The following is a copy of the email from Triib's CEO, Bubba Hagood, to our customers amid the growing concern around Stripe's payment processing delays.
In response to uncertainty caused from coronavirus, Stripe chose to delay processing revenue disbursements for 14 days (incoming revenue to gym owners). Their reasoning is likely to prevent gyms from refunding more cash than they have in their accounts.
As a result, many gyms are experiencing unplanned financial hardship as they are going to see 50% of expected revenue in the month.
The Real Question
The real question software platforms are facing is this:
Who takes on the risk: the customer or the platform?
Should the customers suffer a 14 day delay in revenue as a result of Stripe wanting to ensure the business has enough cash to cover any refunds or chargebacks?
We decided they shouldn't.
Triib has taken on the risk in order to protect all Triib gyms from having to bear that burden in a time when they need the most support.
Any customer processing payments through Triib will have nothing to worry about. There will be no delay in payments made to your business.
|NOTE: Because Triib has decided to take on the risk. Please alert us at firstname.lastname@example.org if you plan on processing refunds in excess of the amount you have currently available in your bank. Not alerting us and overdrafting will negatively affect everyone.|
We believe by coming together in a time like this, we can navigate through this unscathed and emerge stronger when it's all over.
On to the email, here's what our CEO had to say...
You can find the original email here.
Ready To Upgrade Your Gym Platform?
Hey Triib Community,
There has been some news around Stripe (your merchant processor) potentially delaying payments for 14 days in an effort to limit their financial exposure from businesses issuing refunds for more cash than they have on hand.
I wanted to reach out and give you an update on where your gym or studio stands as it relates to that issue.
We’ve had a wonderful relationship with Stripe as early adopters in the fitness industry and have built up many years of trust. As a result, we are all very fortunate. We have removed any impact to your business and no such stoppage in payments should be expected.
While this will affect non-Triib gyms using Stripe directly, customers processing payments through Triib will have nothing to worry about.
Please note that we still need your help:
Stripe is asking us that if you are expecting to be conducting refunds over $1000, please tell us beforehand by emailing us at email@example.com.
It is appreciated and will help Triib, your fellow gym owners, and the entire Triib community remain uninterrupted during this time.
Stay safe, and stay healthy.
P.S. If you have any questions or concerns, feel free to contact us at firstname.lastname@example.org.