Does anyone use Stripe with International Vendors/Customers ?

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Viewing 4 posts - 1 through 4 (of 4 total)
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  • March 5, 2016 at 6:59 am #25688
    Karen Thomas
    Participant

    Hi there,

    I currently use Paypal adaptive payments and have found that my international vendors are being charged huge currency conversion fees!

    So I’m looking into making the leap to Stripe (thanks for the great knowledgeable guide!). Their currency conversion is slightly cheaper.

    Question 1: How does this work? Does the shop owner get charged the currency conversion fee or the vendor? Or does it depend on whether the vendor has connected themselves to Stripe?

    Question 2: My base currency is UK pounds, but ideally I want to set things up so that my product prices show in customers currency and they can also pay in their own currency. Can anyone recommend a stable plug in to do this? Or is it better to have prices in my own currency at checkout?

    Question 3: If Vendor lives in US and the customer paid in US dollars, do they still incur any currency conversion charges? Or does it charge the shop owner/vendor as I receive my payments in UK pounds?

    Basically I’d like to know if anyone can advise what the best/most affordable way of using Stripe with international vendors and customers is pretty please 🙂

    Many thanks,

    Karen

    March 5, 2016 at 9:31 am #25697
    Anna
    Member

    Karen,
    As you know I use Stripe…
    I’m literally just getting my site rolling but I have had a few UK vendors sign up, so I also wish to be able to clearly describe to them these scenarios as they arise. 😉

    I think it is personal preference whether you choose to display the currency differently at checkout. I have chosen not to at this point, but for the benefit of the buyers I will likely build this into my site as more people outside of the US begin to use the site. As for full currency conversion for the users on the frontend… I’m sorry I haven’t delved into this yet and have no idea how complicated it is nor which plugins work best. I’d be interested to know what you learn, though! 🙂 I don’t know how that may or may not mess with Stripe at checkout.

    I did find some decent articles on Stripe.com:
    This talks about the currency conversion: currency conversion and also this one, though it is talking about stripe in general and not specifically stripe connect: which currencies

    Here is a good starting guide to Stripe connect: considerations for platform using stripe connect

    With an international marketplace, my advice is to use the STANDALONE option when you set up your platform. NOT managed: standalone vs managed Honestly, I don’t know if managed even works with the wc vendors plugin for stripe connect.. 😮

    I guess that’s the extent of the advice I can offer. 🙂 I can say that I have had great support from Stripe when I have contacted them. If you do switch from pp, I think you’ll be surprised at how simple Stripe is in comparison. It’s smooth.

    March 5, 2016 at 12:46 pm #25711
    WC Vendors Support
    Participant

    Managed means that the marketplace admin owns and operates a hundred different stripe accounts on behalf of their vendors. You dont want managed, it’s meant for things completely different.

    March 5, 2016 at 3:08 pm #25720
    Karen Thomas
    Participant

    THANK YOU SOOOO MUCH ANNA!!!

    Really appreciate your help and this article contained this which was super helpful to me:

    Scenario 3
    Platform account is accepting EUR (currency that is different from the customer) Connected account is accepting USD (currency that is the same as the customer) Conversions: We’ll convert the platform account’s application fee, without conversions for the connected account.

    So I think that means that if I allowed customers to buy items in their own currency, if the vendor also lives in the same currency they won’t incur conversation fees (but I will but it’s not a big deal as long as the Vendors don’t miss out)

    😀 xx

    Going to be looking into adding Stripe really soon I think!

    Thanks for your help,

    Karen x

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