Found partners with Stripe so that your customers can pay their invoices with a debit or credit card. In order to accept card payments, you will have to create an account with Stripe. If you already have an account with Stripe, you just need to sign in to your Stripe account through Found.
Creating an account with Stripe. To create a Stripe account, first create a new invoice in Found and select "Credit or debit" as the payment option. Found will then securely share your Found account information (email, SSN and phone number) with Stripe to make it easy for you to create a Stripe account. In the case that Stripe needs more information to approve your account, you will receive an email with next steps from Stripe.
Stripe fees. Stripe charges a 2.9% + 30¢ per transaction. You will receive payment from your customers with the fees already deducted. This means that if you are charging a customer $100, you will receive $96.80 in your account.
First payment delay. The first payout from a new Stripe account is typically paid out 7 days after the first successful payment is received (it can be up to 14 days). This means that the funds for the first invoice your customers pay with a card will not be transferred to your Found account until 7 days later. You can find more information here.
Receiving payment in your Found account. By default, Stripe will transfer funds into your Found account every day. You will typically receive payment into your Found account two business days after your customers have paid you. You can see more information about payment schedules here.
Invoices marked as paid. When your customers pay an invoice with a card, Found will automatically mark that invoice as paid in your Found app and send you a notification even if the funds are not yet in your Found account.
Chargebacks. A dispute or chargeback occurs when a cardholder questions your payment with their card issuer. To process a chargeback, the issuer creates a formal dispute which immediately reverses the payment. The payment amount, along with a separate $15.00 dispute fee is then deducted from your account balance. You can find more info here.
Accessing your Stripe account. You can always access and edit the settings of your Stripe account from your Stripe Dashboard.
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.
The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.
The information on this website is not intended to provide, and should not be relied on, for tax advice.
Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.