Why we use Stripe Express:
- More consistent and secure: We are able to send our payments directly to you via Stripe. This means they hold all of your private information in their high-security system and we just send them your class and purchases data. This way, there is less room for human error.
- More visibility: Immediately after you teach a class, you can see exactly what and when you have been paid in one convenient place. We can see more detailed information about what was included in each payment and have an easy paper trail.
- It's Free: Stripe has the same payment structure as Venmo. Get your money free in 1-3 days like Venmo or pay a fee if you want your money right now. There is no price to sign up and it takes under a minute.
- We pay your Stripe fees: using Stripe Express Recess is able to cover your Stripe fees! That's right, more money in your pocket!
You must follow the steps below inside of your Recess dashboard to create a Stripe Express account even if you have a Stripe Standard account already created. If you already have a Stripe Standard account, it is best to use the same email address to set up your Stripe Express account so you can toggle between both your Stripe Standard Account and Stripe Express accounts.
Getting Set Up
In order to get paid, you need to have an account with Stripe. We have given you easy access to this from your dashboard.
Step 1. Go to your Instructor Profile- From the menu on the left-hand side, hover over tools and select Profile.
Step 2. Click on Payment Information.
Step 3. Enter your company information and address and click "Save"
Step 4: Click "Create"
Information you will need
- Phone Number (this is necessary for two-step auth to keep your information safe!)
- Country of Residence
- Legal Name
- Business Website - this can be your Instagram or Recess Profile page
- Bank Info: Either a debit card or a bank account number and routing number. You can always change this information
- Social Security Number or Employer Identification Number - this is so Stripe can confirm your identity as required by federal law
Pro Tip: Due to Stripe Security requirements, the address must be a physical address and not a PO Box.
You will be able to see this in your account once it has been linked and set up successfully:
Once you have created your account, you will be able to see all of your transactions from Stripe.
- Each payment in Stripe will show the date and the amount. To see more detailed info, visit your dashboard (details below)
- You will also be able to select how often you want to be paid out (daily, weekly, monthly, etc). It is free if you choose the 1 - 3 day option. You can be paid out immediately for a 1% fee.
If you want to see the breakdown of each payment, from your Recess dashboard click the Reports then select Payments. This will take you to your reports with a detailed breakdown of each payment.
Why do I have two Pending blocks? When do I get paid?
Depending on the type of payment, there are 3 times any payout will be sent to Stripe. These payouts will be grouped on your dashboard based on the payout date.
Same Day: These transactions will be sent to Stripe at midnight on the same day that they occur.
- Live class booking on the day of the class
- Donations made while booking donation-based live classes
- VOD classes, Collections, Memberships & Class packs on the day of purchase
- Programs on the day of purchase or the start of the program, whichever happens second (This is so we can process refunds before the program starts)
End of the 30-day cycle: These transactions are sent to Stripe 30 days after the original purchase. This is because you make a percentage of the profits.
- Live and VOD bookings made with a Recess level Subscription
Monthly: These payout transactions are sent to Stripe at the end of the month in which they occurred
- Donations paid via clicking the "donate" button on your profile page
- Tips made at the end of a class
- Manual payouts include referral bonuses, education program reimbursements, etc. This is inclusive of anything not outlined above
For questions relating to your Stripe account, head over to https://support.stripe.com/ and click on contact support:
Once you submit your information, you will receive a confirmation email. If you do not receive an email, please contact email@example.com