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Stripe Payment Processing

Payment Methods Overview

Credit Card (CC) Payments

  • Credit card charges process instantly
  • Approval or decline happens immediately
  • If approved → Bind completes right away
  • If declined → Bind will not complete

IF DECLINED: Most of the time, the client will need to retry the payment using the original invoice link.

ACH Payments (Bank Transfer)

ACH payments require clearing before funds are finalized.

  • Payment must clear
  • Standard clearing time: approximately 3 business days after initiation
  • Stripe supports most U.S. retail & commercial banks
  • In some cases, ACH processing has exceeded the 3-day window

IF PAYMENT IS FOR AN OUTSTANDING BALANCE and the policy is pending cancellation or has been cancelled for non-payment:

Revocation of the pending cancellation or reinstatement review cannot be completed until the payment has fully cleared and posted to our portal.

Please allow approximately 5–7 business days from the date the payment is initiated for processing.

ACH Authentication Requirements

Stripe must authenticate the person initiating the transaction. There are two options:

Option 1: Bank Login (Preferred)

  • The insured logs directly into their bank through Stripe
  • Once authenticated → Payment is initiated
  • Bind completes once initiation occurs

*Refer to the above ACH Payment (Bank Transfer) section in regards to Stripe payment being made for an open balance due to Cover Whale. 

Important Reassurance:

Stripe cannot see the customer’s bank login credentials or account activity.
It only verifies ownership of the account.

Option 2: Micro-Deposits

Used when the insured does not log in directly. This process takes longer and would require time to initiate the payment.  

Process

  • Stripe sends a $0.01 deposit with a verification code - please note this is NOT instantaneous 

            Timeline:

            Code appears within 1–2 business days

            Payment is NOT initiated until the code is entered correctly

           ⚠️ Until payment is initiated, bind will not complete

  • The insured must log into their bank account
  • Locate the deposit transaction
  • Enter the verification code into Stripe’s link. See below example: 


IMPORTANT NOTE ABOUT WHO CAN INITIATE THE 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.