Owners’ money
Owners pay your firm directly.
Factorly never receives or holds owners’ money and takes nothing from payments.
How a payment travels.
Owners pay into your firm’s own payment account, which pays out to a bank account your firm chooses. Factorly is software only and is not in that chain; your staff and owners use it.
How a payment reaches your firm.
- Your firm chooses its provider
- Stripe for card payments, and Bacs Direct Debit once it’s enabled on your Stripe account. GoCardless Direct Debit is being enabled, and we confirm availability during set-up. Whichever you use is connected to your firm’s own account. Or record receipts yourself and connect nothing.
- How a card payment works
- When your firm has connected Stripe, an owner’s card payment is made on your firm’s own Stripe account. Factorly sends the payment request and records the result. The money goes to your firm’s account.
- Direct Debit
- When your firm has Bacs Direct Debit enabled on its Stripe account, Direct Debit payments are collected on that account in the same way.
- Until it’s paid out
- Payments sit in your firm’s balance with its provider until the provider pays them out on its own schedule. Refunds, chargebacks and the provider’s fees are settled from that balance under your firm’s agreement with the provider. For Stripe payments, Factorly records the full payment against the owner and shows the provider’s fee separately, so you can match each payout to your client account. A refund made directly with your provider isn’t picked up by Factorly, so record it against the owner’s account too. Before you go live, we’ll go through how your firm handles refunds and chargebacks.
- Where payouts land
- Each payment account pays out to one bank account your firm chooses, such as your firm’s client account, or a separate account for a development if you keep one. With Stripe, each development can have its own account. Your management fee is collected with the common charges, so it arrives in the same payout; your firm transfers its fee to its own account as it does now.
- Payments you take another way
- Bank transfer, cheque or anything else: record the receipt in Factorly and the owner’s account updates.
- Factorly takes nothing from payments
- Factorly takes no percentage of any payment and adds no fee to it. We charge your firm for the software, billed separately, and nothing else.
- Floats and sinking funds
- Floats and sinking (reserve) funds stay in your firm’s own bank accounts. Factorly records sinking fund balances against each development so you can report them.
- Contractors
- Contractor invoices are recorded against the job. Your firm pays them; Factorly doesn’t pay anyone.
- Checks on every release
- Every release is checked to confirm owners’ payments can only reach your firm’s account.
Card details are handled by a PCI DSS Level 1 certified provider and never stored by Factorly.
Questions about payments.
Does Factorly process payments?
Payments are processed by your firm’s own payment provider, under your firm’s agreement with it. Factorly sends the payment request and records the result; it never receives or holds the money.
Who pays the provider’s fees?
Your provider deducts its fee from each payment under your firm’s agreement with it, so the payout is the payment less that fee. Factorly shows the fee separately. How your firm accounts for those fees is a matter for your firm.
Can different developments use different accounts?
With Stripe, each development can have its own account, or several can share one.
This page describes how Factorly works. It isn’t legal or financial advice. See also Security.
Owners pay your firm, not us.
Payments go to your firm’s own account, through your firm’s own provider.