Stripe Connect- The Smart Choice
Revolutionize vendors payout with Stripe Connect
Free Installation
Installation Duration : 10 to 12 Business Days
What is Stripe Connect
In pursuit of simplifying digital payments worldwide, Stripe came up with Stripe Connect. This payment platform is custom-made to suit the needs of entrepreneurs building an online tutoring marketplace. Stripe connect ensures smoothness and seamlessness in the payments domain of your website. It allows you to split funds between multiple users, instantly handle payments across borders, and specify your earnings on each transaction.
Why use Stripe Connect?
The cutting-edge features of Stripe Connect ensure the proper support for your online tutoring marketplace to grow. Here are some of the best features:
- Stripe Connect lets your customers accept over 135+ currencies and a bag full of popular payment methods worldwide.
- It allows your customers to offer payments online, by invoice, or at the point of sale.
- Connect’s global routing and payout engine makes it possible to make quick payouts to the tutors on your website. The system is so efficient that it allows you to make instant payouts in some cases.
- As the admin, Stripe connect allows you to keep complete records of all transactions without nasty paperwork.
- Gives you the power to decide how frequently you want your tutors to get paid.
Best suited for
The Best part of Stripe Connect is that it is not limited to the businesses of a particular region. Stripe Connect has to offer three types of accounts according to the geographical location. Standard, Express, Custom.
- Standard accounts: These accounts can be created in any country that supports the usage of Stripe.
- Express accounts: These accounts are tailor-made for people in the USA. An Express account can only be made for a user in the USA.
- Custom accounts: Custom accounts cover a greater sphere of audience and are considered the most popular of the three. It can be created in Hong Kong, Japan, European countries like Belgium, France, Germany, Italy, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom, Western countries like Canada and the United States of America, Australia, etc.
Frequently Asked Questions
How can I find out if my country is supported by Stripe Connect?
Stripe Connect is accessible in every country where Stripe can be accessed. Stripe can accept payments from 180+ countries. To run a check if Stripe is accessible in your country check here.
Where do I sign up?
Go to the upper right corner of the website and click the sign-in button, scroll below and click the option of Sign-up. The system will guide you through the next steps or you can directly click here.
How to make cross border payments?
The process is similar to the regular transfer process. Here are a few details that you must keep in mind.
What are the settlement currencies that Stripe Connect supports?
Some of the most popular countries whose settlement currencies Stripe Connect supports are Australia, Austria, Belgium, India, Italy, France, Japan, and more. Refer to this link for the entire list of countries.
If my tutors are from different countries - can I on-board tutors from multiple countries? Because I have to settle their payments in their own currency. Which are the countries I can on-board the tutors from?
With pre-built conversion-optimized UIs, you can onboard different users from different countries in your platform. The number scales up to 35+ countries. It lets you deal with 35+ currencies. To know the details visit here.
How does the funds flow inside the stripe connected account?
Stripe Connect uses destination charges as the mainframe. Refer to this link for more.
How many Payment Methods are available in Stripe Connect?
BY default Stripe Connect supports only credit & debit card gateways. If you want to include additional payment methods like wallets, bank transfers- then you must customize at some additional cost. Once you customize you will get options to choose between ACH, Alipay, Apple Pay, Bacs Direct Debit, BECS Direct Debit, FPX, OXXO, SEPA Direct Debit, WeChat Pay.
What are the requirements to create a custom account?
There are 3 main steps to create a custom account
- Identify the country to use
- Create your account
- Complete the identity verification.
To get the complete details visit here.
How much does Stripe Connect charges as transaction fees?
Stripe has a different transaction fee for different types of payments which you can find here. When it comes to currency change an additional fee of 1% for US accounts and 2% for non-US accounts will be applicable.
As a business owner - can I receive my funds in multiple currencies deposited in multiple bank accounts from different countries?
In Stripe Connect by default, any transactions you make on behalf of a connected account get collected in the connected account’s overall balance. There are fine-grained tools to change the payout schedule for connected accounts. To know more click here.
What are the options does stripe provide for the business owner to manage the connected accounts?
As a Business owner Stripe Connect gives you the access to add, edit, and remove business owners on the connected account detail page. It also gives you the ability to pull funds and more. Click here for details.
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