If you're the type of marketplace owner who prefers automation and less manual touch Stripe Connect is the best option for you! With Stripe Connect, your providers create their own Stripe Accounts and own the relationship with Stripe. You and your providers will receive your portion of the funds from each transaction. You, the marketplace owner, are not required to manually disperse funds, you simply set your commission fee and watch the cash roll in!
Setting up Stripe Connect
1) First, you'll need to create a Stripe Account if you don't already have one. You might be asked to complete your business profile as part of the onboarding, if so fill in with the necessary information. Click here to create your account.
2) Once you've created an account, access the Connect section to register your platform. You can do this from your Dashboard Home (1), by clicking on the More (2) button on the left-side panel, and then on the Connect (3) option. You can also access via this link.
3) On the next page, select Get Started, and then on Continue.
4) Select Buyers will purchase from you. Then click Continue.
5) You will then be asked to Review and confirm responsibilities. Click on Review to continue.
6) Confirm your acknowledgement in the checkbox and click on Continue to proceed.
7) Select Payouts will be split between sellers and click on Continue.
8) Select the best option that matches your business or Other if you're not sure, and then click on Continue.
9) Select Embedded onboarding components and click on Continue.
10) Select Embedded onboarding components (again) and click on Continue.
11) Confirm your acknowledgement in the checkbox and click on Continue to proceed.
12) Click on Continue to finish the Connect setup.
13) Activate your account if you haven't already. You can access the onboarding link here. You will be asked a series of questions about your marketplace business. Complete each step to verify your business.
15) Once you've completed filling out your business details, your account will be activated. You're all set!
IMPORTANT: Make sure that the Payout Schedule is set to Manual after setting up the Stripe Account. Setting the Payout Schedule as Automatic will generate issues when handling the payouts to customers!
16) Access the Balances section from the left side panel, and click on Manage payouts from the dropdown menu on the top-right side, and lastly on Manage payout schedule.
17) Make sure that the Payout schedule is set to Manual, and click on Save.
You can find Part 2 for this article here: Stripe Connect - Part 2 - Finish setting up your account
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