Payout
complete
E
Edelweiss Sourdough
In the past I never had to wait to receive the full payout amount. Now it won’t allow a full payout due to “waiting on customers credit card to clear”. Once it clears, it will also take an additional 3-4 days before funds hit my account from Hotplate. Instant transfer isn’t available when I try to use it. This seems like an excessive amount of time to have to wait on funds. I’m not appreciating this “new feature”.
Ben Klenk
Have a great update for you all,
Everyone on Hotplate has been moved to the fastest possible processing speeds at no extra cost. Additionally, you will now see the exact time your funds will become available (click "more info" when you are looking at your balance). This update will have dramatic improvements for everyone – your funds will now be available to payout the next business day from when a transaction is placed (i.e. if you get an order on Monday, you can get it in your bank account by Tuesday evening)
I am monitoring the update from my end to ensure everything is working as Stripe described before making a wider announcement, but you will now see that all new orders placed will be available less than 24 hours to payout, compared to 48+ before.
We have even more improvements coming down the pipe (automatic daily payouts), but those will take a little longer for us to implement, but will keep you updated.
I think you will all be able to really feel the difference on how much faster this is, but let me know here (or via support) if you still experience any slowness
Again, appreciate you all bringing this up, and I am really happy to get this done for you all!
Ben Klenk
marked this post as
complete
All Hotplate accounts are now on the fastest possible process speed – less than 24 business hours! Additionally, you can now setup daily, weekly, or monthly recurring payouts & see the exact time your funds will be available to payout.
Thank you so much for bringing this up everyone. I am so happy to provide you all with a much improved experience, and feel free to reachout to support if you have any additional questions or concerns!
Ben Klenk
Have a great update for you all,
Everyone on Hotplate has been moved to the fastest possible processing speeds at no extra cost. Additionally, you will now see the exact time your funds will become available (click "more info" when you are looking at your balance). This update will have dramatic improvements for everyone – your funds will now be available to payout the next business day from when a transaction is placed (i.e. if you get an order on Monday, you can get it in your bank account by Tuesday evening)
I am monitoring the update from my end to ensure everything is working as Stripe described before making a wider announcement, but you will now see that all new orders placed will be available less than 24 hours to payout, compared to 48+ before.
We have even more improvements coming down the pipe (automatic daily payouts), but those will take a little longer for us to implement, but will keep you updated.
I think you will all be able to really feel the difference on how much faster this is, but let me know here (or via support) if you still experience any slowness
Again, appreciate you all bringing this up, and I am really happy to get this done for you all!
H
Herndon Homestead
Ben Klenk thank you so much Ben! This is great news
K
Kimpton Farms Artisan Bakery
Ben Klenk I still see no improvement. Yes it does say that when I click but that is still not the case . My drop was last Wednesday and my funds are still not available. This is absolutely unacceptable!
Ben Klenk
Kimpton Farms Artisan Bakery: Hey, The speed improvement is only for new orders placed. Unfortunately it does not apply retroactively, so orders placed before yesterday will still be on the old speed, but new ones should be much faster!
Ben Klenk
Kimpton Farms Artisan Bakery: Also, when i took a look at your account just now, your funds are available to withdraw! Would you mind calling into support in a a couple hours once they are in the office so they can help you payout?
T
The Kempville Baker
i agree !!!!
Ben Klenk
Hey everyone (again)!
Just wanted to post an update for you all – I will be making a very positive announcement on this in a couple days & on our instagram. After working with Stripe we are about to release some dramatic improvements!
C
Coastal Rise Sourdough
Ben Klenk Thank you, Ben! I appreciate you hearing our complaints and working hard to make changes for us. HotPlate customer service rocks. �
R
Row River Bakehouse
This is a ridiculous amount of wait time. I’ll be looking into another platform or doing a website if this continues. I’ve dealt with payment processing in multiple businesses and it’s a one or two day turnaround at most.
T
The Holmestead
Same experience. Thank you for sharing and appreciate CEO respponse too.
Ben Klenk
Hey everyone!
Ben here, I’m the CEO at Hotplate and Rishi’s co-founder, in case we haven’t met before. I wanted to send a message to let you all know that everyone at Hotplate hears you and my top focus is making this experience better for you all.
For those of you that don't know, we were unfortunately required by Stripe to change our payout system to Stripe Connect due to compliance issues. If I could have kept the old payout system, I would have without a second thought.
That said, the experience you all are having does not line up with the expectations Stripe gave us, and for that I am truly sorry. None of you should have to wait 6 days to get your money, that’s a terrible experience.
Our initial communication on this missed the mark, too – we focused on the positives of the change because Stripe gave us the expectation that standard payouts would be the same speed as before, with Instant payouts being a bonus on top of that. We should be said up front that the main reason for the change was compliance, not functionality. This is a mistake I will learn from for the future.
I am actively in conversations with higher ups at Stripe (including forcing the issue with their CEO) to get this changed for the better. You all voicing your frustration has been a huge help in giving me ammunition to get them to move urgently on this problem and get it improved ASAP. My goal with them right now is to reduce the processing time as much as possible and increase visibility on when you can expect funds to be available for payout.
I will keep you all updated in this thread here, as well as in our Community if any of you are members over there.
Once we have landed better processing speeds I will make a wider announcement to everyone, but wanted to keep you all in the loop since this is impacting you the most
C
Coastal Rise Sourdough
Ben Klenk thank you for addressing our concerns and letting us know you are working on it. I appreciate you.
Ben Klenk
Merged in a post:
payouts delayed
K
Kimpton Farms Artisan Bakery
payments delayed "processing" for 6 days and my funds sill not available. this is a huge delay since the change. if this is not resolved I will need to move platforms.
S
SMITH N SOURDOUGH CO
My funds have also stayed in the processing way longer than it should. It also messes up my supply runs as well. My instant payout never works either, I have 4 different bank accounts linked and can’t get my payout as fast I could before the update 😡
I
Ivory Tower Bread
Mine haven't taken 6 days yet but the delay is super frustrating. I have an Etsy shop that pays promptly and every single day automatically. Hotplate, please do what Etsy is doing!
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