In 2023 we took the decision to work with Stripe as our global payout partner. This means that, moving forward, we will stop supporting other payouts like Paypal, bank transfer, Wise, etc.
We consider 2024 as a transition year in which we request all hosts to migrate to Stripe. As soon as Stripe is available in your region, you will be notified.
The tool Stripe has built for global payouts is called Stripe Connect. This guide will walk you through what Stripe Connect is, its advantages, and how you can configure it to optimize your payout process.
What is Stripe Connect?
Stripe Connect is a payment platform designed to send and receive payments globally. It's built for marketplaces and platforms, enabling Withlocals to facilitate payouts to our hosts with ease. Stripe Connect not only streamlines the payment process but also offers robust security features to protect your financial data.
Advantages of Using Stripe Connect
- Faster Payments: With Stripe Connect, your payouts will be processed more quickly, allowing you to access your earnings sooner.
- Clear Insights into Future Payouts: You'll have a transparent view of upcoming payouts, helping you plan your finances better.
- Batched Payouts: A standout feature is the ability to receive payments in batches rather than individually for each booking. This can be configured for daily, weekly, or monthly payouts, or even to receive a payout only when you decide it's convenient. Currently, this option is available in specific destinations, but we're working on making it globally available soon.
Setting Up Stripe Connect
- Access Finance Information: Log into your Withlocals account and from the menu navigate to the "Finance Information" page.
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Setup Stripe Connect: If Stripe is supported in your destination, you'll see a "Set up Stripe Connect" button. Click this to start the configuration process. The setup is straightforward, guiding you through every step.
By migrating to Stripe, all your future payments will be processed through Stripe Connect. One of the standout benefits of this is the ability to instantly view when your payments will happen. Additionally, you can expect the funds to be transferred to your bank account within 2 to 4 working days post trip, ensuring consistency and predictability in your finances.
Configuring Batched Payouts
Once Stripe Connect is set up, and if batched payouts are available in your destination, you will notice an additional option in your finance overview: "Change payout frequency".
- Change Payout Frequency: Click on this button to access the payout frequency settings. Here, you can choose how often you wish to receive your payouts—daily, on a specific day of the week, or a particular day of the month.
- Customize Your Preference: Select the frequency that best suits your financial planning. This flexibility allows you to manage your earnings more effectively, aligning with your cash flow needs.
Bank Account Address for Stripe Connect
When it comes to getting paid via Stripe Connect, there’s one important detail to keep in mind: the address you provide for your bank account should be the one linked to your bank, not your personal address.
Why does this matter?
Many of our hosts use (neo) banks based in a different country from where they operate. That’s absolutely fine! However, when setting up your Stripe Connect account, you’ll be asked for:
✔ The country where your bank is registered
✔ The official address associated with your bank account
This isn’t necessarily your home address or business location—it’s the address your bank has on file for your account.
How to find the right address?
Not sure where to look? Check your bank’s official details via:
• Your bank’s online portal or app
• Bank statements
• The bank’s website or customer support
For further assistance or questions, please feel free to reach out to our support team. We're here to help make your hosting journey as rewarding as possible.