Stripe Payments
WHMCS comes packaged with a Stripe module which allows you to accept payment by Card. This is called a payment gateway. The risks of Fraud dramatically increase when accepting card payments on a website. Before using this module you should consider and implement an effective fraud strategy. If a customer implements a chargeback this will cost you money to defend and in most cases, the customer’s bank usually sides with the customer. Stripe is one of the largest payment processors in the world and can be a trusted partner. It’s a great alternative to payment processes like PayPal. To signup with Stripe, you will need to confirm your identity, business details, and bank accounts.
Stripe Setup
Implementation of the Stripe payment gateway is simple because it’s already packaged into WHMCS. All you need to do is activate the gateway from System Settings > Payment Gateways and enter your Stripe API details. The module allows you to offer card payments at signup. You can use multiple gateways.
Getting Paid
By default Stripe sends money to your nominated bank account 5 days after the payment was received. It’s a long time to wait for funds if your shipping goods but if you keep your account in good standing with a low Fraud rate you can apply for accelerated payments which give you a 3-day payout schedule.
Stripe Dashboard
The Stripe dashboard gives you access to a range of analytics from payment rates to new customer reports. It’s a much better interface than PayPal with much more details. If the customer’s card has been used in the Stripe network before, the transaction will be flagged saying it’s likely a safe payment. Risky payments are also flagged and these should be declined. You can set some Fraud controls in the Stripe Dashboard and even restrict what countries you will accept payments from.
Conclusion
Stripe provides an easy way to accept payments on your website. The setup process of the module is simple and takes minutes but it can take a few days to verify your account with the documentation needed. With the risk of Fraud attached to card payments, Stripe is a WHMCS module that can increase sales but it will almost certainly also attract Fraud.
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Transaction Fees
Stripe charge a 1.4% + £0.25 fee for payments made on European cards including ones in the UK and 2.9% + £0.25 fee for all other cards. If you are taking large payments the fees can soon mount up. One thing to note is the fee for a chargeback. Stripe will charge you $30 for each chargeback so you could end up losing a whole payment and being charged for the privilege if the customer is fraudulent. Stripe debit this charge from your bank account and you don’t have to authorize the debit because you agree to this at signup.
