Ivy uses a company called Stripe to process online payments. Stripe is one of the largest and most secure payment processing companies in the world.
The way Stripe processes payments is this:
- Your client pays by credit card or bank transfer on a proposal, invoice, or retainer request.
- The payment is processed on Stripe.
- Stripe deducts the processing fee from the payment (1.2% for bank transfer payments and 3.1% for credit card payments)
- Stripe transfers the funds to your bank account, which takes approximately 2-3 business days. Payments are bundled into payouts at the end of the day UTC and sent out early in the morning UTC.By this logic, let's say you received a payment at 9:00pm PST on April 24th, which is early morning UTC on the 25th, we'd expect to see that payout occur by the end of the day on the 27th UTC.
- Your bank posts the funds in your account. Most banks do this immediately when they receive the transfer from Stripe, while other banks can sometimes take a day or so to post the funds.