Setting up marketplace payments with Stripe allows your marketplace to process payments and automatically split the amount between yourself and developers. It’s the quickest and easiest way to accept payments on your marketplace.
For example, let’s say that the marketplace commission is set to 20%. If a user purchases an app for $10.00:
- The user’s credit card will be charged $10.00
- Stripe will charge a transaction fee of $0.59 (2.9% + $0.30)
- The marketplace’s Stripe account will receive $1.41 (20% minus Stripe fees)
- The app developer’s Stripe account will receive $8.00
There are a few steps required to setup payments on your marketplace including: Creating a Stripe account, Connecting the Stripe account to the marketplace, allowing developers to connect their Stripe accounts and allowing users to manage their payment details.
Create a Stripe Account
In order for Stripe’s payments to work for your marketplace, you must first create a Stripe account. All of the transactions on your marketplace as well as your commission payments will be routed through this Stripe account. Visit stripe.com for more details.
If you already have a Stripe account then you can proceed to the next step.
Connect Your Marketplace to Your Stripe Account
To connect your OpenChannel marketplace to your Stripe account:
- Log into the my.openchannel.io OpenChannel dashboard and click on Settings -> Payments. Enable Payments and set the marketplace minimum price, maximum price, commission percentage and choose the “Stripe” gateway
- In another window, log into your Stripe dashboard and click on Connect -> Settings -> Platform Settings to access Stripe Connect’s platform settings.
- Create a Connect platform and set the fields like Bank descriptor, name and logo.
- Copy the production client_id and enter it into the client_id field within the OpenChannel dashboard’s payment settings page.
- Copy the Redirect URI from the OpenChannel dashboard’s payment settings page and enter it into the production Redirect URIs field within the Stripe Connect’s platform settings page.
- In your Stripe dashboard, navigate to the API page and copy the Publishable key and Secret key to the Publishable key and Secret key fields within the OpenChannel dashboard’s payment settings page.
- In your Stripe dashboard, navigate to API -> Webhooks page and create account and Connect endpoints with the URLs from the Account Endpoint and Connect Endpoint on the OpenChannel dashboard’s payment settings page.
- Click Save on the OpenChannel dashboard’s payment settings page.
Once the Stripe account is setup and integrated with the marketplace, The Stripe Gateway API can be used to allow developers to connect their Stripe accounts and users to manage their payment details. See Stripe Gateway for more details.