DirectPay using StripeAdded: 17th Jun 2015
Category: Expert AdviceFor most events, Skiddle will use our own Merchant Account to process debit/credit card payments for your event. This means we handle everything on the payment side of things with no card fees payable - it's the most straight foward way of selling tickets.
If you prefer, we also integrate with Stripe, one of the UK's biggest payment processors. By setting up your own Stripe account, you can receive funds directly whenever a ticket purchase is made. The money is debited directly into your Stripe account, Skiddle do not handle the funds. Because you are receiving the funds direct, you can access the funds quickly, rather than waiting for your event to take place.
How does the buying process work?
- Customer visits Skiddle, places your tickets into their shopping basket.
- They then enter their card details and complete the order as usual.
- The ticket funds are sent to your Stripe account.
- Stripe will then settle these funds directly into your bank account, according to the agreement you have in place with them (usually on the 7th day)
- The order is available in your Promotion Centre as usual, with all your customer data/reporting, etc also available through Skiddle in one place.
What are the advantages of using DirectPay payments?
The main advantage is that you are paid on an ongoing basis, a few days after each sale, rather than waiting until after the event has taken place. This can improve cashflow for smaller events.
What are the disadvantages of using DirectPay payments?
As you are legally the 'merchant of record' for the transaction, should there be any chargebacks you will be liable for these, however we do have advanced anti-fraud procedures in place to prevent this. Also, you'll have a direct relationship with Stripe, who can impose restrictions on your payments if their underwriters deem your event to be at high risk of cancellation. This is unlikely for well-run events, and you can discuss this with them before you switch over. You will need to pay the small processing fee that Stripe charge (currently 1.4% + 20p for European cards)
Setting up DirectPay via Stripe
- You firstly need to create or link your Stripe account, visit the DirectPay page
- Click the button and follow the Stripe prompts - if you need to create a new account most of your details will be pre-filled for you, it's a quick process.
- Once you've connected, you'll see a list of events below - click the button to move the relevant event onto Stripe processing.
You're done! Payments will now arrive into your Stripe account automatically after each sale is made.
Important note regarding transaction verifications:
Within your Stripe dashboard/account settings you can change the options which govern how strict transaction checking is. We advise that you turn CV2 checking ON, and postcode validation OFF\DISABLED (this is the default). If you change these settings, it may result in an increased number of rejected transactions, or reduce the protection you receive.
This shows where to find your verification settings, under Rules:
Other questions
Q. Can we accept multiple currencies?
A. Currently we are offering GBP and EUR payments. We plan to support multiple other currencies very soon.
Q. How long will it take to receive ticket funds into my bank account?
A. Stripe settle funds on a rolling daily basis, 7 days after the transaction takes place.
Q. Are lower Stripe fees available?
A. If you are processing over £20,000 of transactions per month, please contact Stripe for bespoke pricing
Q. Do you offer Paypal/Braintree/etc integration?
A. After carefully comparing multiple payment providers, we have chosen Stripe as they have a reputation as one of the world's leading platforms. Stripe also carry out all the financial underwriting themselves, which means you can discuss how your event works with them direct. Stripe's fees are also up to 2% lower than Paypal.
___
Fees on refunds
When you refund a charge, the Stripe fees you paid to process the charge are also returned to you. If you refund an entire charge, all Stripe fees are returned, leaving no net cost.
If you partially refund a credit or debit card charge, Stripe proportionally returns the percentage part of the Stripe fees but the fixed fee (e.g., $0.30 in the US) still applies. For example, if you refund $50 of a $100 charge, Stripe returns $1.45 of the original $3.20 fee (using standard U.S. pricing of 2.9% plus $0.30).
After partially refunding a charge, the net cost to you is the same as if you originally charged that amount.
If you were charged VAT or GST on the Stripe fees, the VAT or GST tax is returned proportionally as well.
___
For more information, please contact our account managers on 033 33 010301
article categories
For most events, Skiddle will use our own Merchant Account to process debit/credit card payments for your event. This means we handle everything on the payment side of things with no card fees payable - it's the most straight foward way of selling tickets.
If you prefer, we also integrate with Stripe, one of the UK's biggest payment processors. By setting up your own Stripe account, you can receive funds directly whenever a ticket purchase is made. The money is debited directly into your Stripe account, Skiddle do not handle the funds. Because you are receiving the funds direct, you can access the funds quickly, rather than waiting for your event to take place.
How does the buying process work?
- Customer visits Skiddle, places your tickets into their shopping basket.
- They then enter their card details and complete the order as usual.
- The ticket funds are sent to your Stripe account.
- Stripe will then settle these funds directly into your bank account, according to the agreement you have in place with them (usually on the 7th day)
- The order is available in your Promotion Centre as usual, with all your customer data/reporting, etc also available through Skiddle in one place.
What are the advantages of using DirectPay payments?
The main advantage is that you are paid on an ongoing basis, a few days after each sale, rather than waiting until after the event has taken place. This can improve cashflow for smaller events.
What are the disadvantages of using DirectPay payments?
As you are legally the 'merchant of record' for the transaction, should there be any chargebacks you will be liable for these, however we do have advanced anti-fraud procedures in place to prevent this. Also, you'll have a direct relationship with Stripe, who can impose restrictions on your payments if their underwriters deem your event to be at high risk of cancellation. This is unlikely for well-run events, and you can discuss this with them before you switch over. You will need to pay the small processing fee that Stripe charge (currently 1.4% + 20p for European cards)
Setting up DirectPay via Stripe
- You firstly need to create or link your Stripe account, visit the DirectPay page
- Click the button and follow the Stripe prompts - if you need to create a new account most of your details will be pre-filled for you, it's a quick process.
- Once you've connected, you'll see a list of events below - click the button to move the relevant event onto Stripe processing.
You're done! Payments will now arrive into your Stripe account automatically after each sale is made.
Important note regarding transaction verifications:
Within your Stripe dashboard/account settings you can change the options which govern how strict transaction checking is. We advise that you turn CV2 checking ON, and postcode validation OFF\DISABLED (this is the default). If you change these settings, it may result in an increased number of rejected transactions, or reduce the protection you receive.
This shows where to find your verification settings, under Rules:
Other questions
Q. Can we accept multiple currencies?
A. Currently we are offering GBP and EUR payments. We plan to support multiple other currencies very soon.
Q. How long will it take to receive ticket funds into my bank account?
A. Stripe settle funds on a rolling daily basis, 7 days after the transaction takes place.
Q. Are lower Stripe fees available?
A. If you are processing over £20,000 of transactions per month, please contact Stripe for bespoke pricing
Q. Do you offer Paypal/Braintree/etc integration?
A. After carefully comparing multiple payment providers, we have chosen Stripe as they have a reputation as one of the world's leading platforms. Stripe also carry out all the financial underwriting themselves, which means you can discuss how your event works with them direct. Stripe's fees are also up to 2% lower than Paypal.
___
Fees on refunds
When you refund a charge, the Stripe fees you paid to process the charge are also returned to you. If you refund an entire charge, all Stripe fees are returned, leaving no net cost.
If you partially refund a credit or debit card charge, Stripe proportionally returns the percentage part of the Stripe fees but the fixed fee (e.g., $0.30 in the US) still applies. For example, if you refund $50 of a $100 charge, Stripe returns $1.45 of the original $3.20 fee (using standard U.S. pricing of 2.9% plus $0.30).
After partially refunding a charge, the net cost to you is the same as if you originally charged that amount.
If you were charged VAT or GST on the Stripe fees, the VAT or GST tax is returned proportionally as well.
___
For more information, please contact our account managers on 033 33 010301
