What happens when there is a 🏛️ bank holiday, or if a bank holiday falls on a Monday, and how does it affect how you get paid?
When you click "I'm Done" and request payment, the Customer has up to 24 hours ⏱ to confirm payment for that task. Once the payment has been confirmed, the money for that task is immediately deposited into your Stripe account.
Money in Stripe Account:
All funds remain in your Stripe account until you either request an Instant Payout (subject to restrictions and fees) or, by default, they will be processed on Mondays for the Weekly Payout, which occurs on Wednesdays.
Each Monday, Stripe gathers all payments marked as completed by the Customer from that previous Monday until that current Monday. Stripe then gets ready to start the transfer process to your banking institution that upcoming Wednesday. This process can be compared to how a payroll company collects and prepares checks for a company's employees before payday, with a cutoff time.
📌 Note: For Instant Payout Information, please see this 👉️ Help Center Article: Instant Payout FAQ
When there is a bank holiday, it is up to that banking institution when funds will be released. This may result in a delay in payment for 1 business day📅️. Remember, every institution is different, and you should check with your bank for any pending payments.
When a Bank Holiday falls on a Monday
The only changes you will see to this schedule from a normal payout is if the bank holiday falls on a Monday. If this is the case, the payout will include everything from Monday through Friday at 4 PM (ET) of the previous week, and the next payout will include Saturday to the next Monday of the holiday week.
When a holiday falls on a Wednesday, in which case the payout will occur on the Thursday of that week (the next business day).
Examples: (Monday, 01/17/2022 is a bank holiday)
Tasks that are edited may take up to 72 hours to process. This information is subject to change.