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Creators - How to Set Up Stripe

Wescover is integrated with Stripe, a global payments platform, to process transactions and manage payouts

Written by Uly

Wescover uses Stripe, a global payments platform, to process all transactions.

Stripe setup is required to enable listings for purchase through Wescover and receive automatic payouts for all transactions.

In this article:

  • Stripe overview

    • Which countries are supported by Stripe?

    • What are the processing fees?

    • Is Stripe secure?

    • Is it possible to connect an existing Stripe account to Wescover?

  • How to set up Stripe as a Business

  • How to set up Stripe as an Individual

  • Payout schedules

  • Troubleshooting

Stripe Overview

Countries Supported

Stripe is a global payments processor. However, some countries are not yet supported or are limited in support. To check if Stripe is available in your country, click here.

  • Indirect Payments - If your country is not supported by Stripe, Indirect Payments can be enabled for your Wescover account. More information regarding Indirect Payments can be found here.

Processing Fees

All transactions processed by Stripe are subject to a 3% processing fee, applied to the order total.

Stripe Security

Stripe has been audited by a PCI-certified auditor and is certified to PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry. You can read more about Stripe's security here.

Existing Stripe Accounts

Wescover is integrated with Stripe via Connect, with Express accounts. Express enables our platform to manage payout schedules, customize the flow of funds, and control branding. For these reasons, creators must setup a new Stripe account through Wescover.

Stripe Setup

Initial Setup Instructions

Stripe setup can be initiated via your Edit Your Page or Account Settings page.

  1. Once logged into your Wescover account, click your name on the top right corner, then select either 'Edit Your Page' or 'Account Settings'

  2. You'll then see this message on the top of your page. Click here start the Stripe sign-up process.
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  3. Select your country location

  4. Select whether you'd like to sign up as a Business or as an Individual (further instructions below)

Complete Stripe setup as a Business (EIN required)

If you opt to complete setup as a Business, Stripe will prompt you to provide an EIN. In addition, please make sure to add an 'Administrator' to the account. If any person besides an Admin is added, Stripe will also request that the person's SSN be provided.

Complete Stripe setup as an Individual (SSN required)

If you opt to complete setup as an Individual, Stripe will prompt you to provide a SSN. This is for tax purposes. If you'd rather not provide an SSN, we can reset your Stripe setup so that you can provide an EIN.

Link a Bank Account to Receive Payment

Stripe automatically sends payouts to linked bank accounts on a regular schedule, depending on your location.

  • When linking your bank account, please make sure to select your preferred default currency

  • Each time a transaction comes through, Stripe will automatically convert from USD to this default currency by taking the average conversion rate for that day

Payouts

Currencies

The default payout currency can be selected when linking a bank account or updated after linking a bank account

  • Please Note: Each time you link a bank account, any funds in your Stripe account will automatically be converted to the default currency associated with the linked account

    • For example: If there is $100 USD in your Stripe account before the schedule payout date and unlink a USD account and link a CAD account, the $100 USD will automatically be converted to CAD based on that day's average conversion rate

    • Creators are responsible for any payout adjustments due to conversion rates

Schedules

Payout schedules largely depend on the location of your linked bank account -

  • US-based bank accounts receive net payouts every 2 business days

  • International bank accounts receive net payouts every 7 business days

Troubleshooting

What if my primary business email is already linked to an existing Stripe account?

- In this case, we recommend using an adjusted form of your primary email to complete Stripe signup. If you add '+wescover' to your primary email address, all emails from Stripe will be forwarded to your primary email inbox. 

For example: 

If your primary email is community@wescover.com, use community+wescover@wescover.com to sign up for Stripe.

Wescover is one of my Shopify sales channels - do I still need to complete Stripe setup?

- If you're based in the United States and are a Shopify seller, we would still recommend that you complete Stripe setup on Wescover. In the case of a return, it would be easier and more cost-efficient for us to refund your collected commission as a transfer via Stripe.

Stripe is requesting a SSN - can I use an EIN instead?

- Absolutely! If you started Stripe signup as an individual but would rather provide an EIN, please contact Wescover support so we can reset your Stripe signup so you can complete setup as a Business. Either click 'Contact Support' at the top right of your dashboard or email us at community@wescover.com.

How can I update sensitive business information on Stripe?

- Only 'Administrators' have permission to update information such as EINs, ownership, etc. If you haven't already, please log into Stripe via your Wescover Account Settings page to add an Admin.

Still have questions?
If you run into any issues, reach out to our support team or email us at communication@wescover.com we're happy to help.

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