I read this interesting article:
https://stripe.com/en-gb/connect/eu-guide
and I realized that without the use of a tool like Stripe Connect (which Sellacious already integrates) in the European Community we cannot legally manage a marketplace when the marketplace owner wants to split payments with delay (like escrow service).
When our seller sells products, we need to pay it after a time: when we are sure that the products have been received and the time within which the customer can request the cancellation of the sale has passed.
The PSD2 law says that only a financial institution is able to manage a situation like this: Operating a payment account and enabling cash to be placed on and withdrawn from a payment account - e.g., holding funds for a merchant in a bank account before settling them pursuant to the merchant’s instructions.
We must use a service Stripe Connect or similar.
The first good news is that Sellacious has created the plugin Stripe Connect:
https://www.sellacious.com/documentation-v2#/learn/plugins/stripe-connect
Now I need to understand more about this plugin and how to use it. I have 2 questions:
1) In the screenshot I see the option "Pay immediately". If I choose "No", will I able to manage the escrow the found before paying the seller?
2) If yes, have you thought about having the funds unlocked only from the Stripe control panel, or is there some connection with the order statuses on Sellacious?
Thank you
https://stripe.com/en-gb/connect/eu-guide
and I realized that without the use of a tool like Stripe Connect (which Sellacious already integrates) in the European Community we cannot legally manage a marketplace when the marketplace owner wants to split payments with delay (like escrow service).
When our seller sells products, we need to pay it after a time: when we are sure that the products have been received and the time within which the customer can request the cancellation of the sale has passed.
The PSD2 law says that only a financial institution is able to manage a situation like this: Operating a payment account and enabling cash to be placed on and withdrawn from a payment account - e.g., holding funds for a merchant in a bank account before settling them pursuant to the merchant’s instructions.
We must use a service Stripe Connect or similar.
The first good news is that Sellacious has created the plugin Stripe Connect:
https://www.sellacious.com/documentation-v2#/learn/plugins/stripe-connect
Now I need to understand more about this plugin and how to use it. I have 2 questions:
1) In the screenshot I see the option "Pay immediately". If I choose "No", will I able to manage the escrow the found before paying the seller?
2) If yes, have you thought about having the funds unlocked only from the Stripe control panel, or is there some connection with the order statuses on Sellacious?
Thank you
Many thanks for clarifications.
First, I need to try the actual functions and then I'll write to you to ask you for any customizations.
First, I need to try the actual functions and then I'll write to you to ask you for any customizations.
Hi answers in bold
1) In the screenshot I see the option "Pay immediately". If I choose "No", will I able to manage the escrow the found before paying the seller? If No. Money won't be paid directly to sellers. it will stay in your stripe account.
2) If yes, have you thought about having the funds unlocked only from the Stripe control panel, or is there some connection with the order statuses on Sellacious? Sellacious won't report anything to seller or customer or to admin. ideally if Yes, then the money is paid to the seller, and in sellacious transaction is marked as paid and thus ewallet balance is not increased.
Seller have to connect their stripe accounts manually from their profile page.
Because stripe connect could have tens of possible use cases, when you will go with stripe connect, you might have to order customization.
1) In the screenshot I see the option "Pay immediately". If I choose "No", will I able to manage the escrow the found before paying the seller? If No. Money won't be paid directly to sellers. it will stay in your stripe account.
2) If yes, have you thought about having the funds unlocked only from the Stripe control panel, or is there some connection with the order statuses on Sellacious? Sellacious won't report anything to seller or customer or to admin. ideally if Yes, then the money is paid to the seller, and in sellacious transaction is marked as paid and thus ewallet balance is not increased.
Seller have to connect their stripe accounts manually from their profile page.
Because stripe connect could have tens of possible use cases, when you will go with stripe connect, you might have to order customization.
Please,
I need this information to be able to continue with my Sellacious projects.
Thank you
I need this information to be able to continue with my Sellacious projects.
Thank you
I asked Stripe a few questions, and they explained to me:
If you use the "Separate charges and transfers" payment flow, the money flow from customers will first pass from your platform and then subsequently there will be the transfer to the connected account that will come into play, that is the seller (in this case the commissions that Stripe on transactions are charged to the platform). In this scenario, the platform can apply a commission percentage as an intermediary of the transaction and can withhold the money intended for the seller for a period of time, even 90 days. The funds only see the platform, and the seller will see the funds after the platform has made the transfer to the connected account.
For a greater level of detail, below, I leave the reference link:
https://stripe.com/docs/connect/charges-transfers
To use this type of payment flow, we recommend using the connected accounts of the Custom or Express type. With Custom, your sellers won't even know they have a Stripe account, and they will see the money flow directly into the associated bank account. While with Express it gives the possibility to connected accounts to have access to the Stripe account with the display function. For a greater level of detail, below, I report the link of our official documentation:
https://stripe.com/docs/connect/custom-accounts
https://stripe.com/docs/connect/express-accounts
However, in this case, the payment is made by the end customer, it does not remain pending.
In Sellacious, did you implement this payment process?
If you use the "Separate charges and transfers" payment flow, the money flow from customers will first pass from your platform and then subsequently there will be the transfer to the connected account that will come into play, that is the seller (in this case the commissions that Stripe on transactions are charged to the platform). In this scenario, the platform can apply a commission percentage as an intermediary of the transaction and can withhold the money intended for the seller for a period of time, even 90 days. The funds only see the platform, and the seller will see the funds after the platform has made the transfer to the connected account.
For a greater level of detail, below, I leave the reference link:
https://stripe.com/docs/connect/charges-transfers
To use this type of payment flow, we recommend using the connected accounts of the Custom or Express type. With Custom, your sellers won't even know they have a Stripe account, and they will see the money flow directly into the associated bank account. While with Express it gives the possibility to connected accounts to have access to the Stripe account with the display function. For a greater level of detail, below, I report the link of our official documentation:
https://stripe.com/docs/connect/custom-accounts
https://stripe.com/docs/connect/express-accounts
However, in this case, the payment is made by the end customer, it does not remain pending.
In Sellacious, did you implement this payment process?
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