How to change payout schedule in Stripe?

How to Change Payout Schedule in Stripe: A Comprehensive Tutorial

 

Introduction

 

Stripe allows businesses to customize when they receive their payouts. Whether you want to receive funds daily, weekly, monthly, or on a custom schedule, Stripe offers flexibility to match your business needs. This tutorial will guide you through the process of changing your payout schedule in Stripe, covering both the dashboard method and the API approach.

 

Step 1: Log into your Stripe Dashboard

 

First, you need to access your Stripe account:

1. Open your web browser and go to https://dashboard.stripe.com/login
2. Enter your email address and password
3. Click "Sign in" to access your dashboard

 

Step 2: Navigate to the Payout Settings

 

Once logged in, you need to find the payout settings section:

1. On the left-side menu, click on "Balance"
2. Click on "Settings" or look for the gear icon near the top right of the page
3. Select "Payout settings" from the dropdown menu

 

Step 3: Update Your Payout Schedule via Dashboard

 

In the payout settings page, you can modify your schedule:

1. Look for the "Payout schedule" section
2. Click "Edit" or "Update schedule"
3. Choose your preferred payout frequency (daily, weekly, monthly, or manual)
4. If selecting weekly or monthly, specify the day of the week or month
5. Set your preferred payout cutoff time if applicable
6. Click "Save" or "Update" to apply the changes

 

Step 4: Understanding Payout Schedule Options

 

Stripe offers several payout schedule options:

1. Daily: Receive payouts every business day
2. Weekly: Choose a specific day of the week to receive payouts
3. Monthly: Select a specific day of the month for payouts
4. Manual: Create payouts yourself whenever you want to receive funds

 

Step 5: Changing Payout Schedule via Stripe API

 

For developers who prefer using the API, you can programmatically update your payout schedule:

1. First, ensure you have your Stripe API keys ready

const stripe = require('stripe')('sk_test_your_secret_key');

// Update account to use a custom payout schedule
const updateAccount = async () => {
  try {
    const account = await stripe.accounts.update('acct\_123456789', {
      settings: {
        payouts: {
          schedule: {
            interval: 'weekly',  // Can be 'daily', 'weekly', 'monthly', or 'manual'
            weekly\_anchor: 'monday',  // Required if interval is 'weekly'
            // monthly\_anchor: 28,    // Required if interval is 'monthly', between 1-31
          },
        },
      },
    });
    console.log('Payout schedule updated successfully');
    console.log(account.settings.payouts.schedule);
  } catch (error) {
    console.error('Error updating payout schedule:', error);
  }
};

updateAccount();

 

Step 6: Setting a Monthly Payout Schedule via API

 

If you want to receive payouts monthly, use this code:

const stripe = require('stripe')('sk_test_your_secret_key');

// Set monthly payout schedule for the 15th of each month
const setMonthlyPayout = async () => {
  try {
    const account = await stripe.accounts.update('acct\_123456789', {
      settings: {
        payouts: {
          schedule: {
            interval: 'monthly',
            monthly\_anchor: 15,  // Payout on the 15th of each month
          },
        },
      },
    });
    console.log('Monthly payout schedule set successfully');
    console.log(account.settings.payouts.schedule);
  } catch (error) {
    console.error('Error setting monthly payout schedule:', error);
  }
};

setMonthlyPayout();

 

Step 7: Setting a Daily Payout Schedule via API

 

For daily payouts, use this API call:

const stripe = require('stripe')('sk_test_your_secret_key');

// Set daily payout schedule
const setDailyPayout = async () => {
  try {
    const account = await stripe.accounts.update('acct\_123456789', {
      settings: {
        payouts: {
          schedule: {
            interval: 'daily',
            // Optional: specify delay days
            delay\_days: 2, // Number of days to delay payout
          },
        },
      },
    });
    console.log('Daily payout schedule set successfully');
    console.log(account.settings.payouts.schedule);
  } catch (error) {
    console.error('Error setting daily payout schedule:', error);
  }
};

setDailyPayout();

 

Step 8: Setting Manual Payouts via API

 

If you prefer to trigger payouts manually:

const stripe = require('stripe')('sk_test_your_secret_key');

// Set manual payout schedule
const setManualPayout = async () => {
  try {
    const account = await stripe.accounts.update('acct\_123456789', {
      settings: {
        payouts: {
          schedule: {
            interval: 'manual',
          },
        },
      },
    });
    console.log('Manual payout schedule set successfully');
    console.log(account.settings.payouts.schedule);
  } catch (error) {
    console.error('Error setting manual payout schedule:', error);
  }
};

setManualPayout();

 

Step 9: Creating a Manual Payout

 

If you've set your schedule to manual, you'll need to create payouts yourself:

const stripe = require('stripe')('sk_test_your_secret_key');

// Create a manual payout
const createManualPayout = async () => {
  try {
    const payout = await stripe.payouts.create({
      amount: 1000, // Amount in cents (10.00 USD)
      currency: 'usd',
      description: 'Manual payout for July'
    });
    console.log('Manual payout created successfully');
    console.log(`Payout ID: ${payout.id}`);
    console.log(`Amount: ${payout.amount / 100} ${payout.currency.toUpperCase()}`);
    console.log(`Status: ${payout.status}`);
  } catch (error) {
    console.error('Error creating manual payout:', error);
  }
};

createManualPayout();

 

Step 10: Checking Your Current Payout Schedule via API

 

To verify your current payout schedule:

const stripe = require('stripe')('sk_test_your_secret_key');

// Retrieve current payout schedule
const getPayoutSchedule = async () => {
  try {
    const account = await stripe.accounts.retrieve('acct\_123456789');
    console.log('Current payout schedule:');
    console.log(account.settings.payouts.schedule);
  } catch (error) {
    console.error('Error retrieving payout schedule:', error);
  }
};

getPayoutSchedule();

 

Step 11: Setting a Custom Payout Schedule with a Specific Cutoff Time

 

If you need a more customized schedule with a specific cutoff time:

const stripe = require('stripe')('sk_test_your_secret_key');

// Set weekly payout with custom cutoff time
const setCustomPayout = async () => {
  try {
    const account = await stripe.accounts.update('acct\_123456789', {
      settings: {
        payouts: {
          schedule: {
            interval: 'weekly',
            weekly\_anchor: 'friday',
            delay\_days: 2,
          },
          statement\_descriptor: 'Your Business Name', // Optional: appears on bank statements
        },
      },
    });
    console.log('Custom payout schedule set successfully');
    console.log(account.settings.payouts.schedule);
  } catch (error) {
    console.error('Error setting custom payout schedule:', error);
  }
};

setCustomPayout();

 

Step 12: Troubleshooting Common Issues

 

If you encounter problems while changing your payout schedule:

1. Restricted Account: Make sure your account is in good standing and not restricted
2. Country Limitations: Some payout options may not be available in all countries
3. Pending Verification: Complete any pending verification requirements
4. API Error Codes: Check the Stripe documentation for specific error codes and solutions
5. Contact Support: If issues persist, contact Stripe support for assistance

 

Conclusion

 

Changing your payout schedule in Stripe is straightforward, whether you prefer using the dashboard or the API. By customizing when you receive your funds, you can better align your cash flow with your business needs. Remember that certain changes to your payout schedule may take effect after your next scheduled payout, so plan accordingly.