Registering Your Shop with Stripe Connect
Overview
All shops must have a bank account registered with our Strip connect account. It does not matter if the shop will offer only free items. The Stripe connect allows us to offer a unified shopping experience for our customers. The process of registering your shop with Stripe connect is not difficult. You simply need to provide the name of the person authorized to use the bank account, the Bank account number and the Bank routing number. The bank information is never stored on our servers. When you enter them in the form for your shop, you are entering them into Stripe directly. The process is safe and secure. You will be notified via your email when the transaction funds have cleared and been released by Stripe.
An Overview of Transaction Costs on Concordia Market
Concordia Market does not charge for the use of its website or market technology. However, there are costs that are inherent in online financial transactions. We use Stripe Connect as our payment gateway because it was designed to support single payer multiple recipient payments. In other words Stripe Connect enables us to offer the shopper a single payment experience for a shopping cart that contains items from multiple sellers. Stripe charges a single fee of $.30 for each transaction. A single transaction can include many items from many sellers. In addition to the $.30 transaction fee, Stripe collects 2.9% on each transaction. The fee is consistent with all online transactions, especially those that involve credit card companies.
Single Store Shopping Cart
Single Store shopping carts are straight forward. The customer pays the shopping cart total using a variety of online banking options. Stripe deducts the transaction fee of $0.30 and the online banking fee of 2.9%. In the example to the right, the shop owner will receive $19.12 in their bank account from a $20.00 purchase. If the item the customer purchased was free, Stripe doesn't assess any fees to the store's account.
Multi-Store Shopping Cart
Multi-Store shopping carts are shopping carts that contain items from multiple sellers. From the customer's perspective, the shopping experience is the same as with a single store shopping cart. The customer pays the shopping cart total using a variety of online banking options.
With a Multi-cart shopping cart payment Stripe deducts the transaction fee of $0.30 from the shop that is selling the first item with a value higher than $0.00 that was placed in the shopping cart by the customer. Only the first item is assessed the $0.30 transaction fee. All shops are assessed an online banking fee of 2.9%. In the example to the left, shop owner A will receive $11.35 of the original $12.00 payed by the customer and shop owner B will receive $7.77 of the original $8.00 payed by the customer. If the item the customer purchased was free, Stripe doesn't assess any fees to the store's account.