Stripe Connect & Payouts

How identity verification, payment processing, settlement, and payouts work behind the scenes — and why each step matters.

Why Stripe Connect?

Laundryve uses Stripe Connect to handle all payment processing and provider payouts. Stripe is the same payment infrastructure used by companies like Shopify, Lyft, and DoorDash. It means your money flows through a secure, regulated system — not through Laundryve's bank accounts.

When a customer pays for an order, Stripe processes the charge, holds the funds, and pays you directly. Laundryve never touches your earnings. This keeps your money safe and gives you a direct relationship with one of the world's most trusted payment processors.

Identity Verification (KYC)

During onboarding, the final step is connecting your bank account through Stripe. As part of this process, Stripe asks you to verify your identity. This is called KYC (Know Your Customer) and it's required by federal financial regulations — not by Laundryve.

What Stripe collects

Depending on whether you're signing up as an individual or a business, Stripe may ask for:

• Your legal name and date of birth
• Your home or business address
• The last four digits of your Social Security Number (or full SSN in some cases)
• A photo of a government-issued ID
• Your bank account or debit card details for receiving payouts

Why this is necessary

Stripe is a licensed money services provider. Federal anti-money laundering (AML) and Know Your Customer regulations require them to verify the identity of anyone receiving payments through their platform. This protects you, your customers, and the financial system. Without verification, Stripe cannot legally send you payouts.

If verification is incomplete

If you exit the Stripe onboarding process before finishing, you can pick up where you left off. The app will prompt you to complete verification before you can accept orders. Until verification is complete, your account won't be able to receive payments.

How Money Flows

Here's what happens from the moment a customer pays to the moment money reaches your bank:

• Order reaches "Ready"
  The customer's card is charged. Stripe processes the payment and deducts the platform service fee. Your share enters your Stripe Connect balance as pending funds.
• Settlement period (~2 business days)
  Stripe holds the funds while the payment settles through the card networks. This is a standard industry process — not a Laundryve policy. During this time, funds show as "pending" in your balance.
• Funds become available
  After settlement, funds move from "pending" to "available" in your Stripe balance. They're now ready to be paid out to your bank account.
• Payout to your bank
  Available funds are sent to your linked bank account — either automatically on your payout schedule or on-demand via instant payout.

Payout Schedule

Weekly payouts (default, free)

By default, Stripe batches your available balance and sends it to your bank account once per week. This happens automatically — you don't need to do anything. There's no fee for scheduled payouts.

It typically takes 1–2 business days for a scheduled payout to arrive in your bank account after it's initiated.

Understanding your balance

Your balance has two parts:

• Pending — earnings from recent orders that are still in the settlement period (typically ~2 business days). These funds aren't available for payout yet.
• Available — settled funds that are ready to be paid out. These are included in your next scheduled payout or can be withdrawn instantly.

Instant Payouts

If you need your money sooner than the weekly schedule, you can request an instant payout from the app. Funds typically arrive in your bank account within 30 minutes — and instant payouts work on weekends and holidays, unlike standard bank transfers.

How it works

1. Open your earnings screen and tap Instant Payout.
2. The app checks your available balance and confirms the amount.
3. A $1.00 fee is deducted from the payout. The remaining balance is sent instantly.
4. Funds typically arrive in your bank within 30 minutes.

Requirements

• Your Stripe onboarding must be complete
• Your linked bank account or debit card must support instant payouts (most major US banks do)
• Your available balance must be greater than $1.00 (to cover the fee)

Not eligible for instant payouts?

If the instant payout option isn't available, it may be because:

• Your bank account doesn't support instant payouts — try adding an eligible debit card instead
• Your account is new and hasn't completed enough standard payouts yet — Stripe may require a short track record before enabling instant payouts
• Your available balance is $1.00 or less

Frequently Asked Questions

Can Laundryve see my bank details?

No. Your banking credentials, SSN, and identity documents go directly to Stripe. Laundryve only receives a confirmation that your account is verified and ready to accept payments.

Why do I have a pending balance but can't withdraw it?

Pending funds are still settling through the card networks. This typically takes about 2 business days. Once they move to your available balance, they'll be included in your next payout or available for instant withdrawal.

Can I change my bank account?

Yes. You can update your payout bank account or debit card through the Stripe dashboard, accessible from your provider settings in the app.

What if I have issues with Stripe verification?

If Stripe requests additional documentation or your verification is stuck, the app will guide you to re-enter the Stripe onboarding flow. If you're still having trouble, contact support and we can help troubleshoot.