily basis. There is a 2-day rolling delay from the time of transaction to payout. Your initial payout may take a little longer due to risk mitigation and security measures put in place with the upgrade, but afterwards you can expect to receive payouts on a routine basis.

Be sure to keep in mind that the payouts received from Stripe have been deducted the standard processing fee of 2.9% + 30 cents for transactions with Canadian cards, 3.9% + $0.30 for international cards, and 1% + $.40 for EFT transactions. 

First Payout

The first payout for every new account is made 14 banking days after the first successful payment is received. This initial payout timing requirement cannot be waived. Any changes made to your payout method during this time will take effect after this initial delay. This delay allows us to mitigate some of the risk inherent in providing credit card and bank account processing services.

The first payout for existing Stripe users who have migrated to the newest version will be made 3 banking days after the first successful payment is received. 

Note: Payments and Payouts are enabled separately through Stripe, and thus it is possible to be accepting payments but not have payouts enabled (namely if bank account details are missing). 

Troubleshooting

Delayed or missing payouts  

  1. Check that your account details are correct and that any required ID verification has been uploaded to Stripe:
    • Account verification issues are the most common causes of a delayed or paused payout. If your payouts are paused or delayed, we will send you an email requesting further action. If you're having issues with any verification requirements, check the links below for more details   
  2. To review Stripe's documentation on this, click here
  3. You can also email our Customer Advocacy team any time you have questions by sending your inquiry to support@owlpractice.ca for assistance

My bank returned a payout. What happens next?

If your bank returns a payout, it may take several days to arrive back in your Stripe account. 

If the bank account saved to your Stripe merchant processing account is incorrect or closed, please update your bank account information to avoid future payment failures.

I accidentally sent a payout to the wrong bank. How do I correct this?

If incorrect bank account details were added in your account, your payouts will have been sent to that bank account. If that bank account does not exist, the payout(s) will be returned to your balance. If your funds have not returned to your balance after 5 business days, contact Stripe support. 

Negative Balances

Your available balance in Stripe may become negative if the cost of refunds or disputes is greater than the existing balance.

If this occurs, Stripe will attempt to withdraw from your connected bank account to cover the negative balance. If this fails, Owl will reach out to you immediately to resolve the issue. 

In the event that your Stripe balance reaches $-250, refunds in Owl will be disabled until such a time that the balance is no longer negative.