One of the main pain points for club treasurers and administrators is trying to reconcile their clubs bank statement with payments made for membership and fundraising. You can generate a reconciliation report via the admin portal on ClubZap which clearly identifies:
- Payee Details (Name & Email)
- Transaction type: Membership / Fundraising
- Product Name
- Gross | Net amount | Fees
- Transfer date to your bank account
- Login to the ClubZap admin portal
- Go to Club Settings -> Stripe Accounts
- Click on the Generate Reconciliation button to extract a .csv report to be opened in excel.
Note: This feature is only available to high level administrators in your club.
Stripe - Held in reserve payments
Any new Stripe accounts are subject to the Stripe held in reserve policy where a percentage of money due for transfer is held in reserve on a rolling basis to cover potential refunds and disputes.
Stripe continuously monitor the account of each business that works with Stripe, assessing a range of factors including industry conditions, payment activity, dispute rate and refund rate. In some cases this monitoring indicates that a business faces elevated risk of customers requesting refunds or disputing charges. Refunds to customers can be delayed if a business does not have enough funds in its Stripe balance.
Stripe establish a reserve to help ensure funds are on hand to cover future refunds or disputes if a business doesn’t have enough funds in its Stripe balance. This type of reserve is routine, and does not impact your ability to continue accepting payments with Stripe.
Reserves are usually applied for 45-180 days and can be for any amount, from 5-100% of processing volume. The money is then transferred to your clubs bank account so when your club is in this status the net amount corresponding to a transfer date in your reconciliation report may not be 100% accurate as Stripe will apply a held in reserve on some amounts.
Learn more about reserves