fabryscript_best-practices

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• fabryscript_api, 1 day ago, 7 messages

[dawn widget]

Hi @manic spruce , happy to help you

[twin tide]

@manic spruce Hello! That user is not a Stripe employee, so be mindful if interacting with them

We'll be with you soon

[manic spruce]

Ahaha, no worries, maybe they just wanted to share their experience

[thorn walrus]

hi! I'm taking over this thread.

if you want to be able to send money to some users (the sellers), then yes you need to use Stripe connect, and each seller will need to have a Stripe account.

[manic spruce]

So then the final user that buys an item will need to get KYC done then they can pay for the items they are buying from the seller through Stripe, right?

[thorn walrus]

no, the final buyer will just need to enter their payment method to pay for something. then the monjey will either flow directly to you (and then you transfer the money to the connected account), or it goes directly to the connected account.

[manic spruce]

Alright, but can I also let the money flow into the connected seller account, but be "suspended" until the buyer confirms the item arrival?

So then the funds are released

Or it would be better if I (the platform) hold the money instead?

[thorn walrus]

to have more control on this, I think it makes sense to keep the funds on the paltform account, and only transfer them later when the item arrived. this is called "separate charges & transfers". you can learn more about this here: https://docs.stripe.com/connect/separate-charges-and-transfers

[manic spruce]

Very good! So that means that I can also hold platform fees for the final payment more easily right?

[thorn walrus]

I wouldn't say it's more easy, but yes if you get $100, but only transfer $90, then it means you get to keep $10 for you.

[manic spruce]

Also, about taxes & accountability, as a platform, how would I declare all these movements?

[manic spruce]

Yeah that's what I was thinking

[thorn walrus]

Also, about taxes & accountability, as a platform, how would I declare all these movements?
there is Stripe Tax that can help with this: https://docs.stripe.com/tax/how-tax-works