This article describes:
- How your clients pay for purchases in your retail shopping cart.
- How Workspace pays you the profits on those sales.
If you intend to make retail sales through Workspace you'll need to set up a Stripe account. This will enable your customers to pay online by credit or debit card in the normal way, and for you to receive prompt payment.
Similarly, when you make wholesale purchases from Queensberry you'll pay online by credit or debit card, and the transactions will be processed on the Stripe platform. However you can also make wholesale payments using PayPal.
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. You can determine what credit and debit cards you'll accept when you set up your account.
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
- Your customer orders Queensberry products, digital downloads etc from your Workspace Shopping Cart.
- 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).
- Workspace sends order confirmations to Queensberry, to you and to your client.
- If Queensberry products are included, Queensberry fulfils the order and ships it to your customer.
- 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 1-5 days to arrive, depending on where you live.