Stripe is a solution for accepting payments online. Stripe is a versatile payment solution that offers several payment services such as:
In order to meet the specific needs and constraints of marketplaces that involve more complex payment flows (escrow, split of funds, etc.), Stripe offers a complimentary service called Stripe Connect.
Kreezalid natively integrates Stripe Connect as a payment solution for your marketplace.
The configuration of Stripe Connect on Kreezalid is Custom Account. You can learn more about using Stripe Connect with Custom Accounts here.
This means your vendors don't have to create a Stripe account of their own. They will use Stripe seamlessly on behalf of your account.
When you onboard vendors to your marketplace, they will be asked to complete identity information to be able to collect payments on your marketplace. If your marketplace has users from different countries, they might need to fill in different information.
Stripe's capabilities framework is a process for controlling the amount of information your marketplace collects from each supplier. Depending on the location of the suppliers, they may need to fill in different information when they sign up to your website to respect their local regulation. With this mechanism, you can collect and verify your vendors' information and respect the mandatory requirements imposed by their local government regulations.
Stripe's identity verification flow has been integrated with Kreezalid so the information is collected automatically.
The alert message remains visible at the top of the site as long as the user has not completed his information. During this period, Stripe cannot collect the money on behalf of the seller.
Important note: His listings are visible, but the purchase button is not displayed on his listings, so his products or services cannot be purchased. If no purchase button is not displayed on your vendors' listings, make sure that they have completed the information required by Stripe.
Until the identity verification process is completed the vendor account will be marked as Restricted in your Stripe Dashboard :
This means additional information needs to be collected to enable payouts or payments. Hovering over the status badge in your Stripe Dashboard displays:
You can use your Stripe Dashboard to inspect all transactions made on your marketplace. Some common tasks supported by the Stripe include:
To know more about how to manage connected accounts and transactions with your Stripe Dashboard, here is the documentation you can read.