Stripe Connect FAQ

Any questions you may have about Stripe Connect

Why is Mr Yum moving payment processing to Stripe Connect?

We are moving our payment processing to Stripe Connect for sustained reliability of payments and simplification of payment processing. We already use Stripe as Mr Yum’s payment gateway and this allows us to have one unified system. These are all great things for your business.

I have multiple reference numbers. Do I need to fill out one for each venue?

Yes please! This will help us ensure that the bank details are affiliated with the correct venue for your group.

How do payouts work? Will it still pay directly to my bank account?

Yes - the form asks for your bank account details so payouts will be made into the nominated bank account as it does currently.

Are there any fees or otherwise negative changes that will affect me?

There are no additional fees nor negative changes that will affect you.

Will this change how the description / settlements hit our nominated account?

The payout description will be Mr Yum Payout or the name of a Mr Yum Trading entity. The bank chooses what to display, based on our Stripe business details. It is unlikely that the venue name will appear on the statement but please reach out to our team if you require a payout report for reconciliation.

What if I already have Stripe setup for my business? Can I just use that?

Customers have to create a Stripe account under our Mr Yum account. This is an internal profile for Mr Yum’s purposes to enable payouts, and not an account per se for the venue.

What is the lag time between this switch from Hyperwallet to Stripe Connect?

We endeavour to minimise any payout impact to venues with this transition.

Why don’t I just fill out the Stripe form myself?

Mr Yum will facilitate this process for you as we are registering your group/venue as a customer in our Stripe account.

Is the information you’re requesting in the form handled securely?

Absolutely! A small team at Mr Yum manage the responses from your form, activate your Stripe Connect account and link the Stripe Connect account to your Mr Yum account.

Will this make my payouts faster?

Yes, there is a slight change in when you'll be paid out. If you’d like more information, please read this article on How Payouts Work at Mr Yum.

Can you give me a breakdown of the differences between the old and new system?

Hyperwallet is part of the Paypal ecosystem while Stripe Connect and Stripe Payments live under the Stripe company umbrella. We’ve been using Hyperwallet since the start of Mr Yum but moving over to Stripe Connect allows us to have a unified system together with the Stripe payment gateway.

Are there any changes to how payouts occur?

There should be no negative impacts on payouts. Stripe payout speeds differ per country. Please see Stripe's documentation about payouts here.