Hello – thanks so much for your feedback on this thread. I’m going to have a go at responding to it all in one post, but do let me know if I miss anything out.
Are you aware that you will be allowing Stripe to debit your bank account if you sign up ?
Yes, this is the case. In this respect, it’s exactly like PayPal.
Also like PayPal, the only functonality that Folksy uses with Stripe is the ability to put money into your account when you make a sale. We will be deducting our sales fee at this point, but that is done before the money lands in your Stripe account, so at no point will we be seeking access to any account of yours other than to make a payment.
Where it differs from our PayPal integration is in the lower fees and the greater flexibility it enables you to offer your customers.
I know you (Folksy) are saying “stripe” is cheaper to use than Paypal for sellers but I don’t see why you are saying it is better for buyers. Buyers don’t need a Paypal account to pay by card, they can pay as a guest and then enter their details, or can they not do that through Folksy?
There have been reports of people struggling to pay by card through PayPal without explicitly setting up a PayPal account. This has been an intermittent problem with PayPal that we have talked about with them. Currently when a buyer who doesn’t have or want a PayPal account comes across this problem they can use the alternative checkout form on Folksy, but it’s not ideal.
There are also a limited number of times that you can checkout as a guest in this way before PayPal insist that a buyer register for an account. That number is pretty high, but it applies across the whole internet, not just Folksy. With Stripe, this simply is not an issue as it has been designed from the outset for the utmost convenience of the buyer.
I presume this is not compulsory?
No, it isn’t. We are very keen for sellers to adopt it, though. We’ve thought through possible measures to encourage sellers to connect their Folksy accounts to Stripe but as yet haven’t come up with any really great answers. We don’t want to do anything like make it a compulsory prerequisite to selling because we really don’t want to place any obstacles in the way of new or existing sellers listing and selling their work.
That said, the advantages of sellers enabling card payments will only take effect in those baskets where every seller has connected with Stripe, so we obviously are hoping that people will take advantage of it. Currently there’s a big banner displayed to sellers who haven’t connected asking them to do so (you may have noticed ;)), but we can’t just leave that there forever.
I think this sounds like a great feature. Some buyers don’t realise you don’t need a paypal account and direct payments means buyers don’t leave the Folksy site. Much better thank you Folksy!
Not that this was begging for a response, but – thank you!
I’ve signed up to it, it didn’t take long, though I really don’t want my mobile number to show up on customers credit card statements. It said this can be changed when I was signing up, but I can’t find where to do this anywhere on the dashboard (you have to put your phone number in when signing up, otherwise it won’t let you do it).
I’ve emailed Stripe support about this and will let you know what they say.
I’ve never heard of Stripe. I need a lot of convincing before I sign my life and bank account away to it.
They’re a big, reputable and well-trusted company. For an overview of just how ubiquitous they are see this page: https://stripe.com/us/customers
As for putting bank details in there, they are an online payment service provider just like PayPal. I do understand if people are nervous because they aren’t familiar with the name, but that’s why we’ve started pushing the connect-to-Stripe work before the payments system is implemented: to give people time to look into them and become more familiar with them.
I haven’t heard of Stripe either, and to be honest I felt rather anxious to see the sign up banner glaring out at me on my shop front.
Oh, I am sorry about that, we definitely didn’t want to cause anyone any anxiety. We really need sellers to know about connecting to Stripe so we put it where they’d be guaranteed to see it. As said above, there are conversations ongoing about the best ways to let sellers know about this.
Over on another site I do have card payments activated and 50% of sales are paid via this, but funds are not available instantly and can take up to four days to hit my bank account.
On Stripe you can set it up to transfer to your bank account daily, so that shouldn’t be an issue.
I would add that this is an option to sit alongside the existing Paypal - it is simply a way of increasing payment gateways, giving the customer more choice.
Absolutely! That’s exactly how we’re hoping people will see it. However our communications on this work may have been a little terse (because we haven’t wanted to overface people with yet more things to read), so there’s maybe something for us to consider there.
I have just taken a look at the Stripe dashboard for my account, and the public information to be shared with customers does NOT include my phone number, merely business name, statement descriptor (their term - mine is Fiona Humphrey Art) email and Folksy shop name. I am happy with this as this is information I share in any event.
Brilliant, thank you! That’s exactly what I thought, but as this has caused concern I’ve nonetheless asked our contact at Stripe support about it in case any additional reassurance is needed.
Someone on the Facebook group commented that it takes 7 days to get your money…
That’s only for the first payments received after you sign up. After that, your money is transferred to your bank account as regularly as you tell it to in your Stripe settings.
I really hope we have a choice…this pinned post makes it seem like a command!
Please bear with us on this. As I said above, we’re trying to negotiate a tone to fit between our strong desire that our sellers connect their accounts with Stripe and our desire not to put any obstacles between sellers listing and selling things.
I hope that answers your questions for now. I’ll check back in later (as you may have guessed, I’m rather absorbed by implementing the actual Stripe payments at the moment!) to see if I’ve missed anything.
And thanks so much for your feedback again,