By default, all the money from purchases on Purposemart goes to the Marketplace. The marketplace distributes that money among Sellers and uses the Accounting page to keep track of the transactions. Stripe Connect Payments allows Sellers to have full control of their Stripe dashboard. Instead, a single payment made by a customer is automatically shared between Sellers and the Purposemart.
When a customer purchases an item from your store, the charge amount—less the Stripe fees and application fee—is deposited into the connected account. For example, if a charge of $10 with a $1.23 application fee is made (as in the example below), $1.23 is transferred to your platform account, and $8.18 ($10 – $0.59 – $1.23) is netted in the connected account.
- All main credit cards are accepted—Visa, MasterCard, American Express, Discover, JCB, and many others.
- The add-on supports payments in 135+ currencies. Currency conversion is included—customers pay in their native currency, sellers receive funds in theirs.
- Sellers can use Standard Stripe accounts.
- When a buyer pays for an order that consists of products from different sellers in one cart, Stripe Connect automatically splits the payment between the sellers, transferring the commission to the account of the store owner.
- The money is transferred straight from the buyer to the seller’s account net of commission and sales taxes collected.
- The seller is responsible for the processing fees, refunds, and chargebacks.
- Stripe Connect is fully integrated with Purposemart’s RMA add-on to provide easier processing of return requests and refunds.
Here is the instruction to connect to Stripe:
- Open the seller’s administration panel and go to Seller → Sellers.
- Click on the name of your company.
- The seller editing page will open. Scroll down and click the Connect with Stripe button. This will take you to the Stripe page where you’ll be able to register an account or connect an existing one.
Radar and Dispute Protection
Radar helps detect and block fraud for any type of business using machine learning that trains on data across millions of global companies. It’s built into Stripe and requires no additional setup to get started.
To activate Rader for fraud protection:
- Log into your Stripe account
- Select setting
- Select Try Radar for Fraud Team under the Radar section. Please note there is an additional fee associated with using this service
- You should also review Radar rules to make sure they are properly set-up to flag and stop fraudulent transactions. We highly recommend the following:
- Activate Request 3D Secure if required, recommended, and supported
- Activate Block if :risk_level: = ‘highest’
- Activate blocked if payment matches one or more values in default Stripe block lists
- Activate Block if CVC verification fails
- Activate Block if Postal code verification fails
- Add rule for Review if :risk_level: = ‘elevated’
Find more information on Stripe Radar protection here
Excessive dispute activity
Each card network (e.g., Visa, Mastercard, American Express) maintains a series of dispute and card fraud monitoring programs that apply to businesses operating with high dispute activity. Dispute activity above 0.75% is generally considered excessive, although this varies by card networks. Excessive dispute activity not only affects your ability to process with Stripe but with other processors as well—and can even result in fines from the card networks. Read more about dispute and fraud card monitoring programs