Bonanza is integrating with Stripe to allow sellers to seamlessly offer credit card payments. However, only sellers with Gold membership or higher will be allowed to offer checkout with Stripe, at least initially.
Currently all Bonanza sellers can continue to integrate with PayPal, and Amazon Pay is available for established sellers.
Bonanza Product Manager Reilly O’Connor told EcommerceBytes, “We want Stripe to be a simple payment solution for our sellers, free of application or additional processing fees. In order to help make that happen, we’ve absorbed the costs associated with offering Stripe into our paid memberships. Membership costs will not increase.”
O’Connor explained that Bonanza was listening to sellers: in its 2017 Seller Survey, 31% of participating Bonanza sellers voted to add Stripe, which was 18% more than the next most popular payment provider.
Stripe will charge 2.9% + $0.30 per transaction, though sellers can reach out to Stripe’s support team to discuss their options. There are no additional fees from Bonanza, aside from the final value fees, it told sellers, and nothing about the Bonanza billing process will change.
Sellers can create a Stripe account by visiting their Payments & Purchases settings in Bonanza. Existing Stripe customers can connect their Bonanza account directly on Stripe. New sellers joining Bonanza will be able to opt in during the booth activation process.
Bonanza explained disbursements: “When you receive your first Stripe payment, there will be about a 7-day verification window while they confirm your bank details before payout. For subsequent payments, US sellers will be paid out on a rolling 2-day schedule, so you’ll never be waiting long for those funds to arrive to your bank. International payout schedules vary by country, so we recommend reviewing their documentation to confirm the schedule for your region.”
And Bonanza told sellers that in the event of a dispute or a refund, they handle those issues directly from Stripe’s dashboard. More information is available on this post on the Bonanza blog.