Stripe Connect Express How it works?

i'm going to explain about um what is stripe connect i mean the introduction how does the stripe current kyc works and um how does the payment which is in our term we call it as a pay and then the payout balance and additionally as a bonus point how to use their meta feature to add extra details so what is stripe connect so so to do a comparison initially when you do a payment yeah i mean when you initially when you just uh do a normal strike things when a buyer in a marketplace circumstances yeah when a buyer pays uh in non-market places when the buyer pays the money directly go to the who owner who owns this stripe account yeah this that's like a normal every payment gateways for example you have pay you or or uh there are like many many normal um payment providers yeah that's how it works the difference for the strike payment stripe also provides that but the difference between the strike payment under the strike current is that when the money flows the buyer money can be sent to a multiple diversions multiple diversion in the sense that from a buyer default stripe will take its payment fee the buyer can send some money i mean like the stripe connect which allows you to split yeah i'm repeating you can split the money to a platform for example let's say you own um daily europe so you you can send the money to your your daily euro and you can send some money split the from money to our delivery boy and then you can also send money to a restaurant yeah so let's see an example for example a buyer spend 100 stripe will take its processing fee this will vary by country and then let's say you have a 10 percentage commissions so the 10 percentage commissions it goes to your platform then the rest of the money will goes to the seller when this money goes to the seller this is called payout so when this payout happens stripe also charge a fee for payout so to do this payout at transaction on behalf of you they will do a charge additionally on top of that they will also just to maintain the seller if the seller is every month he is getting like he she is getting like a minimum of like a one payout every month they stripe will charge like an account management fee okay so so this is the introduction so i'm now i'm going deep inside how the payment uh the payout the kyc everything is gonna work so first let's say you are a marketplace yeah you will sign up i think i i i'm sure there are like many videos who show about like how you can um sign up and all those things yeah so first is that after you connected uh the stripe connect with your um your marketplace the first process or the first implementation you will do is that integrating their stripe kyc for example in our marketplace we did we have this page yeah in our marketplace i mean we are a marketplace builder so for our clients we have these two features for standard and express so for standard it's just like an oh yeah it goes to the stripe people will have their own stripe account it's just authorized and come back come back with a message that okay your stripe is connected for express what's going to happen is that for express and custom what what's going to happen is that you don't use your sellers or restaurants or drivers existing stripe thing for your platform you're gonna have a new stripe uh connect express account for this sellers so that's why we say every users will have stripe account automatically created under their story whichever the email they register they will haven't um account created but is that mean that the account is authorized to receive the money no that's where they need to connect so when they wanted to do the connect how it's going to work is that um it will do something you will do some sort of like an apa calls that will send to them to the strike panic onboarding so let me show you this is how how the page looks if they're in a mobile it goes there is they ask the number email all those things then finally verify you know also ask the bank details etc just to make sure um they can receive um the money let's say if somebody goes and do few steps and then if they if they don't do the uh other steps stripe will keep sending an email for example you can say update your stripe account to receive your funds when the i mean currently in our marketplace builder when we created a stripe connector like our we can say stripe seller account uh for our sellers i mean for our client sellers from the from the first day on stripe will start sending them please update your information to continue receiving payments or like update your um stripe account to receive your funds they will do all these reminder emails so they they take care of all this job okay so we have an image as well which says user sign up in the app it becomes a seller or a seller account seller tries to do an onboarding on the pin payment page they go to the kyc page uh if stripe uh if stripe detects the user is already registered it will just just authorize if they have not it will send all these um reminder emails then only after they do the onboarding is finished then only they can receive payouts even when we do some system triggers telling that okay send the money to uh the seller the system will not be able to get a successful um response from stripe it's because they haven't finished the stripe onboarding if you wanted to know more about especially about the kyc you can go to our documentations i have i will put these in the description this is how however strike kyc works so now the there are like few questions which usually people will ask we have those answers here as well so you can just go through um so now the kyc is finished the seller now is is eligible to receive the payouts then what else okay now let's go to the buyer side let's say buyer as usual oh yeah as usual they will go and then um so i can just close this um they go they buy just a minute i mean i can't put my company email as well but this is where i have connected strive so i just just click i just buy no card i buy i don't want to do all the steps um let's just delivery yeah when i when i do when i do my strike and then i can enter my stripe cards yeah so when i enter my stripe uh this is just a default test card give you can also find the start so the order is created how much is my order i think it's 93 so it should be here or i have an another account which is like a client test account so i'm going to be able to open that but anyway so when the order happens um so the money is in the stripe account what's going to happen is that so now strive will will will take its processing field initial they will they will first process this i can show this calculator as well how you can calculate how much is the fee they're gonna take on all those things we have like few example for example hong kong us uh how much they charge so let's take um us yeah in the major users strike using solid for example the amount received from our customer is a hundred dollar strike take its fee of 2.9 percentage yeah this for us and then they do did they charge two type of fee one is uh variable fee which is in the percentage and then also a transaction fixed fee as well so this is the amount this is the amount they're gonna take it for the payment so this just just this part is the payment thing yeah now it's the payout so now in the platform account the balance is 96.80 in the 96.80 let's say you are taking a platform commission of like 10 10 percentage or even if you apply some fixed fee you can do that but anyway so when you take that then the seller is supposed to get 95.83 uh 8-0 then when you initiate this transaction strike will take out a payout fee uh which is also a fixed and uh sorry variable plus fixed and then they take this money then the balance goes to the seller here when you do this payout one by one from your system i mean through the api calls and all those things they uh the charges are different but they also allow some aggregate payouts okay so i will share the link you can read more about that so you can aggregate the payout and send as well yeah at the time you will be able to reduce some prices so now i just covered um how does the payout work so we are in the balances now in the balances we can see like like as a marketplace um owner uh how much is your balance and all those things they could have done this ui bit um clearly so so so i mean they don't have like a from here they don't have like where exactly um you need to go and change your payout schedules yeah this could be done in a better way but anyway so you go from here automatically send daily there is two ways as i told you you can you can you can you can you can do your payouts by automatic or manual where you need to do automatic and where you need to do manual automatic is like um where you don't have some sort of like a conditions uh with the seller that okay the seller need to do uh for example the seller need to deliver a product or deliver a service then only they should receive um the payouts and all those things if you don't have those kind of things then you can just do like automatic especially for digital products it's just like when people people buy a digital product the money just go out yeah or the courses when people buy the courses the the courses is delivered to the the buyer and the money can be automatically like like i mean they can on the same day the the course provided the tutor they can receive the money but in a physical marketplace there need to be conditions after the item get delivered only you can do it so for example in our marketplace builders we have um we have these uh settings where what we do is there um sorry uh what what what we do is that i mean this image may not be easy to understand i mean just for you but i'm explaining yeah so we we tell that this is called a transfer job we tell that only after the seller delivery confirmed status i mean the from the seller the delivery status is confirmed then run the payout okay and you can do some chrome jobs to tell that how many times you can do the uh payout or you can even change status whether maybe after the item gets shipped itself you can then just do the payout and all those things let's say the item goes okay the item goes uh to the buyer um and then the the person do a uh uh return initiation then the item come back so are you gonna do a payout you can't do the payout yeah because the item is got uh um is is it's like broken or like something else yeah so you need to do this job called reverse transfers previously i mean all this um process they call it as a transfer job from buyer to sell all this money so when the when it's when it's the failed transaction then you need to do a reverse transfer or even before the item gets shipped i mean this is our logic your logic can be different but i'm telling in our logic we tell that if the item uh before even gets shaped the when the when the customer um cancel the order you need to redo the reverse transfer then the money doesn't go to the seller it goes back to the buyer itself yeah this is how how a stripe current works so in your back and also this is how how you can configure so if you want to do your custom triggers and all those things you need to use the annual one because i mean in logically if you automatically automate this you don't control this payoff right but so only if you make it manual manual means it's not like you you go to i mean of course you can go to the system and do uh payouts as well especially if you're a small company but for a bigger company it need to be a systematic sorry you need to be systematic so so so you can configure logics like this yeah so uh and then one more thing there are cases where the the final i came to the final stage where it's about the metadata but there are cases where the the marketplace owner wants to see uh where is it just how it was test mode um wait all transactions sorry just a minute okay sorry i need to move the test mode uh okay so all payments so there are cases where the marketplace owner may not know for for for which order is this thing i mean um for which order this payment came in they may have some sort of unique identifier in the system which are the system you use here so at the time you can use this meta details for example here if you see here we send details like order reference this is the store name and who is what is his email and carter and all those things so you can do some cross check with your system and also when the payout goes out you can you can use this information to refer because by default they just give this transfer group you need to click this transfer group to find out the uh whether this user uh is payout whether the further for the seller the paid has been initiated or not yeah i hope this um shares you about how how strike connect works i know i gone bit faster but if you have questions any specific technical or non-technical um you can just uh drop in the comment if you are like it uh subscribe to our channel we going to share more about like not just using our marketplace marketplace builder like like even using like like even if you are building something on your own we want to share more about like how you can um build your marketplace and how you can structure your pain payouts or like even the revenue model logics and all those things we share i mean for us we it's it's all those things are um it's and i can show you we are deeply integrated with the stripe connect so it's easy for you to do the all this running configuration this comes out of out of box let's say if you want to have like different commissions per category or however you want i'll just show you quickly so you just go to uh settings and then you go to the revenue model which is the commissions you can configure like different commissions whatever the value you put underneath whatever in your configure the fixed slap a category all those things you can do this configuration this we gonna behind logic this works with this right and also if you wanted to initiate some subscriptions yeah and we have done it so when you enable this thing enable this thing um if somebody haven't posted uh if somebody wants to post on this thing they need to pay the subscription before they can uh post a little listing and then we have some special fees as well for example maybe you yeah your seller uh post a product for 100 then you may want to do like some additional free additional on top of the uh listing for example an additional ten dollar additional uh variable fee then the listing becomes 122. that's all how we have done and also from your end user perspective you may want to have functionalities like um where is it my sales you want to have like this this comes from your stripe and uh and also i mean like how does the commission uh calculated by the platform owner and how much is the sales how much is the transaction fee should be here i'm sure it's not there yeah even if you click here you can just go detail and then see those orders and all those things yeah thank you

Channel: TRADLY PLATFORM

Views: 1,265

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Id: rCN4auGW4X4

Length: 16min 47sec (1007 seconds)

Published: Sat Sep 25 2021