Extending Stripe to All Sellers

Blog header image with stylized Stripe logo

Stripe will soon be available to all

A leopard might not be able to change its spots, but soon we’ll be changing our stripes. You asked and we listened — we’re offering Stripe as a payment processor to all sellers! This has been long requested by our community, and we are excited to make this dream a reality.

Initially, we launched Stripe to paying members only. This was to ensure that the Stripe’s technology worked seamlessly with Bonanza’s technology and minimize the number of sellers affected by bugs or kinks. Additionally, Bonanza absorbs the integration costs of each seller, so we wanted to be sure that Stripe was truly an added benefit to sellers.

When will this change go into effect?

We plan on launching Stripe to all by the end of September. Be on the lookout for more information about the official launch date — rest assured, we’ll let all sellers know once Stripe is officially available to all. We thank you for your patience as we work hard to integrate Stripe for all sellers.

How much will this cost me?

There are no additional fees from Bonanza, aside from the final value fees you’re familiar with, which will be billed as usual — nothing about the Bonanza billing process will change. Stripe charges an initial fee of 2.9% + $0.30 per transaction, similar to what you pay on PayPal. Depending on volume, that rate may be negotiable over time, so we encourage you to reach out to Stripe's support team to discuss your options.

When you receive your first Stripe payment, there will be about a 7-day verification window while they confirm your bank details before payout. For subsequent payments, US sellers will be paid out on a rolling 2-day schedule, so you’ll never be waiting long for those funds to arrive to your bank. International payout schedules vary by country, so we recommend reviewing their documentation to confirm the schedule for your region.

In the event you need to issue a refund or manage a dispute, you can do that directly from Stripe’s dashboard. Here are a couple more resources in this area:

Who is eligible for Stripe?

Stripe is available to sellers based in over 20 countries, and can process payments from a variety of payment methods like Visa, Mastercard, American Express, and more. Buyers can pay with any supported currency, and Stripe will convert the funds to your currency. You can review supported regions or sign up to be notified when your country is available.

How can I get started?

Once Stripe is launched to all, you can create a Stripe account by visiting your Payments & Purchases settings. If you’re already using Stripe on other platforms, even better — you can connect your existing account and manage payments from Bonanza sales directly on Stripe. New sellers joining Bonanza will be able to opt in during the booth activation process.

Once your account has been connected and verified by Stripe, you’ll be all set to accept payments. Buyers will be presented with a Stripe option during the checkout flow, and funds will be distributed directly to your Stripe account. You’ll also receive an email notification when a payment is received.

A note on payment processing fees

As many of you know, eBay is developing their own internal payment processor to replace PayPal. Although their Managed Payments service won’t be mandatory for all sellers until 2021, eBay recently announced that sellers will now incur a per-listing transaction fee beginning October 1, 2019. According to eCommerceBytes, an eBay social media moderator explained this as such:

"If two items are purchased from you for a single listing, one payment listing fee is charged of $0.25. If two items are purchased from you from different listings, two payment listing fees are charged of $0.25."

You can learn more about this announcement in this eCommerceBytes article. Many of our sellers on Bonanza are multi-channel sellers who also have eBay storefronts. We wanted to reassure the Bonanza community that our fee structure will remain unchanged. Bonanza will continue to offer free listings with no additional payment processing fees. We’ll be sharing a blog later this week that outlines the structure of our Advertising commission fees. For now, here's a note from Bill about our fees:

“Our strategy has always been about giving sellers choice. Originally, we just gave sellers the choice to diversify, so they needn’t rely on eBay alone. Later, we built stuff like the Broadcaster. It lets sellers have a choice over what channels their products list on, even what fees they pay! So the change to open Stripe really makes perfect sense for us strategically. Introducing a free and optional choice that lets sellers directly accept payments is the epitome of what we hope Bonanza represents to its sellers.”

Using the eBay Importer

As a company, we are proponents of business diversification — it’s why we partner with companies that make having a multi-platform online presence easier. If you’re new to the blog, you might not be familiar with our eBay Importer. This tool automatically grabs your active listings from eBay and publishes them on Bonanza as well. This is a risk-free way to try selling on Bonanza.

Screen capture of Bonanza's eBay import page

Start the countdown

We can’t thank you enough for your patience over the past several months as we tested our new Stripe integration — and for your continued patience as we roll this integration out sitewide. Be on the lookout for more information as our full site launch date draws closer. In the meantime, happy selling!


29 responses to Extending Stripe to All Sellers

  • BookbinEtc says:
    07/24/19 at 19:10:13

    It is good to offer buyers more choice.

  • gravityvideo says:
    07/24/19 at 20:26:42

    I get probably 4 out of every 5 payments now through Stripe. The only downside is they take about a week to deposit to your bank, however the fact that I can take so many different payment methods through Stripe makes up for that.

  • ooak says:
    07/24/19 at 21:18:49

    I LOVE STRIPE… HAVE USED IT FOR YEARS… THIS IS AN AWESOME ADDITION !

  • newfunkgeneration says:
    07/24/19 at 23:20:19

    Excellent news !

  • mdes145 says:
    07/25/19 at 05:32:27

    I’ve been using Stripe for sales on another site and I’m very happy with it. I’m glad to see Bonanza is letting us all use it.

  • MYTHRIFTSTORE says:
    07/25/19 at 05:53:29

    I will stick with Pay Pal

  • Stoneponies says:
    07/25/19 at 06:24:04

    This is good news, this should attract more customers to my booth.

  • abigdogmom says:
    07/25/19 at 07:20:30

    I am thrilled to know that Stripe is going to be a payment option for all Bonanza sellers. Thanks for letting us know what to expect in the near future.

  • colbertclothing says:
    07/25/19 at 08:43:28

    Super impressed, as always!! Y’all rock!

    BonanzaGrace says in response:
    07/25/19 at 09:21:15

    Thanks so much for the kind words, colbertclothing! We think you rock too :)

    BonanzaGrace

  • BonanzaGrace says:
    07/25/19 at 09:23:18

    Hi all – one clarification I thought worth making is that you can have BOTH Stripe AND PayPal enabled for your booth. This allows buyers to choose which payment processor they prefer. The Stripe processor allows buyers to use their credit card directly, which some buyers appreciate so they don’t have to deal with PayPal at all. Adding Stripe as an addition to PayPal costs nothing (other than their processing fees, which are similar to PayPal).

    Thanks!
    BonanzaGrace

  • BargainHunterCrafts says:
    07/25/19 at 16:04:45

    I use Stripe on another site and it works great, usually get my funds to my bank in 3 days.
    Glad Bonz is opening Stripe up to all sellers.

  • Brad_at_the_Island says:
    07/25/19 at 17:03:57

    I have been using Stripe on another venue for quite a while and compared to PayPal the fees are super low and the money is in my account in a couple of days. And unlike PP it goes straight to my bank account with no having to transfer money. A lot of buyers like it and it increases sales.

  • EmpressDepot says:
    07/25/19 at 20:11:51

    I am really glad to hear this will be available to all sellers soon. Thank you. And though I was not happy at the time when Stripe was not made available to all sellers, in reading your blog now, it makes sense why you held off…so thanks for being careful and testing the water out. Glad it is a good match for us sellers.

  • Gandorion_Games says:
    07/25/19 at 22:27:46

    Is paypal still mandatory after this change? I prefer amazon pay instead. Please reply thanks

    BonanzaGrace says in response:
    07/26/19 at 09:58:09

    Hi Gandorion_Games,

    At this time we are still working out the finer details of this new launch. We want to strike a balance between freedom and security with our payment options. We are hoping to be able to remove the PayPal requirement, but will confirm the final details when we officially launch. Thanks for choosing Bonanza!

    BonanzaGrace

  • David090 says:
    07/25/19 at 22:33:55

    Very informative and helpful at the same time, appreciated the knowledge you shared with others, the content is lit, looking for some more informative content to come, keep up the good work, keep spreading knowledge, thank you!

    Fashion Trends

  • jewelrymandave says:
    07/25/19 at 23:17:20

    Stripe has been available on one of the other selling platforms i list on for a couple years and it significantly increased my sales there. Hoping it will do the same for my sales here at Bonanza as sales have dropped considerably over the past year.

  • radiantredhead says:
    07/26/19 at 06:31:48

    We are not obligated to accept Stripe and can continue using just PayPal to receive payments, I hope?

    BonanzaGrace says in response:
    07/26/19 at 09:26:02

    Thanks for your question! Not to worry – Stripe is completely optional.

    From one radiant redhead to another,
    BonanzaGrace

  • BookbinEtc says:
    07/26/19 at 08:44:59

    I agree, Grace

    I would never use PP to pay for anything if possible, and I’m not the only one.

    Even if it takes a few days to get to the bank, if you have regular sales, it will still be coming on a regular basis, even if delayed.

  • PiccoloPattys says:
    07/26/19 at 18:51:11

    I’m new on Bonanza and the downside for me was PayPal. I don’t know Stripe, but am excited to see how it works for me. Thanks.

  • Poseidon_Plus says:
    07/26/19 at 20:30:07

    Great! Can’t wait I hope PayPal is not required.

  • ThePostcardDepot says:
    07/27/19 at 06:17:40

    THANK YOU! Excellent news! Based on experience on other platforms using Stripe or similar card processor this should increase our sales and Bonanza’s final value revenue along with it. So pleased this is rolling out to us in next couple of months.

  • LillianThomas says:
    07/27/19 at 06:19:36

    Choice is good and this choice is very good! Delighted Stripe is being added to payment options. Much appreciated.

  • A_Sterling says:
    07/27/19 at 06:32:39

    Good news.

  • bonzuser_clyed says:
    07/27/19 at 07:53:47

    Really great news. I found a great online photo editing company ever. Always best wishes.

  • NeillsDeals says:
    07/27/19 at 11:53:48

    Thanks, Dave/JewelryManDave!


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