Stripe: Not Just For Zebras Anymore

Hi everyone. For those of you I haven’t met, my name is Reilly and I’m a product manager at Bonanza. I lurk behind the scenes, researching new features and working closely with our designers and developers. Don’t worry, Grace is fine! She’s passing me the blog baton this week to announce a feature I’m so excited to share with you.

Even though we hope that selling on Bonanza provides plenty of joy and fulfillment, we know you’re not with us just for giggles- you’re here to make money. It’s critical for us to ensure a frictionless experience for  the most fundamental aspect of online selling: making sales. To that end, we’re thrilled to announce our integration with Stripe, a payments platform that provides smooth solutions for business of all sizes.

Why Stripe?

We know that you, our dedicated sellers,  have been interested in offering additional payment providers to your customers.  Providing more payment options to buyers often invites a higher rate of conversion. We  also know you’ve been seeking a solution that will allow buyers to check out easily with a debit or credit card.  In our 2017 Seller Survey, 31% of participating sellers voted to add Stripe to our offerings — 18% more than the next most popular payment provider.

Although Bonanza is based in the US, we value our international markets deeply. We recognize that our site hasn’t always catered to that different set of needs. When choosing a payment provider, we wanted to make sure to offer one that would be seamless for as many global users as possible.

Taking into account all this valuable feedback, our way forward was clear, and we can’t wait for you to try it out.

So, how will this work?

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.

What is it going to cost me?

Stripe will charge 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. 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.  

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:

Are there any restrictions on who can use 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.  

Initially, checkout via Stripe will be offered to sellers who have a Gold membership or higher. We want Stripe to be a simple payment solution for our sellers, free of application or additional processing fees. In order to help make that happen, we’ve absorbed the costs associated with offering Stripe into our paid memberships. Membership costs will not increase.

Please visit our help documentation or reach out to our award-winning support team with any additional questions, concerns, or feedback as you give Stripe a try. We couldn’t have accomplished this integration without your input, and we want to make sure that any future improvements or expansions are pursued with your best interests in mind.

Do you have a question unrelated to this post? Contact support or visit the Help Center. 


33 responses to Stripe: Not Just For Zebras Anymore

  • SpaceAgeAntiques says:
    08/20/18 at 10:24:04

    Thanks for the information! Sounds good.

  • funfash says:
    08/20/18 at 10:53:41

    Very good – variety always helps with customers!

  • LeonFleischer says:
    08/20/18 at 11:15:09

    Good news for foreign buyers

  • public-direct says:
    08/20/18 at 12:35:45

    That’s great news! Last time Stripe was removed from Bonanza, my sales dropped 50%. So hopefully this will help.

  • EmpressDepot says:
    08/20/18 at 13:29:20

    Thank you.

    Quoted from the blog:

    “Initially, checkout via Stripe will be offered to sellers who have a Gold membership or higher. "

    When you say initially, does this mean Bonanza may consider to offer this for a silver membership and a free booth sometime in the future?

    I did not know that Bonanza would have to absorb a cost in order to offer Stripe on the site. I recently found this out due to a post a Bonanza seller did on a thread I started. So, regardless if this will eventually roll out to silver and free booths, I do appreciate Bonanza offering this…but I still would like to know what Bonanza means by “initially.”

    Thanks


    And for Bill, if you are reading this, could you please let us pay for 6 months at one time rather than just being able to pay for a year in advance so that it is not such a shock to the pocket…plus, not sure if I would want to take that leap of faith for a whole year in advance….but I do want a better price than paying monthly for a gold membership and higher.

    Thanks,

    Sharon

  • LuckyWalter says:
    08/20/18 at 13:48:32

    EXCELLENT NEWS!!!

  • ArtsyCrafteryStudio says:
    08/20/18 at 14:37:31

    Thanks for the update about Stripe.

    Sandi
    Artsy Craftery Studio
    Bead Tonic
    Paper Nirvana
    EmbellishMart

  • Outdoorsmans_Gear says:
    08/20/18 at 15:03:21

    Always great to offer options

  • Moviepropsrus says:
    08/20/18 at 15:59:47

    Anything is better then one option

  • Larry_G_Trains says:
    08/20/18 at 16:25:36

    I’ve had Stripe for several years but unable to use it on Bonanza for the past year. Now that Bonanza has set it up it will make a great asset to my Web Site. I will be setting it up tonight to get a good start with a very professional company. Great news and move by Bonanza.
    Regards, Larry
    Animalsupplyunlimited.com

  • bonzuser_elbqs says:
    08/20/18 at 16:37:14

    Stripe is great! Thanks for the update!!

  • General_Ghoul says:
    08/20/18 at 16:45:48

    This is a great step, now if Bonanza will fix the invoicing problem so you can add international shipping charges, you will see more international orders.

  • Solace_Garden says:
    08/20/18 at 17:02:34

    Already use Stripe via our website, great addition!!

  • ebay65461170 says:
    08/20/18 at 17:57:58

    It is very good news!

  • koi_comeback says:
    08/20/18 at 18:15:34

    good news, new payment method

  • FCBR says:
    08/20/18 at 18:15:54

    This means more attention for our customers and for us, congratulations!

  • C14_1TD says:
    08/20/18 at 18:25:04

    I hope Stripe eventually gets offered to Regular sellers who are not members!!!!

  • cnv18 says:
    08/20/18 at 18:36:07

    Thank you so much!

  • Pinkfashionjs says:
    08/20/18 at 19:42:31

    Great! Thank you!

  • trueworthindia says:
    08/20/18 at 19:53:28

    Nice option for Indian seller’s Thanks!!!!

  • Design3a says:
    08/20/18 at 23:21:03

    Thanks, all the help is valuable

  • treasuredgifts1973 says:
    08/21/18 at 00:35:11

    Stripe is a nice ALTERNATIVE. But the payment window (after they verify you) is 2 business days. And you CAN request an immediate pay-out for more fees. It’ll cut into your profit margin BIG TIME if this were your exclusive payment method. Not bad as a back-up or alternative, though. I have a Stripe account connected to another website. This is how I know.

  • kraimmo_mh says:
    08/21/18 at 02:59:16

    Very good – C. Diversity always helps with customers

  • Borjuis says:
    08/21/18 at 03:58:28

    Good news for foreign buyers

  • SingAlongSoap says:
    08/21/18 at 05:28:40

    It’s always good to have options! Thank you…

  • NW_Dutch says:
    08/21/18 at 08:36:40

    Sounds like a great option provided by Bonanza. Is there a charge to sign up for Stripe for those who are not Gold Members?

    BonanzaReilly says in response:
    08/21/18 at 09:12:53

    Hi NW_Dutch, Thank you for reading for being a part of Bonanza! Currently, the option will be available only for members (Gold and above). Feel free to reach out to our support team at [email protected] if we can answer any additional questions about the integration!

  • onbuysl says:
    08/21/18 at 08:52:58

    Nice! I am from Sri Lanka. May I can deal with Stripe?

    BonanzaReilly says in response:
    08/21/18 at 09:00:01

    Hi onbusyl, thanks for reading and for being part of Bonanza! You can verify the regions available or sign up to be notified when your country is available via this page: https://stripe.com/global

    Stripe Support may also be able to help offer insight into integration timelines: https://support.stripe.com/

    Thanks again for reaching out.

  • ooak says:
    08/21/18 at 18:27:17

    I have used Stripe for years. They are a very honorable Company.

  • handbagsblingmore says:
    08/22/18 at 13:40:41

    Great News!

  • hvl76277 says:
    08/24/18 at 19:51:29

    Cool. i love it. thanks you much

  • Leather_Mine1 says:
    08/29/18 at 05:29:44

    its good have an options for both sellers and customers


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