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How Stripe works

This article describes: 

  • How your clients pay for purchases in your retail shopping cart.
  • How Workspace pays you the profits on those sales.

When you make wholesale purchases from Queensberry you can pay online by credit or debit card in the normal way.

If you're selling retail through Workspace you will need to set up a Stripe account. Your customers will then be able to pay by credit or debit card as usual.

Currently you can also use PayPal to receive your sales proceeds, but we'll be discontinuing this in the near future as our users have migrated almost entirely to Stripe. The appeal of Stripe is that it allows us to pay out sales proceeds immediately rather than in the following month.

How Stripe operates

Stripe is a payment processing platform that collects payments by credit or debit card and pays them into the merchant's Stripe account, less credit card processing fees. 

However Stripe also enables Workspace to divide retail sales receipts between you and Queensberry. This means we can deduct the wholesale cost of transactions (confusingly called "application fees" in Stripe) and pay the net sale proceeds into your Stripe account at the time of sale.

Finally, Stripe offers Afterpay, which gives your customers a way to pay for their purchases in instalments and interest-free.

Security: Stripe hides credit card details from the merchant. Payment platforms are designed to protect against fraud, money laundering etc, which is why you'll also need to provide verified personal and business information before you can open a merchant account. 

The Workspace/Stripe shopping cart workflow in brief

  1. Your customer orders Queensberry products, digital downloads etc from your Workspace Shopping Cart.
  2. You receive payment immediately into your own Stripe account for the total sale value minus (where appropriate):
    • the credit card processing fee
    • the application fee (the wholesale cost of the goods).
  3. Workspace sends order confirmations to Queensberry, you and your client.
  4. If Queensberry products are included, Queensberry fulfils the order and ships it to your customer.
  5. You can schedule automatic daily transfers of your profits to your bank from Stripe. Stripe calls these Payouts (one payout per day, not per transaction). Payouts can take between one and five days to arrive, depending on where you live.

Until discontinued the Workspace/PayPal shopping cart workflow will work much the same except that Workspace will pay the profit on your orders into your PayPal account on the 10th of the following month.

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  1. Alexandria

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