Stripe Connect provides three options for Vendor Payouts:
- Automatic (Default)
This is the default option and will pay out the vendors when the customer pays for the order at checkout. This means that the marketplace and the vendor will get the split payment instantly.
There are times when your marketplace and the kinds of products you sell might require that you need to hold the funds of sale for a specific period of time. This could be for shipping, refund, or review reasons. This setting allows you to change the schedule for when the vendors receive their commission pay out.
There are two different Scheduling methods
- Weekly Scheduled
- Monthly Scheduled
Weekly Schedule payout is done every week on the day when the marketplace admin has decided.
The monthly Schedule payout is done every month on the date when the marketplace admin has decided. The day of the month when available funds are paid out, specified as a number between 1–31. If the date is selected as the 31st of every month, All the months don’t have a 31st date. So the payout will be made last day of that particular month.
The user has to go to the stripe dashboard to make the payment for vendors.
Go to vendor dashboard setting > Payments. Connect stripe account with the marketplace.
When you connect the account payout will be set as per the marketplace setting done by the admin. If it is set to Automatic Schedule every week and payout will done in that manner below image indicates the payout is set weekly. The below details can be checked in the stripe dashboard under Connect > Accounts