How to distribute delayed payment transfers to campaign creators

Would you like to send manual payment transfers to campaign creators based off of milestones that are met during the Crowdfunding campaign? This article is going to explain the capabilities of using manual delayed payment transfers that you can use on your Atlas white label Crowdfunding platform.

Please note that you will have to set specific configuration settings in the administrator dashboard which will be applied to all of the campaigns running on your website. There are also specific limitations to the delayed payment transfer that will be noted later in the article which you should be aware of.

How it works

Let’s start with understanding the concept of what you can do. You will be able to manually send the campaign creators the funds up to 90 days after they have been captured. This means that you can send the campaign creators the funds on a milestone basis, for example, if the campaign reaches a specific funding target or physical target for their campaign, you can send the funds manually several days after the funds have been captured. How do you enable this on your platform? Below are the steps to take if you would like to send the delayed payment transfer.

Step 1. Configure the payment settings

In order to make the manual delayed payment transfer, you will need to set up the platform to do 2 things in specific:

1. Campaign creators must connect their Stripe account to the campaign. This will allow you to make the delayed transfer later to their account.
2. You need to capture all of the funds. If you want to hold the funding in your account, you will have to capture 100% of the funding.

To set the proper configuration settings for your platform you must do the following. Log in as an administrator to the platform, and go to the administrator dashboard –> Portal Settings –> Payment Settings –> turn Direct Transactions OFF –> Connect the Stripe account –> set the Transaction Fee to 100%.

Once you have set the proper configuration settings in your administrator dashboard, you can then configure the proper settings for your Stripe account.

Step 2. Hold the funds

Once you have set the correct configurations for your Crowdfunding platform, you can start accepting the contributions from the backers. Once you have accepted the contributions, you must hold the funds in your Stripe account before they are transferred automatically by Stripe into your connected bank account. You can delay the automatic transfer of funds into your connected account by doing the following:

1. Go to the Stripe administrator dashboard
2. Click on the settings item in the left menu
3. Under the “Payments and Payouts” section, click on “Bank accounts and scheduling”
4. In the payout schedule section click on the Manual radio button

Please note the following limitations: Once you delay the transfer, you can hold these funds for up to 90 days, and you can only send such delayed transfers to Stripe accounts which are in the same region as the portal Stripe account that is collecting all of the funds.

Step 3. Send the payment transfer to the campaign creator

Once you have captured the funds into your Stripe account, you can then send the payment transfer. Please note: Stripe will not send the funds to your account right away. There is a short waiting period that Stripe will hold the funds for security purposes. You cannot send any funds without having the balance in your portal Stripe account first. When ready, you can send the payment transfer to the campaign creator. To do so, do the following:

1. Log into the Stripe Administrator dashboard.
2. Click the connect option on the left menu.
3. Choose the accounts option in the sub menu.
4. Select the connected account that you would like to make the transfer to.
5. Make the transfer.

 

That is it! Now you know how to set up the Crowdfunding platform, and your own portal Stripe account to send delayed payment transfers to the campaign creators.