What is Stripe?
When it comes to powering seamless, secure, and reliable financial transactions across the globe, few platforms stand out like Stripe. Recognized as a best-in-class payment processing solution, Stripe has become the gold standard for businesses of all sizesâthanks to its cutting-edge technology, robust security infrastructure, and commitment to innovation. At On The Stage, weâve trusted Stripe to handle our transactions since 2016, integrating their platform deeply into our systems to ensure our users enjoy a smooth and secure checkout experience. We chose Stripe not only for its superior fraud protection and compliance capabilities, but also for the powerful suite of tools it offers to developers and businesses alike. Discover why Stripe continues to lead the way in global payment processing 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 youâre 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 âPlatform Feeâ in Stripe) out of the transaction when it occurs, but weâll leave a portion of the processing fee in your account to pay Stripeâs fees (2.9%+$0.30).
Your âPayoutâ view on the On The Stage Dashboard wonât 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)
đWalk Through:
đ Best Practices for Getting Started with Stripe Connect
Ensure Accurate Business Information: Double-check your details, including tax and banking information, to avoid delays.
Verify Your Account: Complete the identity verification process promptly for smooth payouts.
Connect a Valid Bank Account: Make sure the account linked to Stripe is correct for seamless payouts.
Review Stripeâs Dashboard: Familiarize yourself with the dashboard for easy payment management.
Enable Two-Factor Authentication: Enhance account security by enabling 2FA.