Getting started with Stripe Connect through pensopay
This guide covers the essentials of using Stripe Connect through pensopay, including onboarding, payout schedules, and keeping enough funds available for refunds.
TL;DR
- Stripe Connect enables certain payment methods through pensopay. To get started, you need to complete onboarding and identity verification directly with Stripe.
- You are responsible for checking your Stripe Dashboard, responding to any required actions, and managing payment disputes in Stripe.
- Make sure you understand payout timing, potential delays, and how to set a Minimum Balance for refunds.
- When offering payment methods such as Klarna or Swish through pensopay, some day-to-day management takes place in Stripe rather than pensopay.
Contents
- Onboarding and identity verification
- Payout schedules and delays
- Keeping funds available for refunds (Minimum Balance)
- Offering specific payment methods
1. Onboarding and identity verification
Before you can use Stripe Connect, your business needs to complete onboarding directly with Stripe. This process ensures that the legal and technical requirements are in place.
- Get your documents ready: Have your business details, bank account information, and identification documents to hand.
- Complete the liveness check: You will be asked to take a selfie to verify your identity. Choose a well-lit space so the image is clear and easy to review. If the check fails, try different lighting or another camera.
- Ask for help if you get stuck: Contact us if you have trouble completing onboarding. We can often help identify where the process has stalled.
2. Payout schedules and delays
Stripe Connect payouts follow a different schedule from traditional merchant agreements. Keep this in mind when planning your cash flow.
- Default schedule: Payouts run daily with a seven-day delay. This means that today's sales are paid out seven days later.
- Other options: You can change your payout frequency to weekly or monthly in your Stripe Dashboard if that works better for your bookkeeping.
Stripe Connect applies different currency conversion and payout fees depending on the payout scenario.
For more information about Stripe’s currency conversion fees, see this article.
3. Keeping funds available for refunds (Minimum Balance)
Your Stripe account cannot carry a substantial negative balance. If your full balance has just been paid out, you will need funds from new sales before you can issue refunds.
We recommend setting a Minimum Balance, for example DKK 3,000–5,000. This keeps a fixed amount in your Stripe account rather than paying out the full balance, so you have funds available for refunds.
How to set it up:
- Log in to your Stripe Dashboard
- Go to Settings using the gear icon in the top-right corner.
- Select External payout accounts and scheduling.
- Find the Minimum Balance section.
- Enable the feature and enter your preferred amount, for example DKK 5,000.
- Click Save.
4. Offering specific payment methods
One of the main benefits of Stripe Connect is the option to enable popular payment methods such as Klarna and Swish.
Want to offer Klarna?
Klarna is one of the most requested payment methods, so we have created a dedicated guide to help you get started. Pay particular attention to the deadlines for capturing payments.
Read the guide.
Want to offer Swish?
Swish is one of Sweden's most widely used payment methods, with more than 8 million users.
Read the guide: Offer Swish with pensopay https://139700112.hubspotpreview-eu1.com/tilbyd-swish-med-pensopay
Want to offer iDEAL | Wero?
iDEAL | Wero is an essential payment method if you sell to customers in the Netherlands.
Read the guide: Offer iDEAL | Wero with pensopay https://139700112.hubspotpreview-eu1.com/tilbyd-ideal-med-pensopay
Have questions about your Stripe Connect setup or need help with a payout?
Email us at support@pensopay.com,
call us on 77 34 43 88,
-or reach out via chat :)