BookingHawk.com is securely integrated with the payment processing company named Stripe.
Stripe are the new standard in online payments. They handle billions of dollars every year for forward-thinking businesses around the world. By using Stripe to process our payments, we are making sure that your customers details are offered the best security available and that we abide by all the required legislation.
So how does it work?
When a user makes a payment through BookingHawk.com for your service, the users card is immediately debited and the funds move to Stripe. Once you honour the users booking, BookingHawk.com deposit the payment, less the Stripe commission, into your nominated bank account.
The Stripe commission fees can be seen on their website. When a user books your service with a European card, the commission fee is 1.4%, plus 25c plus tax. So for example a European card with the Irish VAT rate of 23% means that Stripe take 48c of a €10 payment.
With BookingHawk.com, you can set your own cancellation policy. If a user cancels and they are due a refund, they get 100% of what they paid refunded, including the commission.
When will you get your money?
As with most things in life, that depends. It depends on how many days in advance a user is booking a service for. There are two scenarios.
- The first, known as a ‘Long Notice Booking’ is when a user books a service for a date in the future, more than 7 days in the future to be exact.
- The second scenario, known as a ‘Short Notice Booking‘ is when a user books a service at short notice, short notice being defined as date less than 7 days away).
Long Notice Booking
The money will be in your account within 5 working days after the service is hououred. For example, Frank books a service for February 1st 2021. The money is held by BookingHawk.com until February 3rd. At that point, neither party can no longer issue a refund and the bank transfer begins.
Short Notice Booking
Stripe hold all European payments as pending for a period of 7 business days. So 7 business days after the payment is received, BookingHawk.com trigger the transfer that should be in your account within 3 working days. In our first scenario, that 7 day pending period was swallowed up in the wait for February 1st. Don’t worry about transactions being in pending mode, once they enter pending, BookingHawk.com guarantees payment for your service. We can do that because Stripe make that guarantee to BookingHawk.com
All of this happens automatically. It may sound a little complex but it just means that you don’t need to worry about issuing refunds or creating bank transfers. We also make it nice and easy for you to trace back each payment to the booking it relates to with our consistent bank transfer code. The code you see in BookingHawk.com is the code you will see on your bank statement.