When My Patients Make Payments, How Does that Money Reach My Bank Account?
When a patient makes a credit card payment Atlas handles the transaction automatically through Stripe, our payments partner. Stripe will bundle any payments you receive and send daily transfers to your bank account. Transfers take place after deducting pricing fees from the amount the patient has submitted. For a more thorough explanation of pricing fees involved during payments, check out this article.
What happens behind the scenes once a payment is made?
Each Atlas account is connected to a Stripe Connect account. Any time a patient pays for a doctor’s services, the amount is sent to and processed by the Atlas user’s respective Stripe Connect account. The reason for this is that Stripe provides the technical banking infrastructure to handle payments seamlessly and securely and prevent the risk of fraud. They also utilize numerous protocols in order to verify all of the patient’s information and ensure that the payment is authentic. This payment processing takes between 2 to 5 days, after which it gets transferred to the doctor’s bank account as a payout.
Ensure that you have accurate bank account details entered in the Account > Clinic Billing page so that the payment ends up in the correct account.
Transfers happen every single day of the month. It takes two days for a patient’s payment to be available for a transfer. So for example, if a patient makes a payment on Monday, those funds will be available to transfer two days later on Wednesday. If you’re accepting ACH payments, it could take up to 7 days for these to process, as ACH payments go through your patients’ banks directly and not through a credit or debit card. You can learn more about ACH here.
Please note, there is a $0.25 fee charged for each transfer we make to your bank account. This fee is applied by the bank and comes from Atlas.md’s payment processor, which is in charge of handling bank transfers.