FAQs - Stripe Payments

Why do I have to pay through Stripe?

CoverWhale uses Stripe as our secure payment platform for all down payments. Stripe is required in order to bind coverage, and if a payment link is requested to pay an outstanding balance a Stripe link will be provided. Stripe is the only payment option in these cases. 

How fast do credit card payments process?

Credit card paymentDs process instantly.
Once successfully submitted, your policy will bind immediately.

How long do ACH payments take?

ACH payments must clear through the banking system and typically take about 3 business days after initiation.

Why does Stripe need bank authentication?

Stripe must verify the person initiating the payment. This ensures secure transactions.

What are my ACH verification options?

1. Bank Login (Recommended)
   Log into your bank through Stripe’s secure portal to initiate payment immediately.
2. Micro-Deposits
   Stripe sends a $0.01 deposit with a code.
   You must enter the code before payment is initiated.

Does Stripe see my bank login information?

No. Stripe cannot view your credentials or banking activity.

What if my payment fails?

Most failed payments require retrying the transaction using the original payment link.
If you need help, contact billing@coverwhale.com.

Who can initiate a Stripe down payment?

The insured is required to initiate the Stripe payment during the binding process. Agents are not permitted to submit down payments on behalf of insureds, as payment must be made directly by the policyholder pursuant to our binding documentation and Agency Broker Agreement.