This article is a detailed instruction on how to set up your event for Stripe Payment. Here's what's covered:

 

What is Stripe?

Stripe is an online payment gateway that allows merchants to accept online payment with credit cards. For more information, visit stripe.com.

It's clean and straightforward for customers; all they have to do is put in their email and credit card information.

Stripe Payment

 

Supported Countries

Stripe is currently available in 34+ countries (including Singapore, Hong Kong, US, Australia, Japan, and most EU countries). You or your business/entity needs to be in the supported countries to sign up for a Stripe seller account (However, your customers can be anywhere around the world). 

 

Supported Currencies

Stripe supports processing payments in 135+ currencies (most major currencies including USD, SGD, EUR, JPY, CNY, etc.), allowing you to charge customers in their native currency while receiving funds in yours.

 

Supported Payment Methods

Credit Cards

Stripe supports Visa, Mastercard, American Express, Discover, Diners Club payments from customers worldwide.

As long as the customer's currency is supported by Stripe, the customer can use his/her credit cards (provided they belong to the said card types) to make payment (but you will always receive money in your base/presentment currency). If a transaction is unsuccessful, check:

  1. If the customer's currency is supported by Stripe (click here for a list of all 135+ currencies);
  2. If the customer is using an American Express card, and their currency is supported by Amex (Currencies not supported by Amex include Indian Rupee, Laotian Kip, some African and South American currencies. Check the above link for details);
  3. If the customer's bank allows overseas transaction;
  4. If the customer has allowed overseas transaction (overseas payment is usually activated with a simple phone call or a click in the bank mobile app).

Alipay

Stripe now supports Alipay. Alipay allows Chinese consumers to pay directly via online transfer from their bank account. Customers will be redirected to their Alipay's payment page to log in and approve payments. 

  • To activate Alipay, go to your Stripe account and enable the Alipay function;
  • If you cannot see an Alipay option, it might be because Stripe hasn't yet supported Alipay in your location;
  • You can only receive payments in your account's base currency (e.g. If your company is based in Singapore and your base currency is SGD, customers can only pay you SGD through Alipay, although there's currency conversion available).
  • For more inquiries about Alipay, please do not hesitate to contact us.

 

Receiving Payouts

In Stripe, you can withdraw/transfer money to your bank account. Stripe provides manual transfer and automatic transfer options. 

By default, your account will be set to automatic transfer your account balance on a regular basis. That default schedule depends on your country.

With manual transfers, you transfer payments to your bank account as and when you request.

For more information on receiving payments, visit Stripe Payouts.

 

Fees & Rates

Stripe, for all credit & debit card transactions in Singapore, has a standard 3.4% + $0.50 SGD fee, and for Alipay, Stripe has a different 2.2% + $0.35 SGD fee. Volume discounts are also available. International charges will differ. For more information, visit Stripe: Pricing & fees

Note: Fees and rates listed here are for Singapore business entities and subject to change. If you are not in Singapore, please visit Stripe in your own country and see their price listings. Also, there's a 1% EventNook transaction fee on top of these fees.

 

Setting up Stripe for payment

Stripe allows opening a merchant account as an individual or business entity.

In your Currency & Payment - Online Payment - Accept payment by Stripe, check the box and click on Connet with Stripe. You will be prompted to create a Stripe account.

Payment with Stripe

 

Account registration can take about 10 to 15 minutes to complete and it will be immediately activated. You will be required to verify contact person identity (E.g., upload photo ID Card such as NRIC) and provide bank account details. The whole process is online and easy to complete.

If you already have an account with Stripe, click the Sign in on the top right corner of the page.

Stripe Registration

And now you are done with Stripe setup!

 

Refund

Stripe supports the ability to refund charges made to your account, either in whole or in part. If the original charge underwent currency conversion, the refunded amount is converted back using the same process. There are no fees to refund a charge, but the fees from the original charge are not returned.

For more information on refund, visit Stripe Refund.

 

Hope this article has helped you with setting up your Stripe account! We also offer another online payment gateway, PayPal. Want to see how they compare? See PayPal vs Stripe.

Last updated: 12-Sep-2019