Lets say a customer has paid for their item using Stripe, and Folksy have taken their fees. Then the customer decides to return the item. Is there a clever bit of code that refunds the Folksy fees into the Stripe account so I can refund the customer?
That’s a really good question! The answer is that no, at the moment there’s no clever code around this and we’ll have to resolve refunding any issues with Folksy fees through support, as we do for similar issues, now. But once we’ve been up and running with Stripe for a while, we’ll have a much better idea of how to automate those refunds, and will be putting the clever code in place then.
Will there be a simple spreadsheet download of all these transaction details so my poor accountant doesn’t have a breakdown?
I would much prefer one bill at the end of the month really.
That’s one of the things I’m working on at this very moment. The plan is to have things not too different to how they are now. There will still be a monthly breakdown of fees, including fees for sales through Stripe (plus VAT), and outstanding fees will be pretty much the same, it’ll just be altered slightly to indicate what has and has not already been paid.
I interpreted the Folksy fee bit as the fees were deducted before Stripe did their calculation of percentage owed to them so Stripe would not be charged on the Folksy fee element ?. That was possibly wrong but if not I agree…
Yes, that’s right – it’s pretty much the same as with PayPal. The Stripe fees are calculated from and deducted from the total amount of the sale, and Folksy’s commission is calculated from and deducted from the total amount of the sale. The Stripe fees are not calculated on the total amount of the sale + Folksy’s commission.
but does that therefore mean that the bill I pay at the start of the month is only for those orders paid via Paypal and how on earth would the ongoing month’s bill show that the Stripe elements are already paid. ?
I use my ongoing figure as a check on how well I’m doing that month compared to previous months and years.
The idea is to show it pretty similarly to how it is shown now, all grouped together. It’s a work-in-progress, but the idea is that all the sales and VAT information should be browseable together, grouped under months, as now.
I was wondering if there is anywhere on Stripe’s dashboard or on our dashboards here that we can specify how long payments take?
There is indeed. I’m not sure what it defaults to off the top of my head, although somebody in the thread above mentioned it defaults to 1 day, which is just lovely. But even if it isn’t, it can be set to that. In fact I’m about to quote that very person…
I just set up my account. Was very straightforward. Under ‘Business Settings’ removing my mobile number was done in no time at all.
Brilliant, that’s really good to hear. I haven’t forgotten that I’ve promised to get Stripe’s response on this question, too, by the way – it’s on my TODO list!
The default setting for payments is ‘daily’.
Also brilliant – thanks for confirming that.
Thanks again for the continued feedback – I’ll check in again later on to see if there’s anything I’ve missed or misunderstood.