What is Stripe?
Stripe is a best-in-class payment processing platform that enables transactions all over the world. On The Stage transactions have been powered by Stripe since 2016. We chose to build our integrated transactions on Stripe because they have better security, compliance, fraud protection and technology tools than any of their competitors. Find out more about Stripe here.
What is a Connected Account?
Stripe offers a service called Stripe Connect that enables us (the platform) to facilitate a transaction inside an account that you (the customer) manage. What does that mean? It means you get your money right away instead of waiting for your event to pass.
What else do I need to know?
You will need your own Stripe account. Stripe will ask for some business and bank information to verify you’re a legitimate organization and so they have a place to send your money. Sometimes it takes a few days for them to verify your business; in the interim you can take payments but not generate payouts to your bank account.
There are a few changes to know when you connect an account:
You must have a bank account to receive your funds when using Stripe. Neither On the Stage nor Stripe can pay you out via paper checks with this setup.
You will be responsible for fighting disputes in your connected account. We can offer guidance and best practices if a patron disputes a credit card charge, but it will be your responsibility to challenge the dispute in your account.
We will take our ticketing fee and processing fee (collectively the “Platform Fee” in Stripe) out of the transaction when it occurs, but we’ll leave a portion of the processing fee in your account to pay Stripe’s fees (2.9%+$0.30).
Your “Payout” view on the On The Stage Dashboard won’t actually have payouts listed anymore because they will be happening in your Stripe account and OTS isn't transferring money to you anymore. Invoices will still appear in this list for negative balances that are generated by your account.
Please note: If you delete your On the Stage connection in your Stripe account for any reason, transactions will no longer happen. Please contact your Account Manager or Customer Support if this happens. You will need to reconnect your Stripe account in your OTS dashboard.
Accounts that have Stripe Connect activated on their account will be billed post production for any fees incurred during the production such as seat fees for Cash Sales, streaming fees, and custom managed services (Seating charts, custom designs, etc)
How do I set it up?
Go to the Stripe Connect menu in the Settings section of the On The Stage Dashboard.
Click on the Connect button. Stripe’s onboarding window will appear.
Enter your email address and click Continue.
If you have a Stripe account, login with your password and skip to the next step.
If not, enter a password to create a new account.
Stripe requires two factor authentication to ensure that your money is highly secure. Enter a cell number here to get a text message.
Enter the 6 digit number from your text.
This is another security measure. Copy this code to get into your account if you don’t have your phone on hand. Click Continue.
Enter this basic information about your business and click Continue.
Enter personal details about your account representative and click Continue.
Enter your business details and click Continue.
Enter your bank account details and click Continue.
Enter your customer support details and click Continue.
Review your details and click Submit.
Congrats! When your account is connected, you’ll see a success message on your Stripe Connect dashboard page. You can log right into your Stripe account using the Login button on the page.
How Do Stripe Payouts Work?
Through Stripe Connect, you can set up your frequency of payouts. So through them you'll either get manual, daily, weekly, or monthly payouts. CLICK HERE for more information.