What does Powered by Stripe mean?
Is there a setup or monthly fee?
Are Stripe's fees returned on refunds?
Are payments authorized & captured right away?
Where can I see payment related reports?
What fraud mitigation is included?
How much does it cost?
There is a 2.9% processing fee and a $0.30 per transaction fee. In the event of chargebacks you will be charged an additional $15 processng fee.
What does “Powered by Stripe” mean?
ShipEarly has partnered with Stripe, the premier online payment processor for software as a service platform. If you've ever used popular platforms like Shopify, LightSpeed, Squarespace, Lyft or many other apps, chances are you've used Stripe before. In fact, 89% of all credit cards have been processed by Stripe's network.
The partnership with Stripe allows us to focus on building out our platform faster to bring more value to you and worry less about developing payment infrastructure.
I have a Stripe account already, will it work for this?
Yes, if you have an existing standalone account not tied to any other platform exclusively you can connect to ShipEarly. See instructions how to tie your existing account.
What card types are accepted by Stripe?
All major debit and credit cards are accepted, including; Visa, Mastercard, American Express, and Discover in the United States. In Canada only Visa, Mastercard, and American Express can be processed.
Does my rate vary with card type?
No. Our rate does vary, but we’ve chosen to offer a simple flat rate to you in order to simplify the complexity of understanding your costs. Your rate will be consistent regardless of the type of credit card a consumer uses, including American Express.
Is there a setup fee or monthly fee?
No, there are no setup fees or monthly fees.
Are there hidden fees?
All rate information is transparent as highlighted above in how much it costs. There are no setup fees, monthly fees, or batch fees. There is a $25 fee when a chargeback occurs.
Are my fees returned when I refund a payment?
No, Stripe keeps the fees associated with any payment. All major processors including PayPal now do the same.
Is there a contract?
No, there is not a contract but there is a user agreement.
Are payments authorized right away?
Yes. When a customer makes a payment using a credit card, the payment is authorized but and captured immediately on in-stock orders. On Ship to Store orders the consumers card is only authorized until the brand can verify they can ship product to your store. This simplifies the process and minimizes the fees you pay as uncharged cards are not subject to Stripe fees in the event of a return.
Will I be able to see payment related reports?
Yes, Login to your Stripe Dashboard to see payments and payouts. You can see payouts on each order page within ShipEarly as well called 'Gross Payout'.
What is the payout schedule?
After your first order, your first payout generally takes 7 business days. After your first payout funds enter your account on a rolling basis and typically take 2 business days in the United States and 3 business days in Canada if configured for this.
What fraud mitigation is included in Stripe Payments?
Stripe Radar is used to help detect and block fraud using machine learning that trains on data across millions of global companies. Even if a card is new to your business, there’s an 89% chance it’s been seen before on the Stripe network, and Radar’s algorithms adapt quickly to shifting fraud patterns.
ShipEarly also does not process cards unless the consumer has the correct billing address and CVV on the card.
Is fraud mitigation a guarantee against fraud?
No, Stripe will continually refine fraud mitigation features but it does not offer a guarantee or insurance against fraudulent transactions. We recommend that you stay current on fraud protection best practices to further protect your business from such transactions.
What happens when there is a chargeback?
You are responsible for chargebacks, and there is a $15 fee when a chargeback occurs, in addition to returning the payment. You will have the opportunity to contest the chargeback regardless of the reason, but this is a risk of doing business.
Is payment data secure?
Yes. Stripe is a PCI compliant application that spends upwards of $2 million annually to stay compliant.
Service Rates vs Actual Costs
There are lots of payment processing services, and pricing is often not transparent. Stripe's pricing is straight forward, offering predictable flat rates and per-transaction fees.
Here are examples of additional fees other processing services typically charge that may not be obvious:
- Gateway Setup Fee: The fee charged for the creation and setup of a new gateway account.
- Gateway Monthly Fee: The monthly fee charged for a payment gateway account.
- Variable Transaction Fee: The fee charged by the payment gateway for each credit card transaction processed. The credit card transaction types for which the per-transaction fee is charged include authorizations, captures, refunds, declines or other related transactions, completed or submitted within the payment gateway.
- Batch Fee: The fee assessed per settled credit card transaction batch.
- Credit Card Discount Rate: A fee charged by the payment gateway that is a percentage of the total amount of each credit card transaction submitted.
- Credit Card Monthly Minimum Fee: This is the minimum credit card processing service fee charged per billing cycle. In the event that this fee is NOT exceeded by credit card transaction processing fees for the billing cycle, the difference between the actual fees charged and the minimum monthly fee value is billed.
- Returned Payment Fee: The fee assessed in the event your bank returns an ACH or credit card debit attempt for billing.
- Late Payment Fee: The fee assessed in the event of late payment for service fees.
Stripe charges a flat fee to reduce reporting and processing complexity. There are some cases where we are not able to absorb costs, such as fees on returns or chargebacks. Most providers keep the network fees and interchange fees on returns, Visa, MC, AMEX do not return these fees to the provider. Passing on fees for chargebacks is also a common practice.
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