Withdrawing your squad balance
If your squad collects payments through Squaddle, you'll need to set up Stripe Connect before you can withdraw your available balance. This article covers setup, withdrawing funds, and when payouts land in your bank account.
Setting up Stripe Connect
- 1.
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Go to the Payments tab for your squad, then 'Balance and withdrawals'. If you're the squad owner, you'll see a button to set up Stripe Connect.
This feature is only available to squad owners. Admins can send payment requests and reminders, and see your withdrawal history, but the squad owner needs to contact us to transfer ownership of your Stripe Connect account if you want them to be able to withdraw funds.
- 2.
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Verify your identity. Enter your email address and phone number, which need to match the details on your Squaddle account. You'll need to confirm your phone number with a two-factor authentication code.
Stripe requires your legal name and other details to confirm your identity but we'll still refer to you by the name you entered in Squaddle. - 3.
- Provide your bank details. Enter the sort code and account number for the account you want payouts sent to. We can't see this information, and it will be stored securely by Stripe.
- 4.
- Accept the terms of service. Review and accept Stripe's terms for receiving payouts. If you need to refer to them again later, you can find links to Stripe's terms in our own Terms of Service.
- 5.
- Review and submit. Once submitted, the name of your bank and the last four digits of the connected account will be displayed in Squaddle.
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Once you've registered, you'll be able to withdraw funds and see your transaction history in Squaddle. You can also see your withdrawal history and export a statement of transactions via the Stripe Connect dashboard.
Can I change the bank account used for payouts?
Yes, you can change the bank account that's linked to your squad directly through the Stripe Connect dashboard. Go to 'Settings' > 'Payout details' – you'll need to enter your previous account number before entering the sort code and account number for the new one. Stripe will confirm your payout destination has changed, and Squaddle will show the last four digits of the new connected account next time you withdraw funds.
Withdrawing funds
- 1.
- Go to the Payments tab, then 'Balance and withdrawals'. You'll see your balance – the total of completed and pending transactions – a withdrawal history, and a 'Withdraw funds' button.
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- Tap 'Withdraw funds'. Squaddle calculates your available balance – we'll use that to populate the withdrawal amount, but you can withdraw less if you prefer.
- 3.
- Tap 'Next', review your bank details and the withdrawal amount, then tap 'Confirm withdrawal'.
- 4.
- Stripe Connect will send the funds to your connected account via Bankers’ Automated Clearing Services (Bacs) – this can take up to 24 hours. Squaddle will show a pending status until it's been processed.
How does Squaddle calculate my available balance?
When you withdraw funds, we display two figures: your squad's total balance, and the available balance – the 'Maximum withdrawal now'. This figure excludes anything tied to activities that haven't happened yet – so if someone drops out and is due a last-minute refund, your balance can't drop below zero.