SCD WITH STRIPE SPLIT PAYMENT ON MARKETPLACE
A – Purpose
If you are a marketplace administrator, this is a deeply interesting solution for you, as it will save you time and earn money.
Save time and earn money by using the combined SCD and stripe connect API solution to make split payments on a multi-vendor e-commerce platform bluild with WordPress/Woocommerce and one of the marketplace plugins Dokan, WCMP, WCFM or WC Vendor.
B – Stripe connect
An online multi-vendor marketplace involves hundreds or maybe thousands of transactions every hour. Now, imagine the marketplace administrator sending payouts manually for every transaction involved to the vendor. This would have created mayhem. Thankfully, there are many third-party payment methods and resources in place to automate transactions. And Stripe Connect is one of them. The payment method has become a standard in the industry, empowering several eCommerce giants.
Stripe automates the payout process by offering a controlled flow of funds with Stripe Connect API. It can be integrated with eCommerce marketplaces to facilitate payments automatically. It is highly compliant, secure, and provides instant split payments charging a fixed percentage of money per transaction.
C – Autodetection and currency conversion with SCD
However, online shoppers come from different countries and the need for these customers to view prices in their local currency and even make payments greatly improves the user experience. Hence the need for an automatic currency conversion module. SCD – Smart Currency Detector is an extension that offers this functionality, but does much more than that, as it is compatible with several payment gateways including tripe.
D – SCD compatibility with Stripe Connect
By using SCD and Stripe, we provide you a customize solution that allow you as marketplace administor to make split payments on your plateform. During the payment process, the vendors automatically receive the sales fees in their accounts and the administrator the commissions due on each sale. The partition of the money between the administrator and the vendors depends on the scenario that the administrator decides to implement on his platform.
E – How to get this feature in your marketplace?
We will support you in the realization of your scenario according to your needs. With the implementation of this feature for your marketplace, you save time and earn money also improve the user experience for buyers and vendors. If you are interested by this solution, you can write to us directly in the chat room available on the site or send us an email at email@example.com or call us on +49 176 63639750.
F – How does Stripe Connect work?
Primarily, Stripe Connect requires each user to have an individual Stripe account (called a connected account) for transactions in a marketplace.
Users can either create a new account or add an existing Stripe account to the marketplace during registration.
When orders are placed simultaneously using stripe accounts, the Stripe Connect Split Payment API instantly splits the charged order amount between sellers and the admin.
G – How refunds/returns are managed through Stripe Connect?
Also, refunds/return requests can be entertained through Stripe Connect. For instance, when the refund request is initiated by the buyer and approved by the admin/seller, funds will be automatically credited to the credit/debit card originally charged. In case, the connected account and platform’s balance is negative or insufficient, the refund status will be set to pending. When funds are available, Stripe Connect Split Payment API will automatically process the refund, changing the status to successful.
H – Benefit
Instant onboarding and verification – The Stripe Connect API follows dynamic Know Your Customer (KYC) checks, real-time screening, and other sanctions to approve new users. Moreover, it offers instant onboarding for existing businesses and individuals already using Stripe.
Accept payments internationally – Facilitate the flow of funds between users and marketplace seamlessly even across borders with Stripe Connect. It accepts 135+ currencies globally, ensuring a truly scalable business.
Smart payouts – Collect commissions, schedule payouts, and automatically transfer funds from buyer to seller instantly. Payouts by Connect eliminate the need to track and transfer funds manually.
Reduces transaction services cost – Stripe Connect charges a nominal 2.9% + $0.30 per transaction on credit card processing and an additional 0.6% fee on each transaction involving an international credit card. Without split payment the administrator will have to make several transactions when manually paying the sellers involved in the purchase. With split payment each vendor involved in the purchase bears the costs of the transaction.
I – Conclusion
SCD with Paypal split payment – Just as stripe offers a split payment solution for marketplaces, we can also implement for you an automatic split payment solution with Paypal.