Add Stripe to your website & receive payments directly – meaning you can lock in those big b'days… corporate celebrations… bridal showers when the time is right (ensuring they don’t pldace a deposit with one of the other 2,3,4 places they contacted!)
Contents
- Why Stripe?
- How to Set Up Your Online Payments
- Credit Card and Banking Details
- Revoking Access
- Pass the Processing free to the Customer
If you would like customers to make transactions through any of SpotHopper's services, you will need to set up a Stripe account. SpotHopper uses Stripe - a global payment processor and financial solution - to transact payments.
Why Stripe?
They are trustworthy
With over 35,000 businesses using Stripe to process online payments they must be doing something right, and it is worth mentioning that they are highly used by many Fortune 500 companies. When it comes to running a business, you can customize your payment system to match your unique payment flows, ensuring that everyone gets paid the right amount in the right way at the right time.
It's reliable
The internet never sleeps and when money is involved, downtime can be detrimental to your business. As such, Stripe’s 99.99% uptime is greatly beneficial. Stripe’s easy sign-up process is specifically tailored for marketplaces, so anyone can join in no time.
It's versatile
Stripe Connect supports nearly all debit and credit cards, as well as direct debit and ApplePay – in over 130 currencies. They also do prepaid and gift cards, which are not as common.
So, if you want to bill your customers for their takeout orders, merchandise they can buy over your website, tickets for events, or anything else you want to sell over your website you will need to set up Stripe!
Stripe offers a number of different payout schedule options. You can choose to automatically have your accumulated funds paid out daily, weekly, or monthly. You can also set a custom payout schedule by setting your payout schedule to manual and building a custom schedule on your own.
Transferring funds from your Stripe account is quick and easy right from your Dashboard.
- First, login into your Stripe Account and navigate to "Transfers"
- Next, click into your Settings Tab
- Within your Settings tab, you can:
- Connect your bank account
- Set up an automatic schedule to deposit funds to your bank account
- Set up a manual transfer of funds into your bank account
Note: Although you can set your funds to transfer on a daily basis, your first payment can take 7-10 business days to go through. After your payment has successfully transferred, your schedule will be applied.
Note: Your Stripe account needs to be linked to the bank account that handles your finances.
One of the advantages is that SpotHopper does not charge you anything on top of the small credit card processing fee that Stripe takes. They charge you a flat rate of 2.9% + 30¢ per successful charge as long as you're doing under $1 million in volume per year. SpotHopper takes no kickbacks from Stripe whatsoever. All things considered, you are getting "more for less" if you compare this option to systems like GrubHub, Postmates, UberEats, etc.
However; in order for us to have our online ordering system we do charge a $1 for take out orders and event tickets, but you can pass this to the customer in certain states. (If you have Event Planner this $1 fee is waived for ticket sales)
How to Set Up Your Online Payments
1. Navigate to the "Banking/Online Payments" tab Under the "Your Info" section - this where you you can access Stripe for your SpotHopper account.
2. The page will show the following:
3. After you click "Connect with Stripe", you will be taken to the page where you can either connect your spot with an existing Stripe account or you can fill in the necessary information and create a new account.
To create an account the 3 main things you will need are:
- Last 4 of your Social Security Number
- EIN (Employee Identification Number)
- Banking Account Number and Routing Number
If you already have a Stripe account set up for your business in order to receive payments, you just need to click to 'Sign in' and you will be taken to Stripe's website where you will be asked to enter your email and password.
In case you don't have one ready, you can enter the necessary information and set it up on the spot.
If you click to 'Learn more' you will be taken to the StripeDOCS that explains the procedure more thoroughly - activating Stripe, updating your information, and keeping your account safe.
You can create your Stripe account on the spot. The process is easy and self-explanatory throughout. You are required to enter all the Business details (address, phone, type of business, etc.) correctly.
Bear in mind that an individual or sole proprietor must activate their own Stripe account. If you’re completing this form on behalf of someone else, please invite them to become an administrator and complete this form.
Credit Card and Banking Details
Securely connect your bank account with Stripe.
The 'Your company name' that you enter is the one that the transaction statement will show. Ideally, it should be the name of your Spot.
1. Two-step authentication is used as a security protocol when you are accessing your Stripe account.
2. After you enter all the required information, you will be able to click the blue button to 'Authorize access to this account'.
3. After you authorize the access to the account, you will receive an email asking for verification, so Stripe can verify that it is really you making the account.
4. Once you click "Verify email address" you will be ready to start processing your online payments!
Note:
- Catering and private party/large group deposits are also possible through Stripe.
- If you have successfully created a Stripe account, but because of a bug it did not connect to SpotHopper, simply log onto Stripe on the "Banking/Online Payments" page, and it should connect.
- It is possible to disconnect SpotHopper from the Stripe account but to do so you have to access Stripe itself.
Revoking Access
You can revoke SpotHopper of its access to Stripe at any time from the Settings > Authorized applications area of your Dashboard in Stripe itself.
Note: Stripe will show all the connected applications with their access type and the date of approval. Clicking 'Revoke access' will remove the application from the list and effectively disconnect it from SpotHopper.
Pass the Processing Fee to The Customer