Your Faithify campaign is successful… Now what? Here’s what will happen:
YOUR STRIPE ACCOUNT
When you created your Faithify campaign you connected your Faithify account to an account on Stripe, our payment processing vendor. Make sure you know what log in information you used to set up your Stripe account. Stripe needs to know how you want to receive funds once funds are released. As you prepare to receive funds from your campaign, visit your account page on Stripe and make sure you’ve completed the setup.
VIEWING YOUR INFORMATION IN STRIPE
You can log in to your Stripe account to view the routing or transit number of your bank, update your bank account information, or check payments from your campaign by going directly to www.stripe.com and sign in to your Stripe account. You have options to edit your bank account information using the “Settings” option or under “Payouts” by using the “Edit” button.
The pledges to your campaign are processed the day after your campaign ends. Your dashboard in your Stripe account tells you how much money is available for transfer into your bank account and how much, if any is still pending to be processed. Once your campaign meets 100% of your goal pledged, the campaign is successful. If a single pledge can not be fulfilled, it will not effect the successful status of your campaign. All completed charges are transferred into your Stripe account.
Stripe charges a processing fee on each transaction (2.9% + .30), so the amount you raised on Faithify will be slightly more than what ends up in your Stripe account.
RECONCILE FAITHIFY AND STRIPE TOTALS
You will receive a report from Faithify detailing the pledge transactions from your successful campaign. Sometimes a pledge can not be processed. Things happen during this passage of time between when your backer made their pledges and when the campaign ends. Credit cards can expire, be declined, or have insufficient balance. To find out what happened in your case…
LOOK AT YOUR STRIPE TRANSACTIONS
On your Stripe account dashboard page, click “Payments” to see details about each donation to your campaign, including email addresses to contact funders (called “customers” in Stripe). You can export to a spreadsheet format if you wish by clicking “Export” on the right hand side.
Here’s what the status designations on Stripe mean:
- Paid/payment successful– these are completed transactions where the funds have been processed from the backer’s credit card to your Stripe balance.
- Failed – these are transactions that did not get processed, due to expired/lost cards, lack of funds, or other reasons. Click on the button next to the individual transaction to find out more information.
- Blocked – this happens when Stripe’s system thinks the transaction is risky and Stripe “blocked” the charge. You can allow the charge it you wish from your Stripe account. Contact Stripe about unblocking a transaction. Faithify can not unblock charges.
- Refunded – these are transactions where the backer has requested a refund and their transaction was not included in your Stripe balance.
In the case where the bank denied the charge the backer may be able to simply contact their bank to authorize the transaction. If the funder has a new credit card number, the charge can be re-entered or the backer could also send you a check. Don’t worry, we will get it sorted out.
COLLECTING THE CASH
Stripe won’t release all of your campaign’s funds at one time – funds usually come in several chunks. Stripe says that they release funds within 7 days, sometimes as long as ten days. Don’t worry, it’ll show up.
Questions? Contact us.