What is Stripe?
Stripe is an industry-leading payment processing platform that enables partners like Expert Institute to offer integrated payment capability within their software solutions. Stripe helps with the hardest parts of payment – knowing the customer (“KYC”), integrating with a broad range of payment networks and processors, and keeping transactions and identity highly secure – so that Expert iQ can focus on building a robust case management solution for experts.
How does Stripe work within Expert iQ?
Once you decide to get started with Payments within Expert iQ, you will be redirected to Stripe to begin a brief registration process. Stripe will ask a series of questions about your biographical information, professional focus, and your bank payout details. This information is required for Stripe to verify your identity and execute secure transactions.
After you register, you will be redirected to Expert iQ for a quick tour of your new Payments functionality. Meanwhile, Stripe will process your registration and authorize your account. New users are typically authorized within the same day of configuring their account.
Once your account has been activated you can begin immediately sending invoices on engagements where you have been retained. Attorneys will receive your invoices via email, and can follow a link to pay securely and efficiently online using a credit card. Your invoice and payment activity is conveniently integrated into the Expert iQ interface, allowing you to view history and export details to PDF or spreadsheet.
Is my Stripe account immediately activated?
All Stripe accounts must be authorized before they are activated. Part of Stripe’s security and compliance procedure involves a standard merchant credit risk verification prior to authorization. Users are typically authorized within the same day of configuring their account – often within a few hours or less from registration. You will receive an email confirmation when your account is activated and payments are fully enabled.
Are there fees associated with using payment processing in Expert iQ?
Enabling payments and creating a linked Stripe account is free. Unlike other online invoice and electronic payment solutions, Expert Institute and Stripe do not charge a recurring subscription fee for use. Instead, users are charged a flat 3.3% + $0.30 fee to Stripe on each invoice amount. This fee covers transaction costs associated with standard online payment processing, including issuing bank interchange rates, card networks, fraud detection, and other processor fees. This fee also includes one-step invoicing, payment history reporting, engagement-by-engagement tracking, data export capabilities, 24/7 support through Stripe, and more. Rates are competitive with similar payment processing services.
Does the attorney pay a fee in association with this service?
No. Fee payment is paid only by the merchant.
What is the payment experience like for my client?
When you send an invoice using Expert iQ, you will enter an email address for a billing contact. Your billing contact will receive an invoice email (attributed to you, delivered by Stripe; no Expert Institute or Expert iQ branding) which will contain a link to an online payment form. This form is hosted by Stripe and built to the highest security standards. Your client can access the page, view the invoice details, download a copy of the invoice and pay using a credit card. Once payment is complete, the page will also allow your client to download a receipt to PDF.
What if my client insists on sending a check or using an alternate payment method?
No problem. The invoice you generate using Expert iQ contains your billing contact information and could be used by your client to write and mail a physical check. You are not charged any fees on unpaid or voided invoices. Within Expert iQ you are able to manually update an invoice status to “Paid” for any offline payments.
What if my client cannot find or does not receive my invoice email?
You will receive a confirmation email for all delivered invoices. This confirmation email will contain both a PDF invoice copy as well as a link to a the hosted payment page for the invoice. You may forward or copy these pieces of information into a follow-up email to your client.
Does using Stripe change my relationship with Expert Institute?
Our partnership with Stripe ensures that your relationship with Expert Institute and the attorneys you work with remains unchanged. All billing transactions are facilitated entirely by Stripe. Invoice emails are delivered by Stripe and do not contain Expert Institute branding or attribution. Attorney point of payment occurs on a Stripe-hosted payment portal with no branding or affiliation to Expert Institute. Your payment relationship remains exclusively between you and the hiring attorney.
How quickly does Stripe pay out to my linked bank account?
The first payout for every new Stripe account is typically 7 days after the first successful payment is received on an invoice. This time period allows Stripe to properly integrate and verify connectivity to your linked bank accounts. After your initial payout, speed-to-payout will improve with card-based payments typically running on a two day (“T+2”) schedule. You can confirm your payout schedule and estimated payout timing by logging into your Stripe dashboard directly using the credentials you created upon initial registration.
Can I log into Stripe directly?
Yes. When you register for payments capability, you will be creating a standalone Stripe account along the way. You should not need to access your Stripe account, but it can be useful if you wish to modify any billing details or connected bank account information. Logging into your Stripe account is often referred to as accessing your “Stripe Dashboard.” Check out https://dashboard.stripe.com/ to view more details.
Can I connect an existing Stripe account?
Yes. During the onboarding process, Stripe will ask if you would like to connect an existing account to Expert iQ.
What kind of support does Stripe offer?
Stripe support specialists are available to answer any questions you may have 24/7 via email, chat, or phone. They also provide:
- Video walkthrough guides
- Comprehensive knowledge base
- Technical support over online chat
- World-class documentation
Where can I access 24/7 payment support?
You can contact Stripe Support here. Expert Institute is also always available to assist through your usual “Need Help” channels or at iqsupport@expertinstitute.com.
Do Stripe or Expert iQ generate tax forms?
1099-K tax forms are generated and automatically delivered by Stripe when certain criteria are met by connected accounts. Learn more about what to expect here.