Stripe is an online payment processing platform for businesses. Stripe helps process debit and credit card payments online.
When a customer buys a product online, the funds need to be delivered to the seller. For instance, in our case, this would be a School, Afterschool club or Childcare centre providing services. Stripe allows for the safe and efficient processing of funds via debit/credit card or bank and transfers those funds to the seller's (merchant) account. Stripe's software includes both a payment processing platform, as well as a debit/credit card payment gateway making it the most efficient and simple software to choose for online payments.
So, how does the Stripe payment process work?
Stripe has simplified the process of their service for business owners so it’s easy to understand and navigate.
- When you create a Stripe account for your business, and link the Stripe API by setting up the credentials with your Cheqdin account, it will connect the Stripe payment gateway to your Cheqdin account. This will help you quickly and easily take online debit and credit card payments for your invoices, registration fees, booking fees and so on.
- Once a parent or carer is ready to make payment for a service and ‘checkout’, they will input their debit/credit card information on the checkout page.
- The information will then be sent to Stripe software which will verify that the funds are available (payment gateway) and process the payment before sending it to your bank or the merchant's account.
- The merchant (you) receives funds, and a confirmation of payment is sent to both the parent and the centre.