Unlock faster payout speeds with T+1
We’re thrilled to share an exciting update! MyStudio, in partnership with Stripe, is now offering T+1 funding to all customers. With T+1 payout funding, you’ll get faster access to your earnings, giving your business greater financial agility. Read on to discover how this new feature can help streamline your cash flow and drive your business forward!
What's the process?
To take advantage of faster payouts, you must opt-in using the button below. Once you opt-in your account will be upgraded to T+1 within seven business days.
Why upgrade to T+1?
With Stripe’s T+1 payout speed, you’ll receive funds the next business day after a transaction—giving you faster access to your money. While bank holidays may cause minor delays, T+1 offers the quickest payout option, enhancing cash flow and allowing you to manage business expenses more efficiently.
What’s the cost?
Stripe applies a small 0.1% (10 cents on a $100 charge) increase in processing fees to enable this enhanced speed. See the FAQs below for more details and examples of how this nominal increase would affect your net revenue. MyStudio receives no additional revenue from this fee; it is solely a Stripe-oriented fee.
Frequently asked questions.
Here are some common questions that many users have. If you have any other questions, our MyStudio support team is always available to help you. Feel free to reach out for help! Contact MyStudio support.
What’s T+1 processing, and how does it work?
T+1 processing means you’ll get your payouts the next business day after a transaction is completed. It’s a faster way to access your money so you can keep things running smoothly.
Once I opt-in, can I change my mind and opt-out later?
No, once you opt-in, you will not be able to opt-out.
Why, and how, do I opt-in to T+1 funding?
If you want quicker access to your funds, T+1 is a great choice for your business. To opt-in simply click on the "Opt-in to T+1 funding" buttons on this page and enter the email address you used to create your MyStudio account. Once you opt-in your T+1 funding will go live within seven business days.
Why is there an additional 0.1% fee for T+1 processing?
Stripe applies the 0.1% increase in processing fees for T+1 payouts to help offset the additional transactional risks and operational costs of offering faster payout processing. MyStudio receives no additional revenue from this fee; it is solely a Stripe-oriented fee.
What are the processing rates for T+1 payouts?
Here is a comparison of T+1 rates versus slower T+ funding options:
Starter
ACH bank payments: 1.1% (non-T+1 is 1.00%)
Domestic card payments: 3.25% (non-T+1 is 3.15%)
International card payments: 4.75% (non-T+1 is 4.65%)
Growth
ACH bank payments: 0.85% (non-T+1 is .75%)
Domestic card payments: 3.00% (non-T+1 is 2.90%)
International card payments: 4.50% (non-T+1 is 4.40%)
Scale
ACH bank payments: 0.60% (non-T+1 is .50%)
Domestic card payments: 2.85% (non-T+1 is 2.75%)
International card payments: 4.35% (non-T+1 is 4.25%)
How does this additional fee look in a real-world scenario?
Current model:
$100 monthly membership fee + $3 processing fee = $103 billed to the customer.
With T+1:
$100 monthly membership fee + $3 processing fee + 0.1% (T+1 fee) = $103.10.
This means the user can pass the additional $0.10 on to their customers, adjust their pricing slightly, or absorb the cost. We provide studios with all these options to ensure maximum flexibility.
What happens if there’s a bank holiday?
Since T+1 payouts only count business days, holidays may delay when your funds arrive. For example, a transaction on the Friday before a Monday holiday might take until Tuesday to process.
What happens if there’s an issue with my payout?