Stripe/Payment Configuration

So I have worked out all the functionality of my website and the final cog to the wheel is embedding a marketplace where payments can be processed.  I have downloaded the Marketplace app and embedded it into the individual profile pages.  I have also downloaded the Stripe App.  I am having a tad bit of trouble configuring processing payments through the Stripe application.  The reason for this is I intend to take a percentage of every transaction.  Would this be resolved by putting in a percentage in the "One Time Fee" field of the Stripe settings?  Also if I only have Stripe as a payment processing option when a user "Adds Product" to  their embedded marketplace, will all of the settings I put into place via the Stripe application apply to that?

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Replies (5)

    • For now, every vendor enters own payment details and receive payments directly to their payment provider account. However we're going to add some functionality to take some % of every purchase in the Market.

      • Hello

        By default we have integration for Stripe in Payments App and also we have Stripe Connect App:
        1. Payments App doesn't allow site owner to take percentage from sellers. It doesn't matter which payment provider (PayPal, Stripe, ChargeBee, etc) they use. In this case each seller specifies his own details and receives payments directly to his payment account.
        2. Stripe Connect allows to connect different Stripe accounts to one Main account. In this case you (as site owner) would be able to take percentage from any transaction (Market, or any other payments related app). You may read about setting up this app here.  Also I recommend you to read more about Stripe Connect technology itself on official site. 

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        Best Regards
        Anton

        • M

          Thanks for getting back to me.  Any idea when that functionality will be integrated?  

          • M

            Thanks for getting back to me Anton.  Good information!  I appreciate it.

            • There are three different approaches to setting up a Marketplace. 

              One is to collect all payments and then send out Vendor comissions after the site operator covers their transaction costs and profit margin (similar to codecanyon, creativemarket, UBER, and even Amazon). This method is highly controlled and generally leads to better sales, but creates most support overhead for the site operator. 

              Another approach is to allow vendors collect fees themselves and invoice for then separately for any market fees or charge a vendor subscription fee. This is similar to eBay, AirBNB, most real-estate sites, classified ads sites. This method is most liberal, but it complicates checkout due to multiple vendor accounts. It is the least cumbersome in terms of support for the site operator. 

              And finally the integrated way, using a purpose-built “marketplace” processing backend like Stripe Connect, where the marketplace operator has some control over the integrated vendor accounts, but they still can issue their own refunds, manage payments and withdrawals via Stripe dorectly and be somewhat containerised from each other. This method is perhaps most robust, but the main drawback is international adoption. There is no one system that would allow vendors from most countries to open marketplace suaccounts. Often vendors from Eastern Europe, Middle East, Africa and Asia are cut off. Depending on your geographical targeting t may be a deal breaker. 

              We want to cover most of the available scenarios, and Stripe Connect module is already available for custom configurations. Note, that it’s not an out-of-the-box setup - each marketplace idea needs to be assessed and configured depending on specific qualities. 

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