Stripe Connected Accounts

eteb3

Free Member
  • Jul 18, 2019
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    Anyone got experience with this Stripe service?

    I'm about to sign up to an online marketplace and they give this as an option for me as seller.

    I'd rather deal direct with clients tbh, but if Stripe is good maybe it's better for me and client?

    Thanks.
     
    I'm about to sign up to an online marketplace and they give this as an option for me as seller.
    Yep, we do this as an ecommerce platform provider.

    Firstly, Stripe is a good platform and has a wide range of services from ID verification and anti-fraud tools. So would recommend.

    As for Stripe Connect; this can vary depending on the ecommerce/marketplace provider and how they operate.
    For us, we have all options set for the merchant to deal direct with Stripe and all settings, etc, are under the merchant control and between them and Stripe. What we get out of it is access to connection logs, transaction details and the sort of stuff from our clients Stripe accounts that enables our support team to better support our customers in the event of any technical issues.

    On the flip side, my daughter uses a platform built for her industry where the Stripe Connect partner receives all payment funds, handles payments, and passes my daughters 'revenue' once a week for what she has received in booking payments. In that scenario my daughter has no direct relationship with Stripe, but it works for her. For me in my business, I didn't want that responsibility and opted for the route we did purely for a tech support perspective.
     
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    Thanks @Ozzy

    I would definitely be in your daughter’s position here. Just wondering if it’s worth much to me if I can take cash or a bank transfer. That’s from my pov though: it may be customers feel more confident with it.
     
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    With both options the customer still pays via Stripe, which is fine. The only difference is the payment terms, and she doesn’t deal direct with Stripe and doesn’t have any admin interface to view payment details etc . My daughter pays 1% lower Stripe fees than we get which I presume is because her platform provider gets better bulk rates their way.
     
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    Stripe is Ok and as your turnover increases you can negotiate the rate.

    Using a proper merchant account, with a turnover of about £1.5k+, would probably be half the cost at the start.
     
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