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Clinic Financing by Stripe: FAQ

  2. Clinic Financing by Stripe: FAQ

    3. 8 min read

Explore the links below for helpful answers to our most common questions. For an overview, visit our Clinic Financing by Stripe guide

Now available in Canada and the U.S. 🇨🇦 🇺🇸

Eligibility

The offer

Payment

Contact

Eligibility

How do you determine who qualifies for an offer?

Eligibility is determined based on a combination of factors, including overall sales volume and history with Jane Payments. Eligible U.S. and Canadian businesses will receive an email, as well as a notification in their Jane Settings, if they have an offer available.

Will applying for an offer affect my personal credit rating?

No, applying for an offer won’t affect your personal credit rating.

Will I need to provide additional documentation?

In some cases, yes. Stripe may occasionally ask for extra documentation before finalizing an offer. Providing the requested information promptly helps avoid delays in receiving your financing.

The offer

Can I request a different offer amount?

When you log into your Jane Payments Dashboard, you can use a slider to choose a custom amount (up to the maximum offer amount). The financing fee and payment rate adjust based on the amount you choose.

What happens when my offer expires?

Each offer is available for 30 days. After that point, your business will automatically be re-evaluated to see if you’re eligible for an additional offer.

After I accept an offer, how quickly will I get my funds?

If your application is approved, you’ll see the funds in your bank account typically in as soon as 2 business days. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.

Can I have my Clinic Financing by Stripe funds paid out to a card?

We currently don’t support disbursal of funds to a card. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.

Payment

Do I have to pay interest?

No, you’ll pay one flat fee that doesn’t change. You won’t pay any interest on top of this fee.

When do I need to pay the flat fee?

You’ll automatically pay the flat fee through a percentage of your sales until the total amount owed is paid. The fee isn’t charged up-front.

How does payment work?

Payment is collected automatically through a percentage of your Jane Payments sales as they’re processed, which means you pay down more when business is busy and less if things slow down.

What is a minimum payment?

For Clinic Financing by Stripe, a minimum payment is the minimum amount that you’re expected to pay every payment period. That period will be determined during underwriting and based on the total term of your financing offer. If your automatic payments do not meet this minimum, you’ll be required to pay the remaining amount at the end of the period. You can view your minimum payment amount in the Dashboard or in your financing agreement.

How do I make my minimum payment?

For Clinic Financing by Stripe, if your payments deducted from sales cover the minimum payment requirement for the payment period, no action will be taken. If you have not met the minimum payment amount by the end of the payment period, Stripe will automatically debit your bank account or account balance with the balance needed to meet your minimum payment. There’s no action needed on your part.

Can I pay my financing early?

Yes, you can make additional payments or pay the total amount financed in full at any point by clicking the ‘Make Payment’ button in your Jane Payments dashboard. There are no additional fees for early payment.

Will paying early qualify me for a new offer?

After you pay the total amount financed, you’ll automatically be evaluated for a new offer. Paying early doesn’t automatically qualify you for a new offer.

How should I report these funds on my taxes?

Tax reporting is often dependent on your specific situation, so we encourage you to talk with a tax advisor to ensure appropriate accounting. In general, Clinic Financing by Stripe funds would not be considered taxable income at the time of receipt, and the amounts withheld to satisfy your obligations are not tax-deductible.

Contact

Who can I contact to learn more about the Clinic Financing by Stripe program?

If you have additional questions about how our financing program through Stripe works, you can contact our partners at [email protected].

The legal stuff:

  1. Clinic Financing by Stripe is only available in Canada and the United States.
  2. In the US, Clinic Financing by Stripe offers financing types that include loans and merchant cash advances. All financing requests are subject to a final review prior to approval. Clinic Financing by Stripe loans are issued by Celtic Bank, powered by Stripe. Clinic Financing by Stripe merchant cash advances are provided by YouLend.
  3. In Canada, Clinic Financing is provided by Fundbox, an external finance provider, with payments facilitated by Stripe. Funding amounts, rates, and terms are based on review and approval of a completed application, and are subject to change. In some cases, Fundbox requires additional documentation. Stripe receives a fee from Fundbox in connection with financing provided through this program.
  4. See your Stripe Express Dashboard for the terms of your offer.
  5. Jane does not determine eligibility or service these offers.
  6. Eligibility is determined based on a combination of factors, including overall sales volume and history with Jane Payments.
  7. Eligible Canadian and U.S. businesses will receive an email, as well as a notification in their Jane Settings, if they have an offer available.
  8. Clinic Financing by Stripe has a minimum amount due each payment period. If the amount that you pay through sales doesn't meet the minimum required, your bank account will be automatically debited the remaining amount at the end of the period.