Stripe
I've searched for documentation on setting this up and I'm unable to find anything but a screenshot. Is there a knowledgebase article?
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Hi Jeanae,
Stripe is very transparent with their fee structure, you can see this here: https://stripe.com/us/pricing
We've had a lot of positive feedback about the integration and we plan on continued development around Stripe.
Thank you,
Ryan
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We are allowed to charge a convenience fee to our customers who choose to pay via CC. Below is an example but a potential problem with AS's integration with Stripe. Has anyone else encountered this?
If we invoice our customer $100.00 and we charge a 5% convenience fee for CC, we would need to collect $105.00 which would include the 2.9%+ .30c Stripe fee leaving us 2.1% - .30c. However, I am under the impression if we invoice for $105.00 stripe will charge the card for $105.00 then they would add their 2.9%+30c fee on the $105 and not the $100.
If the above statement is accurate then the total cost would end up being $108.35. Stripes fee for the $100.00 should total $3.20 but under the current setup it would end up being $3.35.
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Hi Michael,
Stripe will process their fee based on the total transaction amount. This means if you have an amount of $105, stripe will charge the customer's card for $105 and then deduct their fee and deposit the net amount in your bank account ($101.65). If you would like $105 deposited into your bank account, then you will need to increase the amount being charged to the customer.
Thank you,
Ryan
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I have been doing plenty of calculations using Stripe's equation to come up with the Pcharge amount and if we make a statement that we charge a 5% convenience fee but use Stripes calculation It actually ends up charging the Customer more because they add in their .30C into the % calculation. Stripe is very misleading in the way they process their fee because the 30C transaction fee should not be included before the 2.9% but it is.
Will or do you all allow integrations with any other CC processing companies?
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Hi Michael,
Stripe's calculation for the P charge amount is just to pass the fee onto the customer. A proper statement here would just be that the credit card fee will be added to the charge. This will result in no extra revenue or fees for you.
If you just want a fixed rate like 5% charged back to the customer, then that should be added to the total, which Stripe will then deduct from when processing their fees. In this scenario, no P charge needs to be calculated because the 5% fixed rate would replace the P charge.
Are you saying that you want to charge your customers $105 and have Stripe only apply their fee to the $100 portion? You are correct that Stripe does not work this way.
We do have other credit card integrations, more information about them can be found in the below links:
https://www.accountingseed.com/chargent
https://www.accountingseed.com/payment-center
Thank you,
Ryan
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We are not looking to generate additional revenue but wanted to pass the fee onto the customer but after talking with stripe and verifying everything Pcharge is the amount you need to charge the customer to pass the fee along. However, what they don't tell you is after you enter the Pcharge they process the Pcharge with an additional 2.9% so for all of us math people that's 2.9+2.9= 5.8% oh and they forgot to tell you the .30C is also charged 2.9%.
This is how their Pcharge formula works and the total cost to the customer assuming you need to collect $100.00. Se below
100.00+.30 = 100.30/(1-.029) = $103.40 Pcharge
Now I enter Pcharge $103.40 for processing and you get the following $103.40*.029 = $106.40
The true percentage Stripe has charged is 6.4% I have spoke with 3-4 Stripe customer service reps and they all have confirmed this is 100% correct.
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Hi Michael,
I think there may be some miscommunication with this. The P charge amount is just a in house calculation, which you then increase the amount that the customer pays. There isn't a separate entry for this P charge amount so ultimately the customer is paying $103.40 and all Stripe knows is that a payment of $103.40 needs to be processed so they will deduct their 2.9% + 30 cents from that $103.40 charge. I think the miscommunication is around that extra $3.40 amount. Stripe is deducting a fee for this, but it is not a duplicate deduction.
Thank you,
Ryan
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Hi Michael,
Correct, they are payment processors where you would specify which merchant you want to use like Authorize.net. Also, any other merchant that has an open API like Stripe can be configured in the system.
Stripe does allow for testing, here is more information on that: https://stripe.com/docs/testing
The P charge amount would be calculated in Accounting Seed and added to the customer invoice. The customer would pay the full amount on this invoice including the P charge amount. Stripe would not know that this P charge is any different than the original amount. There is not a separate connection or mapping of this extra invoice line item. The only data that Stripe would receive is that there is a total amount that needs to be processed and the base fee of 2.9% + 30 cents will be deducted from this total amount. Stripe would not receive line item detail.
Thank you,
Ryan
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