UPCOMING UPDATES TO MOBILE PAY

🚨 GOING LIVE NOVEMBER 1ST 🚨

Since day 1 of theCut, Mobile Pay has been a critical feature for both our barbers and their clients. Many of you have experienced its evolution over the years. We're constantly listening to your feedback, and we've been hard at work building the future of Mobile Pay. 

As many of you know, we have been using Square behind the scenes to power Mobile Pay. We had big hopes when we partnered with Square in 2019, but unfortunately, they were unable to deliver us the features that they promised. We've carefully chosen Stripe as our new payments partner to power the next iteration of Mobile Pay.

We're excited to announce that on November 1st, we will be releasing some big updates:

  • Instant deposits
  • Lower processing fee: 2.75% (currently 2.95%)
  • Faster verification times & easier onboarding
  • Physical card readers (we will be rolling these out slowly throughout the rest of the year)
  • Future capabilities to build powerful financial tools for the barbering industry

What you'll need to do before November 1st:

  • Make sure your app is fully up to date
  • We will need to re-verify your information. You will see a message on your home tab guiding you through the process.
  • If your app is up to date, and you don't see anything, you are good to go!

What to expect on November 1st:

As long as you have successfully re-verified, it'll be business as usual for you and your clients. You will just need to re-enter your bank account details in order to continue receiving standard deposits. And NOW, you will also be able to add your debit card for instant access to your Mobile Pay balance.

What happens if I don't re-verify by November 1st?

Anyone who hasn't fully re-verified by November 1st will have their Mobile Pay temporarily deactivated. Clients won't we able to book appointments with Mobile Pay, and you will not be able to process any transactions. Once you've re-verified your information, Mobile Pay will be re-activated. In order to prevent any disruptions to your payments, please make sure to re-verify by November 1st.

Why do I need to re-verify my information?

Keeping your personal data safe is incredibly important to us. All information regarding Mobile Pay that we collected from you previously was securely passed on to Square for verification. As we move over to our new partner Stripe, they legally need to verify your information themselves before allowing you to process on their platform. Because your personal and banking information is very sensitive data, we do not store any copies of it. This is why you will need to re-enter your information so that we can securely pass it to Stripe to conduct their verification. We've improved the verification process to make it as seamless as possible.

Other details to keep in mind for November 1st:

Pre-Authorizations

We will be releasing any pre-authorization holds on client's cards for appointments that were booked before November 1st. This is because they will have been previously pre-authorized in Square. Once we cutover on November 1st, all transactions will begin processing through Stripe. You will still be able to process these transactions as long as the client has funds on their card. We ask that you always process transactions while the client is still in the shop to ensure you are paid for your services. All Mobile Pay appointments booked after November 1st will be pre-authorized as usual through Stripe.

Deposits

You may see multiple deposits for the first couple of days as we issue deposits from both Square and Stripe. This should only happen for the first week.

MOBILE PAY

Mobile Pay is a way for clients to pay and tip for services directly through the app.

BARBERS

To begin accepting payments through the app, enable Mobile Pay from your profile or the settings tab. Once you have provided all of the required information, there is a verification process before we can successfully enable Mobile Pay for your account. This process typically takes a few minutes, though it may take longer in the case that we need to conduct further verification. We will email you if that is the case. Once you have been verified, clients will be able to pay through the app when booking an appointment. To prevent clients from being falsely charged, you must manually complete the appointment through the app for the transaction to be processed.

Deposit Methods 

ACH Direct Deposit: Funds are transferred directly into your bank account in 1-2 business days. You must provide your bank account and routing number.

Fees

We charge a payment processing fee of 2.95% for all Mobile Pay transactions. The fee amount is subtracted from the transaction total before it is deposited into your account. 

Refunds and Transaction Issues

To mitigate refunds and transaction issues, you are required to manually complete the appointment for the client to be charged. We recommend that you do this after you've completed your services and while the client is still present. If there is a problem processing the transaction, ask the client to verify their payment method. Once the client has updated their payment method, try completing the transaction again. If the problem persists, contact us at support@thecut.co Refunds are handled on a case by case basis. If you believe you are in a situation where a refund is appropriate, please contact us at support@thecut.co and we will work with you to resolve the issue. 

Tax Information

If the amount disbursed to you through Mobile Pay is more than $20,000 and you have conducted more than 200 transactions, we are required to send a 1099-K form during tax season. However, you can reach out to us at support@thecut.co and we can prepare and income report detailing all of your transactions processed through the app.

Benefits

By letting us handle your transactions, you can spend more time doing what you do best and less time swiping cards. Clients tend to tip more when they pay with a card - they are not limited to just the change that they have. Also, keeping a record of your income gives you greater financial freedom. 

CLIENTS

No more last minute trips to the ATM. No more ATM fees. No more fumbling for cash after your haircut. Avoid that awkward moment as you tip your barber by easily paying and tipping through the app. When booking an appointment with a barber that accepts Mobile Pay, you will be given the option to add a payment method. You may also update your payment method information from the settings tab. You are not charged until after the time of their appointment once the barber completes the checkout process, though we do place a pre-authorization hold on your card to ensure the funds are available. These pre-authorizations are valid for 7 days.

Payment Methods

All major credit and debit cards are accepted through Mobile Pay. If your preferred payment method is not accepted, contact us at support@thecut.co and we will see if we can make it happen.

Fees 

A service fee of $0.95 will apply to any payments made through Mobile Pay.