Post by Sea Dogs Beach on Dec 26, 2016 12:34:12 GMT -5
Written By Jim Allan | 12-25-2016
"Stripe" came to be a few years ago and as it goes the growth is slow. But as people come into contact with this online payment service more and more through online marketplace venues the thought of giving it a try is more of an urge than a dismissal. Many internet web hosting and selling marketplace sites have already installed and offer it up as a payment option for its stores.
Ioffer.com and Ecrater.com online marketplaces have transitioned over to using "Stripe". Godaddy and Shopify are just a few out of thousands that use "Stripe" now.
"Stripe" is more a marketplace host venue oriented at this time because the selling host gets its fees taken out of the merchant payment and paid directly from "Stripe" and not the actual seller that uses the marketplace host to peddle products. Individual retailers can install "Stripe" because it's user friendly. "Stripe" is not owned and operated by any selling or web host and completely independent.
Yes, it has become routine for some buyers to make the purchase from a seller then demand a refund. The buyer either will take parts off of the purchased produce and send the product back to the seller minus the parts or send back an old item of the same in exchange for the new item of the same. Marketplace merchants and independent retailers have a problem with this and making the correct judgement as to refund or not to refund takes a keen sense of what's real. It's always good to have insurance on the package you send also. Credit Card chargebacks are mostly prevalent on large purchase amounts of non physical goods like eBooks and electronic media.
"Stripe" does not have "Instant Pay" yet where "Stripe" has bank accounts set up to hold the funds indefinitely and "Stripe" decides the disputes so merchants do avoid the high amounts of unjustified disputes from buyers out to "Internet Shoplift". Instant pay accounts are really liked but the attempts by buyers to "Internet Shoplift" are enormous on physical merchandise.
A lot of selling hosts have taken up handling their own refund determinations but for some online marketplaces and independent retailers the job goes to the payment service whom send the dispute claims to the cardholders bank. Since "Stripe" right now is just credit card and bank transfers the disputes are handled by the customers bank. Yes, "Stripe" collects the information from the seller and customer then sends it to the customers bank to be decided. This routine can take up to 60 days and the refund to the customer is given right away upon the customer filing a dispute. If the bank decides in the favor of the merchant the funds are immediately reversed which means the customer that filed the dispute and has already received the refund gets their credit card charged for the amount that was refunded to them. The seller gets the payment back.
"Stripe" handles disputes is the same fashion as other online payment processors with the only difference being "Stripe" fee's are less resulting in cost savings to the merchant if the dispute goes in the favor of the buyer. Most credit card agencies do decide disputes in the favor of their card holder but if enough proof is presented they will decide in favor of the merchant. If the bank decides in the favor of the merchant the dispute fee is returned to the merchant also whereas other online payment processors won't return the dispute fee.
Other than the dispute process that rely's on the cardholders bank to decide the dispute there's nothing to fear by using "Stripe". Many big name online marketplace hosting platforms have installed "Stripe". A couple online marketplace platforms I known of have made "Stripe" their only online payment processor rejecting all others since the dispute processes are simular. As "Stripe" gets better known as a trustworthy online payment processor more private individuals will start to use it for their purchasing. I have started using "Stripe" for online purchases and no problems existed during the payment process, the functionality was good and the navigation wasn't bad after learning it.
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