Our software uses the secure Stripe payment system to process credit card transactions for all sales and to remit payment for revenue and fees from those sales. Stripe collects payment from purchasers and holds funds until a request to payout is sent from our system. At that time, payment is transferred to the designated Stripe Connected Account that was created within our platform account.
NOTE: Our system cannot connect to an existing Stripe account. Our system provides an Account Owner in your organization to create a "Stripe connected account" that exists within our platform. To be paid for ticket revenue, you will be asked to establish this connected account.
More info about establishing your Stripe connected account here: How do I update bank information?
We initially setup our users with "Custom" connected account to ensure we could utilize all of Stripe's features. We have since switched to preferring the Stripe "Express" connected account type as the system default. We discovered that these were sufficient for our needs and it improved the 'ease of use' for our users for payment purposes.
You will see an alert notice with an option to "Complete Account Setup" when your organization has a "Custom" account type. Clicking to complete the setup will connect you to your current Stripe connected account and take you through steps that will update your account type from Custom to Express.
We recommend you update your Custom account to an Express account when it is convenient for you by having your Account Owner click on Complete Account Setup". You will see no changes or delays in your payout frequency or status by making this change. The benefits include a direct login to review your Stripe connected account dashboard, as well as access to direct support from the Stripe support team and email alerts for account status changes.