Brandboom has multiple ways of helping you capture payments on the platform. Please note, for non-marketplace transactions, Brandboom is not responsible for how you collect payment (i.e. COD, Check/Cheque, etc...).
Understanding Your Payment Options with Brandboom and Stripe
Brandboom offers two Stripe payment options to handle transactions: Stripe Standard and Stripe Express. Here’s a simple breakdown to help you choose the right option(s) for your needs.
Stripe Standard
- Use For: Regular transactions with customers in a non-marketplace environment.
- What It Does: Allows you to accept credit card payments.
- Fees: Stripe’s standard processing fees apply (Brandboom cannot change these rates and is not responsible for these transactions).
Stripe Express
- Use For: Marketplace transactions and Slope Net 60 payments.
- What It Does: Provides additional security validation required for marketplace environments.
- Fees: Based on marketplace rates at the time of sale.
- Requirement: Must be used for marketplace participation or accepting Slope Net 60 payments.
Benefits for Your Buyers
- Stripe Link: Buyers can create a universal wallet with Stripe Link.
- Convenience: Their card information is stored securely, making checkout faster and more convenient across all vendors using Stripe, including those on Brandboom and other platforms.
By integrating with Stripe, Brandboom ensures a secure and efficient payment process for both you and your buyers.
More About Stripe Express
Stripe Express is a way to receive payments for your marketplace orders, or any Slope Net 60 order. When connected, you can take advantage of benefits such as:
- Accept payments from trusted and verified buyers, including credit-worthiness verification
- Receive payments typically within 5 - 7 business days after delivery
- Provide buyers with net 60 options by accepting Slope Net 60 payments
- Greater protections from buyer fraud and misuse
- No need to chase any buyers for payment
- Verified status in Brandboom - buyers know that if you have Stripe Express, your account has also been checked and verified.
How do I qualify for Payments on Brandboom using Stripe Express?
To qualify, you must be verified by Brandboom. First, you need to log into your Brandboom seller account, go to your profile icon, and select 'Get Paid'. You will then need to submit information and sign up for Stripe Express Connect. The process will ask you to submit information about your business, including proof of identity documentation. If you want to prepare before signing up, these are some things you will need:
- Business Certificates
- Personal IDs
- A valid bank account that Stripe Express Connect is able to connect with
After submission, your information will be reviewed by Brandboom, usually within 3-5 business days. Brandboom Payments costs nothing to apply for and have as a feature on your account, so we strongly suggest you apply for it at your earliest convenience.
How do I use Stripe Express for my orders?
There are two ways you could receive an order through Brandboom. We like to refer to them as:
- Organic/Non-Marketplace orders - customers that you've found or worked with directly, someone who has purchased from you before, a prospect you met at a trade show, through a sales rep, or someone who found you directly. A known customer.
- Brandboom Marketplace orders - through select Brandboom or Brandboom Partner Marketplaces, we have found you a new buyer, and they have placed an order through this marketplace service.
For organic orders, you may offer Slope Net 60 as a payment option. For a small fee, we will take care of collection and pay you typically within 5 - 7 business days of delivery. Slope Net 60 is completely optional for your organic orders. You can add or remove it as a payment option based on your line sheet settings.
Stripe Express is a mandatory payment method on select marketplaces within Brandboom. This is because it provides security and trust for both buyers and sellers. This is a layer of protection in a marketplace environment where you may not have worked with this particular buyer before. When you join a marketplace on Brandboom, you will be prompted to accept the terms and conditions of that marketplace, including acceptance of marketplace fees.
What are the fees for Stripe Express?
Fees will be outlined depending on the transaction type and the order's origination (Organic Slope Net 60 or marketplace). These will be clearly stated before you allow it as a payment option or apply to be part of a Brandboom Marketplace. Please refer to Brandboom's terms of service for further information.
To learn more about Payments on Brandboom and applicable payment methods, please see the following articles:
- What is Slope Net 60?
- Slope Net 60 FAQ (For Sellers)
- Slope Net 60 FAQ (For Buyers)
- Manage Returns and Credits for Brandboom Payments