Connecting Your Stripe Account to Swift
First, create a new Stripe account and/or connect an existing Stripe account to your Swift account. To do this:
Log in to your Swift Admin dashboard
Navigate to the Settings > Payouts section.
Click on Setup Stripe Account and follow the on-screen instructions to link your account.
Be sure to have your business details handy when doing this, as Stripe will require this information for an identity verification. This includes information like:
EIN or business number
Incorporation structure (LLC, sole proprietorship, etc.) and contact information of business partners & owners
Bank account details (routing number, institution number, etc.) to route payouts
Please note that Stripe has now changed its policies around security and verification. When connecting to Swift, users are now required to do an ID verification. Please have your phone and a piece of ID ready to complete this process.
If you're creating a new Stripe account, please refer to the video below. The Swift team still recommends that you have all the information mentioned above on-hand to complete this process.
Setting Up Online Payment
Once you've connected your Stripe account, we can now turn on online payments in Swift. Stripe supports payment methods including credit cards and debit cards - and these options are available to you and your customers through Swift.
Just follow these steps:
Go to your Swift Admin
Select Settings > Checkout
Under the Online section, turn on Reserve and Pay Online
Optionally, you can turn on Reserve and Pay in Person too (if you want to allow customers to pay later or in person).
Click Save
Alternatively, if you want all customers to pay for all their bookings and purchases upfront and at the time of booking, you can turn off "Reserve and Pay In-Person" and this will hide that option from your customers on your booking page.
Understanding Stripe's Payout Process
Payouts are transferred to your bank account on a rolling basis. You can customize your payout schedule in your Stripe Dashboard under Balances > Manage Payout Schedule.
When setting up your Stripe account for the first time, make sure to check if your Payout Schedule is set to Manual or Automatic.
If it's set to Manual, you will need to log into your Stripe account and manually push the Pay Out button to send any Available Funds to your nominated bank account.
Generally, the first payout tends to take longer (5-7 business days) to be deposited into your bank account because Stripe is performing an identity verification on your business. After that, payouts generally can happen as quickly as 1-3 business days.
Features and Functionalities
With our Stripe integration, you can:
Accept Payments: Easily process payments for bookings, memberships, and merchandise.
Offer Discounts and Coupons: Coupons created in Swift sync to Stripe's coupons feature, so you can use it to attract new customers & promote your programs
Generate Financial Reports: Access detailed reports for a comprehensive view of your finances.
Compliance and Security
We prioritize your security and compliance with financial regulations. Our integration uses Stripe's secure payment processing and adheres to PCI DSS standards, ensuring that your transactions and customer data are protected.
Support and Resources
For more assistance:
Contact our support team at support@runswiftapp.com.
Explore Stripe's documentation for detailed guides on their services.