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Whether you are business owner or blogger that monetized your site. You want to be able to process payments from a painless online payment provider. Stripe is an efficient tool for processing online payments. What is stripe? Stripe is an American financial services and software as a service company based in San Francisco, California. The company offers payment processing software and application programming interfaces for e-commerce websites and mobile applications.
Stripe allows you to transfer money from a customer’s bank account into your business’s account by way of a credit or debit card transaction. Customers can just use their mobile phone number to pay in subsequent transactions if they choose.
How to Set Up Stripe
I. Click on the gear icon in the top left corner.
II. Click on Accept Online Payments.
III. Click on Connect next to Stripe.
IV. If you already have an existing Stripe account, click on Sign in the top corner.
*If you do not have a bank account on file in Stripe, you will need to add one before you receive payouts.
How to Get Paid On Stripe
I. Log into your Stripe Dashboard and go to Balance-payouts.
II. Click “Pay” out funds instantly.
III. Enter an amount to pay out and select the debit card to which you wish to transfer funds.
IV. Click “Pay out” button to complete your Instant Payout
- Generally the first payout for every new Stripe account is typically paid out 7 days after the first successful payment is received. The waiting period can take up to 14 days for specific business industries. The delay allows Stripe to mitigate some of the risks inherent in providing credit services.
Does licensing affect your usage with Stripe?
As a Stripe account user if you have not established a separate business entity to do so. Stripe supports the following alternative business types that you can choose from when signing up: Sole proprietorship: if you do not have a separate entity and operate by yourself.
More Reasons to Sign Up For Stripe
Pricing for Stripe is 2.9%+$.30 per successful transaction. The transaction fees are set this way to offset by both the lack of signup or monthly fee. The transaction-based pricing model means that you only pay for processing services. So the notion here is that the monthly overhead is low. Stripe is also great for simple integration. Stripe has broad support among all the major eCommerce platforms such as WordPress and Shopify. Integrating Stripe with your cart software is generally as simple as copying and pasting in your secret keys found in your Stripe dashboard.
I believe in being transparent. I recently had issues with Pay Pal so I am moving over to Stripe for online payments. If you are still using Pay Pal that is totally fine. The next video I am sharing in this post discusses the difference between Stripe and Pay Pal.
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