Stripe ‘Connect’ is a trusted solution for accepting payments online around the globe. Stripe currently powers businesses in 25 countries. ReadyFundGo uses Stripe Connect to enable funds to go directly between campaigners and pledgers in a streamline secure way. It’s simple and fast to create a Stripe account. All you need is a bank account in a Stripe support country and an ID for a quick online verification. More info on Stripe and Stripe Connect can be found here.
Stripe Connect allows you to receive your funds, directly from your supporters. The funds you raise are automatically sent to you when a pledge is processed, minus ReadyFundGo’s standard fee.
To start using Stripe Connet, first get your bank details and ID together. Then select the ‘Connect with Stripe’ button on the ‘Funding’ tab of your campaign dashboard. You will be prompted to create a Stripe account at the Stripe website. Once its created, make sure to ‘verify’ your account with your ID using NetVerify in the Stripe dashboard.
Stripe has been audited by a PCI-certified auditor and is certified to PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry. To accomplish this, Stripe make use of best-in-class security tools and practices to maintain a high level of security at Stripe.
To verify your ID, first connect to Stripe Connect from your campaign dashboard. After you’ve registered and entered your details, you will be prompted to verify your account in the Stripe dashboard. Grab your ID and get started. It should take about 5 minutes and nothing further needs to be done once its been approved in Stripe.
For ‘Flexible’ campaigns, pledgers payments are received immediately into your Stripe account, minus standard platform and credit card transaction fees.
For ‘All or Nothing’ campaigns, the Net Funds are paid to you automatically by Stripe as soon as you hit your Target. If you hit your Target before your campaign deadline and extra pledges are made to your Campaign, the Net Funds from these extra pledges will be paid to you immediately by Stripe as the pledges are received. The Net Funds are the amounts raised during a Campaign less the Stripe Fees and ReadyFundGo Fees (plus GST). Please refer to the Stripe Terms of Service in Australia or for the country you are based in. https://stripe.com/au/terms
Be aware that for ‘All or Nothing’ campaigns, a small percentage of preprocessed transactions may fail due to card details being expired or funds being insufficient. In the event of a card being declined, the pledger will receive an email notifying them that their card details were not able to be processed and that they will need to pledge again with a new card. You will be able to see failed transactions in your campaign dashboard ‘Pledges’ report area.
To learn more about funding types, read here.