Why Ratedeed Partners with Stripe Connect
To provide contractors with enterprise-level financial security, instant transfers, and automated tax reporting (1099 generation), Ratedeed utilizes Stripe Connect Express.
When a homeowner approves your completed milestone or diagnostic trip fee, the escrow funds transfer automatically from the platform vault directly into your verified business bank account or debit card.
Homeowner Approves Milestone ──► Escrow Auto-Release ──► Stripe Connect Transfer ──► Direct Bank Deposit
How to Connect Your Payout Account Step-by-Step
Setting up your payout account takes less than 3 minutes through your contractor portal:
Step 1: Access Earnings Dashboard
Log in to your Contractor Dashboard and navigate to the Earnings / Payouts tab.
Step 2: Launch Stripe Onboarding
Click the "Set Up Payout Account" button. You will be securely redirected to Stripe's encrypted onboarding interface.
Step 3: Choose Your Entity Structure
Select whether you operate as:
- Individual / Sole Proprietor: Using your Social Security Number (SSN).
- Company (LLC, Corporation, or Partnership): Using your Federal Employer Identification Number (EIN).
Step 4: Add Payout Destination
Enter your business checking account details (Routing and Account numbers) for free standard transfers, or add an eligible debit card to enable 30-minute instant payouts.
Step 5: Identity Verification
Upload a photo of your government-issued ID (driver's license or passport) to satisfy federal Know Your Customer (KYC) banking regulations.
Payout Timelines and Processing Rules
- Standard ACH Bank Transfers: Payouts are initiated automatically upon homeowner milestone approval and arrive in your account in 1 to 3 business days. There are zero platform transfer fees for standard ACH.
- Instant Debit Card Transfers: If you require immediate liquidity, you can trigger instant transfers that clear into your bank in under 30 minutes (standard 1.5% Stripe card processing fee applies).
- Diagnostic Trip Fees: Disbursed automatically once your on-site appointment check-in is recorded.
Managing 1099 Tax Documents
At the end of each calendar year, Stripe Connect automatically compiles your total annual earnings and generates downloadable Form 1099-NEC / 1099-K tax forms accessible directly through your Stripe Express dashboard. You will receive an email alert in January when your annual tax documents are ready to download.
Troubleshooting Payout Holds
If a scheduled payout shows as "Pending" or "Held":
- Check your Stripe Express dashboard to confirm whether additional identity verification documents (such as an updated driver's license or EIN confirmation letter) were requested.
- Ensure your bank account routing and account numbers are active and not subject to incoming ACH transfer restrictions.