Running an online marketplace and paying out earnings to your sellers manually?
You know how tiresome this gets as your marketplace grows.
Now – what if you could completely automate your marketplace payments?
Well, MultiMerch + Stripe Connect now makes instant payments to vendors possible to make your life happier.
Here's how it works.
Sign up for a Stripe Connect account
Stripe Connect is a payment solution for marketplaces that lets you process customer payments to multiple vendors.
It is specifically designed to make your life as an online marketplace owner easier (at least when dealing with payment processing).
To use Stripe Connect, you'll need to register your Stripe account as a platform for your sellers and create a set of API keys.
When you have your platform account ready, you can proceed to configuring Stripe in MultiMerch.
Enable Stripe Connect in MultiMerch
The upcoming version of MultiMerch introduces Stripe Connect payment plugin, which handles all Stripe payments in your marketplace.
Here, you'll specify a few of your basic Stripe account details – such as the API keys and signing secrets.
You can also assign specific Stripe payment statuses to your custom order statuses if needed.
Your sellers can now connect their Stripe accounts to your marketplace
When all's ready, your sellers can connect their Stripe accounts to your marketplace platform via their payment settings.
Connecting a Stripe account allows your sellers to receive customer payments through your Stripe platform account automatically.
MultiMerch uses Stripe Checkout to process customer payments
At checkout, your customers will now be able to place orders and instantly pay using their credit and debit cards through Stripe.
We use Stripe Checkout for a simplified payment experience.
This saves you the trouble of going through a manual PCI compliance (who likes going through PCI compliance processes anyway?)
Sellers instantly receive their earnings while you retain the commissions
All customer payments in your marketplace are instantly transferred to your sellers – and you retain the sales fees.
MultiMerch will display all Stripe Connect payments in your admin area so you can browse them and run all of the regular reports.
You and your sellers can also view and manage all of the payments via your Stripe Dashboards.
Your sellers will also see all of their Stripe orders in their MultiMerch Dashboards – as usual!
The new MultiMerch 8.15 with Stripe support will be available for download in your accounts shortly (really soon).
Now, our next steps for Stripe and MultiMerch are:
- allow manual payouts to sellers with no Stripe account at the time of purchase
- make it possible to collect seller sign up and product listing fees via Stripe
- support seller subscription plans and recurring payments to help you monetize your marketplace
So, get ready for MultiMerch 8.15 and stay tuned for updates!