Bank details required for tutor payment là nghĩa gì năm 2024

Working as a tutor means dealing with multiple clients on a recurring basis, and that means a lot of individual payments to process. Fortunately, there are a number of tutoring payment options to choose from.

With the right tutor payment system in place you’ll be able to maintain cash flow, keep track of your revenue and profits and provide your clients with the flexibility they desire. In this article, we look at the various tutor payment options on offer and explain how the GoCardless payment system could do all the work of dealing with payments for you.

Invoicing

No matter what kind of payment method you opt to use, you’ll need to create invoices for your clients in order to facilitate payments. The invoice needs to include basic details such as your business name and address, a summary of the tutoring delivered (i.e. the number of hours), your hourly rate and the total owed. It should also list the payment options you accept and state how quickly you expect the invoice to be paid. The good news is that online invoicing software takes a lot of the work off your hands, automating billing for recurring payments and making it easy to track payments as they are made. Working with GoCardless means that your payment processing platform integrates seamlessly with many of the leading invoicing software apps, enabling you to offer a friction-free payment process.

Cash payments

Many tutors, particularly in the early days of their business, opt for cash payments as the default option. It’s not difficult to understand why, since a cash payment represents the tutor receiving their hourly rate immediately upon delivering the tutoring in question, but there are some problems associated. The first of these problems is that, post-pandemic particularly, many clients will be used to dealing with almost all of their payments without using cash, and may expect to do the same when it comes to making a tutor payment. The other issues with cash payments include the following:

• It can be hard to track cash payments and keep accurate records of the money coming into your tutoring business.
• If a client doesn’t have the cash to hand they may ask to delay payment until the next tutoring session, which will impact your cash flow.

Completing records of cash payments for the purposes of your own business planning and for things like tax accounting will end up eating into the time you could be spending building your business and delivering tutoring.

Payout availability varies depending on your industry and country of operation. Typically, when you start processing live payments, Stripe schedules your initial payout for 7–14 days after you successfully receive your first payment. In some cases, the first payout might take longer depending on the country of operation or industry risk level. Subsequent payouts follow the schedule that you define in your account’s .

To see a comprehensive list of your payouts, along with the expected dates of deposit into your bank account, use the Dashboard. If you’re a Connect platform, see Connect payouts.

Add your bank account

You can update your account details or add a new bank account using the Payout settings in the Dashboard. Based on your bank’s location, Stripe might require different kinds of account details to activate your bank account. To modify your banking information, click the Edit button next to the desired bank account.

Use the following table to see the required bank details for specific countries:

Bank account informationExample dataBSB123456 (6 characters)Account number12345678 (4-9 characters)

Supported bank account types

You have the flexibility to link various types of bank accounts for your Stripe payouts. Supported options include traditional accounts offered by established financial institutions, including checking and savings accounts. Additionally, Stripe lets you use virtual bank accounts such as N26, Revolut, Wise, and others. If you’re eligible, you can also use a debit card for .

Note

While Stripe supports non-standard bank accounts, you might see higher payout failures for these accounts.

Supported accounts and settlement currencies

In most cases, bank accounts must be located in the country where the settlement currency is the official currency. For example, SEK bank accounts must be based in Sweden. Stripe also enables you to settle and pay out to banks in select alternative currencies, or pay out to non-domestic bank accounts in the local currency, for a fee. To learn more about presenting and settling in alternative currencies, see Alternative currencies.

At times, Stripe supports international currencies that don’t incur a fee. See the following table for the list of supported free currencies per country:

Viewing supported settlement currencies for Stripe accounts in:

Settlement currencyCan be paid out to banks in these countriesAUDAustralia

Acquiring fees, where applicable, are based on the settlement currency, and you can find these acquiring fees listed by currency on your country’s pricing page.

Multiple bank accounts for different settlement currencies

In some countries, Stripe users can add extra bank accounts to enable settlements and payouts in additional currencies. You can add one bank account per supported settlement currency. If you use multiple bank accounts, you must select a default settlement currency, which you can change at any time.

Charges that are in any enabled settlement currency settle without currency conversion. However, payments presented in a currency that you haven’t configured an additional bank account for automatically convert to your default currency.

For example, consider a Stripe user in the United Kingdom who has added both GBP and USD bank accounts, with GBP selected as the default settlement currency. USD payments (where USD is the presentment currency) are automatically paid out to the USD bank account without conversion, whereas payments in all other currencies are converted into GBP.

You can manage your bank accounts and default settlement currency by visiting Bank accounts and scheduling in the Dashboard.

Payout schedule

Your payout schedule refers to how often Stripe sends money to your bank account.

In supported countries, your default payout schedule is daily automatic. You can change this in the Dashboard to weekly automatic, monthly automatic, or manual payouts. When selecting a weekly or monthly schedule, you can specify the day of the week or month that you want payouts to arrive in your bank account.

When you select a payout schedule, it doesn’t change how long it takes your pending balance to become available. However, it allows you to control when your payouts occur. For example, if your account operates on a daily payout schedule with a 3 business day , Stripe pays out funds daily from transactions captured 3 business days earlier.

Certain countries have restrictions on payout schedules unless you are using Cross-border payouts:

• In Brazil and India, payouts are always automatic and daily.
• In Japan, daily payouts aren’t available.

Manual payouts

If you turn off automatic payouts in the Dashboard, you must manually send funds to your bank account. You can do this either in the Dashboard or by using the API. Manual payouts are available in all regions except Brazil and India, where payouts are always automatic and daily.

`curl https://api.stripe.com/v1/payouts \ -u "

sk_test_wsFx86XDJWwmE4dMskBgJYrt

:" \ -d amount=5000 \ -d currency=usd`

Payout speed

While payout schedule refers to the cadence your funds are paid out on (for example, day of the week), payout speed refers to the amount of time it takes for your funds to become available. The payout speed varies per country and is typically expressed as T+X days. Some payment processors might start “T” from their internal settlement time, meaning when the funds land in their bank accounts.

In Stripe, “T” refers to the transaction time, which indicates the time of the original payment confirmation or capture, and the counting starts earlier. If your Stripe account is in a country with a T+3 standard payout speed and you use a manual payout schedule, your Stripe balance is available for payout within three business days of capturing a payment. However, if you use a daily automatic payout schedule with a T+3 speed, Stripe pays out funds daily from transactions captured 3 business days earlier.

Most banks deposit payouts into your bank account as soon as they receive them, though some might take a few extra days to make them available. The type of business and the country you’re in can also affect payout timing.

Accelerated payout speeds in Europe and Canada

Stripe offers accelerated payout speeds for users and connected accounts where Stripe manages fraud and dispute liability in Europe and Canada, with funds available within 3 business days. After meeting certain criteria based on risk and history with Stripe, users in Europe and Canada are eligible for this faster payout speed option. You can choose to opt in or out of this accelerated payout speed by logging into the Dashboard. You remain at the starting 7 calendar day payout speed until you meet the eligibility criteria. You can configure accounts where you manage fraud and dispute liability separately. Some high risk industries might not be eligible.

Delay behaviour per account country

As the platform, you can set on your connected accounts. The delay applies as a business day or calendar day delay based on the country of the connected account. The following table shows which countries apply the delay by business or calendar day.

CountryDelay typeAustralia, India, Japan, Malaysia, New Zealand, Thailand, United Arab Emirates, United StatesBusiness day (Monday – Friday)Brazil1, Canada, Gibraltar, Hong Kong, Liechtenstein, Mexico, Norway, Singapore2, Switzerland, United Kingdom, and supported EU countriesCalendar day (Sunday – Saturday)

Payout speed by country

Use the following table to determine your country’s payout speed. High-risk businesses have a payout speed of 14 calendar days.

Country and payout speed

Minimum payout amounts

The minimum payout amount depends on the lowest amount we can support with our banking partners. For example, if you’re located in the US and you have less than 1 cent (0.01 of 1 dollar) USD in your Stripe account, you must wait until you accept more payments and increase your balance before you can receive a payout. If your available account balance is less than the minimum payout amount, it remains in your Stripe account until your balance increases.

If you’re in a supported country, you can use alternative currency payouts to send a payout to your local bank accounts in a foreign currency. For example, a French user can now receive a USD payout in their French bank account instead of having to pay for multiple currency exchanges.

Minimum payout amounts are typically one base unit of the local currency. See the following collapsed table for a list of countries and their minimum payout amounts:

Minimum payout amounts per country

Cross-border minimum payout amounts

Cross-border minimum payout amounts are typically one base unit of the local currency in the recipient country’s currency. See the following collapsed table for a list of countries and their cross-border minimum payout amounts:

Cross-border minimum payout amounts per country

Negative payouts

Each payout reflects your available account balance at the time it was created. In some cases, you might have a negative account balance. For example, if you receive 100 USD in payments but refund 200 USD of previous payments, your account balance would be -100 USD. If you don’t receive further payments to balance out the negative amount, Stripe creates a payout that debits your bank account.

Your bank account must support both credit and debit transactions so that Stripe can perform any required payouts.

Payout failures

If your bank account can’t receive a payout for any reason, your bank sends the funds back to us. This returns an error with the reason for the failure. It can take up to 5 additional business days for your bank to return the payout and inform us that it failed. If this happens, you’re notified by email and in the Dashboard. To make sure that your bank account details are correct, you need to re-enter them if a payout fails. After you re-enter your bank account details, Stripe attempts to perform the payout again at the next scheduled payout interval.

Caution

When a payout fails, it’s possible that its state initially shows as paid but then changes to failed (within 5 business days).

Make sure that the bank account information you provide is correct because Stripe sends the funds using the account information you enter. Therefore, if you provide incorrect information (for example, a mistyped account number or an incorrect routing number), Stripe might send payouts to the wrong bank account and might not be able to recover the funds.