How can I accept Stripe payments?
All Bonanza sellers can set up Stripe as an option for receiving payments from buyers in the booth settings. Point your mouse over the "Selling" link in the upper left-hand corner of any page, then select "Booth settings" from the drop-down. Click on the "Payments & purchases" tab, then select the Stripe payment option and click the blue "Connect with Stripe" button to log into your Stripe account to connect it with your Bonanza booth for receiving payments. If you don't already have a Stripe account, you will be able to sign up for one during the connection process. Once Stripe is connected in your booth settings, buyers will then have the option to submit payments directly to your Stripe account when completing checkout.
Are there any limitations to accepting Stripe as a payment option?
- Sellers must also have PayPal payments enabled in their Bonanza booth in order to accept Stripe. Both payment options must be in good standing and available for check out at all times.
- Stripe is available for business in over 20 countries and accepts payments from buyers in every country using most major credit and debit cards. Payment options vary by country, so be sure to check with Stripe to see what payment options are available for your account.
- If your country currently isn't supported by Stripe, you can sign up to receive notifications from Stripe once your country is available
When will I receive Stripe payments in my bank account?
Bonanza does not place any holds on payments. New Stripe accounts will be subject to a 7-day verification window while Stripe confirms your bank account details before payout. For subsequent payouts, US-based sellers will be paid out on a rolling 2-day schedule. International payout schedules vary by country.
What are the fees associated with accepting Stripe payments?
Stripe charges a fee of 2.9% + $0.30 per transaction. Depending on volume, you may be able to negotiate a better rate by contacting Stripe's support team to discuss your options. Bonanza does not charge any additional fees for processing payments via Stripe aside from our standard final value fees.
If currency conversion is necessary (i.e. the charge currency differs from your payout currency), Stripe will also apply a 1% conversion fee.
What happens if I need to issue a refund or resolve a dispute for a Stripe payment?
Bonanza has no hand in the financial part of a transaction. Instead, buyers pay sellers directly. Refunds and disputes can be managed directly from your Stripe account dashboard. Sellers may wish to consider utilizing Stripe's Chargeback Protection to assist with managing fraudulent disputes.