You can set your store up and provide your vendors with various options to withdraw their earnings. Currently, the supported payment options are as follows:
You can easily set this up from Marketplace (from the admin dashboard) > Settings > Payment Settings.
The marketplace admin can enable, or disable, these payment options allowing the vendor to choose and select from the enabled payment options as their preferred method of payment.
Electronic payment options allow you to transfer payments from the admin account to the vendor’s account using a secured online transfer (API).
Currently, the supported electronic payment options are as follows:
Enable PayPal from the Withdraw Payment Methods list to display the PayPal configuration fields. Note that you can enable “Test Mode” for testing purposes.
If you do not already have a PayPal Client ID and Secret Key, please follow THIS LINK to learn how to create yours.
In order for your vendors to receive payments via PayPal, they will simply need to navigate to Settings > Payment > Preferred Payment Method from their dashboard, set PayPal as their preferred payment method, and enter their PayPal email address.
Enable Stripe from the Withdraw Payment Methods list to display the Stripe configuration fields. Note that you can enable “Test Mode” for testing purposes.
If you do not already have a Stripe account, you will need to visit stripe.com, create one, and complete the verification process. If you already have a Stripe Account, simply sign in and follow the steps below.
Upon logging in, you will be directed to your dashboard. From here, select Developers > API Keys from the menu on the left.
You will find both the Test and Live Secret and Publishable Keys. If you do not find any keys, select ‘Create Secret Key’ from the right-hand side of the screen.
Copy and paste the keys into the credential fields of your marketplace. If you are testing, use the Test credentials. For live transactions, ensure to use the live credentials.
Now that you’ve entered your API Keys, you’ll need to create a Client ID to complete the Stripe set up.
While in Stripe, select ‘Settings’ from the menu on the left then ‘Settings’ under the Connect module on the right-hand side of the screen.
Scroll down to the Branding section and complete the following:
Scroll down to the Integration section at the very bottom to add your redirect URLs. Navigate back to your marketplace and copy the URL’s found under the Stripe Client ID field.
Navigate back to Stripe, select Add URI then simply copy and past both URLs here.
Finally, copy the Client ID in the Live mode client ID section.
Now paste your client ID into the Client ID field in your dashboard then select save!
Stripe Split Pay is a payment option allowing you to pay your vendors at the same time an order is placed. The payments will still be divided amongst admin fees and vendor commissions. Vendor commissions will be immediately deposited into the vendor’s Stripe account and the remaining amount into the admin’s Stripe account.
Enable Stripe Split Pay from the Withdraw Payment Methods list to display the Stripe Split Pay configuration fields. Note that you can enable “Test Mode” for testing purposes.
Stripe has three different types of charges/fees for Split payments:
Learn more about the different types of charges from here.
Vendors will now have the option to connect their Stripe account to receive payments. In order for your vendors to receive payments via Stripe, they will simply need to navigate to Settings > Payment > Preferred Payment Method from their dashboard, set Stripe as their preferred payment method. Additionally, they will need to connect their Stripe account by selecting the ‘Connect with Stripe’ button.
Upon clicking the ‘Connect with Stripe’ button, the vendor will be redirected to Stripe to connect their account with your admin Stripe account.
After a successful connection, the vendor will be redirected back to their payment dashboard and will see a notification reading ‘You are connected with Stripe’. Vendors may also disconnect their Stripe account anytime from here as well.
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