Hi <<First name>>!
Sometimes, a credit card is not the preferred payment method for your customers. Some customers might not even have a credit card. If you want to reach these customers, you need to offer them more payment options.
Stripe, the default payment processor in Sharetribe Flex, supports many other payment methods besides credit cards. The latest Flex release makes many of these accessible in your Flex marketplace.
New local and global payment methods
This release focuses on local payment methods. If your customers are in Austria, Belgium, Germany, Netherlands, Poland, or China, we have great news for you! Flex now supports the following payment methods:
In addition to these local payment methods, Flex also supports three globally available payment methods:
These three methods make it easy for Google, Apple, and Microsoft customers to make purchases online and with their mobile devices.
Local payment method setup
If you want to use any of the new local payment methods (Alipay, Bancontact, EPS, giropay, iDEAL, Przelewy24), you need to adapt your transaction process and customise your client app. That’s because unlike credit cards, these local payment methods do not support preauthorization. Once the customer confirms the payment, a charge is made immediately. The charge moves money immediately to the provider's Stripe Connect account.
As a result, refunds work differently with local payment methods. If a customer pays with a local payment method, a refund can be issued only after money has already moved from their bank account. In the case of a refund, the marketplace needs to cover the Stripe fees as Stripe doesn’t return them. You can take this into account in your transaction process by either disabling the ability to decline transactions or accounting for the refunds in your commission structure.
The graph below illustrates an example of such a transaction process.