Stripe Custom Connect Configuration
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We were recently engaged by a client Farm2market, that has a Magento double-sided marketplace store that has vendors selling product through their website in Australia. To maintain the marketplace, the client wanted to collect a commission from each transaction of the site, while also sending the bulk of the transaction to each vendors bank account.
We were the development company that built the marketplace, so we had a good understanding of the infrastructure and the compatibility of the Webkul marketplace extension used in the application. Stripe would be the only payment gateway we would recommend for this solution for its ease of customisation, flexibility and existing features to facilitate a successful outcome.
To make this solution possible we opted for a Stipe Connect configuration. There would be a primary Admin Stripe account setup in such a way so that vendors were able to connect their own Stripe accounts via their own vendor profile within the marketplace, creating the Stipe Connect relationship.
We also needed to consider the delay in credit card payment processing time. To manage the commission and split the transaction we need to either allow the transaction to settle in the vendor Stripe account or the admin Stripe account. The client opted for the latter so they would have more control over payment processing issues, returns and refunds.
To make this solution work we had to create a delayed payment transfer for the vendors portion of the sale. We set the delay to 2 business days to allow for the credit card payment processing time.
Since configuring this solution, there has been no failures in the payment processing of the site and they have been operating for over 12 months.
If you would like to checkout the Farm2market marketplace you can find it at – www.farm2market.com.au
We have created other Stripe configuration for multi-site and currency configurations. If you are interested in using Stripe for your ecommerce payments provider, come and talk to us and we will identify the best configuration for your needs.