Understanding payment management with Stripe
Stripe is a solution for accepting payments online. Stripe is a versatile payment solution that offers several payment services such as:
payment management on marketplaces with Stripe Connect
Stripe is available today in 135 countries and can receive payments in several tens of currencies, details of which can be found here: Lists of currencies supported by Stripe.
In order to meet the specific needs and constraints of marketplaces that involve more complex payment flows (escrow, split of funds, etc.), Stripe offers a complimentary service called Stripe Connect.
Stripe Connect on Kreezalid
Kreezalid natively integrates Stripe Connect as a payment solution for your marketplace.
The configuration of Stripe Connect on Kreezalid is Custom Account. You can learn more about using Stripe Connect with Custom Accounts here.
This means your vendors don't have to create a Stripe account of their own. They will use Stripe seamlessly on behalf of your account.
Your marketplace’s providers onboarding with Stripe Connect
Stripe's onboarding flow for your providers
When you onboard vendors to your marketplace, they will be asked to complete identity information to be able to collect payments on your marketplace. If your marketplace has users from different countries, they might need to fill in different information.
About Stripe's Capabilities
Stripe's capabilities framework is a process for controlling the amount of information your marketplace collects from each supplier. Depending on the location of the suppliers, they may need to fill in different information when they sign up to your website to respect their local regulation. With this mechanism, you can collect and verify your vendors' information and respect the mandatory requirements imposed by their local government regulations.
Stripe's identity verification flow has been integrated with Kreezalid so the information is collected automatically.
When a provider creates his first listing, he's invited to complete his information with this message:
This notification (also available in the provider's dashboard) allows your provider to access a two-steps form :
The information collected is sent to Stripe to automatically create the provider's account and keep his information up to date.
The alert message remains visible at the top of the site as long as the user has not completed his information. During this period, Stripe cannot collect the money on behalf of the seller.
Important note: His listings are visible, but the purchase button is not displayed on his listings, so his products or services cannot be purchased. If no purchase button is not displayed on your vendors' listings, make sure that they have completed the information required by Stripe.
Until the identity verification process is completed the vendor account will be marked as Restricted in your Stripe Dashboard :
This means additional information needs to be collected to enable payouts or payments. Hovering over the status badge in your Stripe Dashboard displays:
Which capability is disabled (payouts or payments)
What information is required to enable the account
Managing Connected Accounts with your Stripe Dashboard
You can use your Stripe Dashboard to inspect all transactions made on your marketplace. Some common tasks supported by the Stripe include:
Viewing all accounts
Updating account information
Sending funds to accounts
Perform manual payout
Perform manual refund
To know more about how to manage connected accounts and transactions with your Stripe Dashboard, here is the documentation you can read.
Updated on: 17/03/2023