Stripe Capital offers eligible SimplePractice customers the opportunity to access business loans based on their online payments activity. If eligible, you’ll receive an email from Stripe Capital with instructions on how to accept your offer.
Below are answers to frequently asked questions about eligibility, repayment, fees, and accessing funds:
- How is eligibility determined for a loan offer?
- How does repayment work?
- Do I have to pay interest?
- How long do I have to repay my loan?
- Will applying for an offer affect my credit rating?
- How quickly will I get my funds?
Note: For additional information, you can contact capital-support@stripe.com.
How is eligibility determined for a loan offer?
Eligibility is determined by Stripe Capital and is based on your transaction history and how long you’ve had an online payments account.
How does repayment work?
Stripe Capital loan repayments are deducted from online card transactions in your SimplePractice account. The repayment rate is determined by the terms of your loan.
You’ll see repayments begin 7 business days after the loan has been deposited into your account. They appear as separate line items on your Card transactions page.
You can view all repayments and their associated transactions by using the Repayment filter and clicking Details.
Your processing fees will remain the same. The net amount for each transaction will continue to show the payment amount minus the Stripe processing fee. Your payouts will reflect the amount delivered to your bank after deductions for Stripe processing fees and loan repayments. To see these amounts, navigate to Analytics > Reports > Payouts.
For additional repayment questions, please contact Stripe Capital at capital-support@stripe.com.
Do I have to pay interest?
Stripe Capital doesn't charge traditional interest. Instead, repayment includes a fixed fee deducted from your online payments transactions. This fee is shown in your loan offer, which you must agree to before accepting the loan.
How long do I have to repay my loan?
You have a maximum of 18 months to repay your loan. You can repay sooner through automated deductions from your online payments transactions or by making manual payments.
For help with manual repayments, contact Stripe Capital at capital-support@stripe.com.
Will applying for an offer affect my credit rating?
Applying for a loan won’t affect your credit rating. All offers are based solely on eligibility as determined by Stripe Capital.
How quickly will I get my funds?
Stripe Capital will contact you within 2-3 business days after you submit your loan. If approved, funds will be deposited into your bank account within 1-2 business days.
For questions about receiving funds, contact Stripe Capital at capital-support@stripe.com.