Stripe Products for Your Online Marketplace Business

Did you know that over 1.2 million digital resources use Stripe as their primary payment system? Stripe's marketplace solutions, particularly Stripe Connect, are built to provide flexible and reliable transaction management through API integrations. Rather than being inherently compatible with specific websites or applications, the integration of Stripe products depends on how they are implemented via the API. The API allows developers to seamlessly incorporate Stripe's functionality into various digital platforms, enabling tailored solutions for marketplace transactions.

Stripe has changed online payment integrations with its versatile and global platform. Supporting everything from traditional credit cards to advanced digital wallets, Stripe empowers businesses to accept payments their customers prefer. Its reach spans 46+ countries and handles 135+ currencies, effectively turning local shops into global marketplaces. This combination of payment flexibility and international scope makes Stripe a powerful partner for businesses looking to expand their horizons and streamline their financial operations in an increasingly borderless digital economy.

Roobykon Software experts made a detailed overview of all key Stripe products.

From the material, you will learn:

• Which features are best to incorporate into a digital resource.
• The opportunities that come with using Stripe.
• How Stripe product integrations are useful for business.
• How risks are mitigated when using the payment platform.
• Features and benefits of Stripe products.

Best Stripe products for your marketplace

The Stripe platform is a set of digital products for businesses. It offers a range of opportunities to work more efficiently with marketplaces, services, and other resources.

Stripe products list includes:

• Connect to create a merchant account.
• Onboarding for transaction security.
• Identity for additional transaction verification and protection.
• Payments for additional payment options.
• Elements for customizing the payment interface.
• Payment Links for faster transactions without customization.
• Checkout allows businesses to securely accept payments online.
• Billing for implementing subscription models in marketplaces.
• Tax to account for taxes on payments.
• Invoicing for creating invoices and sending them to customers.

Stripe Connect

To get started on the marketplace, you'll need a merchant account. Whether you're selling goods or services, you'll need Stripe Connect.

First, you should connect your storefront (platform) to the Stripe system and specify your business information. This is crucial to verify your credentials and determine the best type of account.

There are three account types available in Stripe Connect:

• Standard. Basic account for payment processing.
• Express. An advanced account that allows for customer customization of payments, and supports payment schedules and fund flow settings.
• Custom. A custom solution that requires account integration and detailed configuration, including payment processing, data collection, and more.

Stripe Connect provides a quick creation of a platform merchant account and detailed configuration of all transactions.

The account features also change depending on the type of account and its settings. For example, you can connect funds transfers between accounts or work with bank cards directly through card payments.

Stripe Payouts automates and simplifies distributing payments to multiple providers, integrating seamlessly with third-party specialists. Leveraging Stripe Connect, Payouts accelerates payment processing by quickly handling verified data. Utilizing Stripe Radar and other systems, Payouts ensures secure transactions by protecting against fraudulent activities and spoofed addresses. It also facilitates efficient fund transfers, long-term payment planning, and automated reporting, enhancing business efficiency and minimizing errors.

With Stripe Connect, you can set up both receiving payments to your internal account and sending them. You can connect your bank account and transfer funds either automatically or manually.

Stripe Onboarding

Often it's not enough to create an account through Stripe Connect and enter the minimum information to get started. The user must be verified and adapted to the specific region and business environment. Stripe Onboarding allows you to identify the merchant and add them to the platform with the appropriate rights.

Stripe Onboarding is a product that confirms that the seller is real and provides services or sells goods. That is, it is used to collect data, for example:

• ID cards and other identity documents;
• financial accounts (bank accounts, tax IDs)
• work phone number;
• the type of business and its specifics;
• region of work;
• e-mail.

All of this is necessary to protect potential platform customers from fraud. This is especially important for marketplaces where several providers (sellers) provide services or goods.

Stripe Identity

Another product, Stripe Identity, can be used additionally for greater transaction security. It has an extended verification algorithm and works with data about sellers (service providers) and information about potential customers.

Stripe identity verification allows you to verify the authenticity of payment and personal data of the client. It is one of the main components of KYC (Know Your Client). Thanks to the solution, you can ensure that the transaction is legal and complies with the norms of the business region.

This product eliminates a significant part of the risks typical for online trading. Key tasks solved with the help of the marketplace ID verification module:

• increasing consumer confidence by reducing the number of scam accounts on the resource;
• leveling the risks associated with illegal activities of malefactors, speculation, etc.;
• simple verification of user accounts based on the confirmation of e-mail, phone number, etc.;
• two-factor authentication that prevents accounts from being hacked and used in fraudulent schemes.

The product verifies users from more than 30 countries by researching information about them from public sources. Direct actions and identification can verify consumer data through certain driver's licenses and other government-issued IDs, though not all forms of identification may be accepted. This virtually eliminates the possibility of fraudulent spoofing of personal information in existing accounts, as well as when registering on the resource.

Stripe ID verification uses AI and ML technologies that automatically verify images. They have a 99% probability of detecting fakes by scanning databases to match information about a person.

The Identity product also aims to protect accounts and prevent their theft. The module's algorithms are designed to ensure maximum data storage confidentiality and reliability. It uses:

• end-to-end connection encryption;
• online data validation in real-time;
• encryption of user data on the server and in the app;
• information protection with unique API keys;
• surveying users on the consent of data collection;
• collection of the minimum required information for verification;
• user information management in the system.

With this product, you provide your business and customer accounts with reliable protection against fraudulent activities.

Stripe Fraud Prevention

Radar by Stripe is a unique algorithm for dealing with intruders, fraudsters, and speculators. It scans all transactions, verifies user data, and determines the threat level. Based on the results, it either accepts the payment or rejects the request.

The uniqueness of Radar is expressed in the following:

• adaptive business protection with upgradability;
• implementation of machine learning algorithms;
• studying users and determining their trustworthiness;
• fast setup of scanning mechanics for potential fraud.

The product uses machine learning technology that adapts to the specifics of business operations. This means that billions of data sources are used for preventive detection of fraudsters. This algorithm allows to processing of many transactions, instantly identifying potential threats and mitigating them. The product is also synchronized with leading banking systems and supports SAFE, TC40s report data, and tracks disputes and other suspicious transactions.

The system allows to:

• receive and analyze data from payments;
• store suspicious activity;
• identify routers, proxies, and VPNs;
• detect fraudulent payments.

With Radar's capabilities, you'll secure your business, level out the risk of losing money or goods, and protect your company's customers.

Stripe Payments

Stripe Payments is one of the best marketplace payment processors with huge potential for all types and sizes of businesses. Stripe Payments allows you to implement modern payment methods for any type of service or product platform. They protect customers' confidential information by providing quick access to payment tools.

Advantages of the product:

• fast setup of gateways and crediting addresses;
• powerful protection protocols based on encryption;
• high level of support for fiat and cryptocurrency payments, with ongoing improvements and updates to enhance functionality;
• API-based software integrations;
• online verification of payment information;
• consumer activity monitoring;
• connection of all types of cards and bank accounts;
• secure decentralized connections to gateways;
• full-cycle support for the purchase of goods or services;
• individualization of customer accounts;
• integration with ERP and accounting software.

With Stripe Payments, it is possible to implement any style of payment invoice design and integrate it into third-party payment apps. You can also create formulas for the automatic calculation of transactions that consider the current price, discounts, taxes, etc.

Connecting Stripe Payments to your system provides a convenient tool for working with payments.

The Payment Intents API

If standard payment processing capabilities are insufficient, you can use The Payment Intents API, adding flexibility to the rules and conditions of transactions.

The advantages of this API include:

• automatic authentication processing;
• no double charges (taxes, commission, logistics);
• no problems of idempotency;
• support of secure client verification (SCA, 3D Secure, etc.);
• working with regional transaction requirements;
• saving payment data for reuse.

The Payment Intents API helps track sales sequences and correct information at checkout. For example, if a user adds a product or service to the cart and then replaces some items, the system will automatically recalculate the amount and provide an updated receipt.

The same applies to the cancellation of transactions. If the sale process is unsuccessful, the user can use the previously entered information and continue the purchase in the next session.

Payment Intents API uses a unique PaymentIntent identifier which can be saved in the cart or the customer's session, thus providing quick automatic processing of payments. In addition, the mandatory use of the PaymentIntent idempotent key will prevent duplicate PaymentIntents within a single purchase. This protects against accidental double transactions or payment calculation errors.

Stripe Elements

If you need even more customization of the checkout process, Stripe Elements is the best option. With its help, both the interface and server part of payment processing are implemented.

The advantages of Stripe Elements include:

• automatic formatting of the input information;
• automatic translation of the interface into one of 35 languages;
• adaptive cross-platform design;
• instant payment with Payment links;
• additional payment authentication;
• customization of interface and design elements.

Stripe Elements is implemented as a JavaScript library, which opens up additional possibilities for creating and configuring payment flows. As a rule, it is used together with Payment links.

Payment Links API

Did you know that you can also conduct secure transactions outside of marketplaces? With the Payment Links API, you can create checkout forms and share them with consumers simply by sending them a link.

With the Payment Links API, you can scale your business beyond dedicated marketplaces and extend it to social media, for example.

The key features of the Payment Links API include:

• flexible payment form editor;
• support of commodity and service items;
• work with fixed amounts and automatic calculation of prices;
• customizing payment details, payment terms, and currencies;
• support of more than 20 payment methods;
• automation of transaction processing;
• payment protection by user authentication.

This is just a part of the potential inherent in Payment Links API. You can find detailed information about it here.

In addition to The Payment Intents API, Stripe Elements, and Payment Links API, you can also use Stripe Checkout – a dedicated, customizable payment page.

Stripe Checkout

Stripe Checkout allows you to create pages for purchasing products or services directly in the Stripe system. With flexible customization and support for both one-time payments and subscriptions, this integration increases the convenience of checkout and payment.

Stripe Checkout functionality:

• work with global payment methods;
• personalization of the page notifying about successful payment;
• collection of customer information:
• Name
• Phone number
• Tax ID
• E-mail
• saving payment information for reuse;
• automatic sending of checks to customers;
• increasing the check using cross-selling;
• connecting price lists;
• compatibility with Payment Links API;
• automatic tax collection;
• integration of logistics services and their automatic payment.

Thus, Stripe Checkout allows you to further customize the checkout process and the processing of payments from customers.

Stripe Billing

Stripe billing integration capabilities are necessary for all business owners who want to automate the issuance of invoices, the formation of receipts, and payroll. It also allows you to implement a system of payment delimitation.

The product is designed for one-time customer billing processes and ongoing transaction automation. Stripe Billing allows you to structure and segment payment transactions, positively impacting business efficiency.

Among the advantages of Stripe's automatic billing:

• one-time or permanent billing;
• flexible payment system;
• issuance of invoices and checks;
• tax collection;
• support of a large number of bank cards;
• processing fiat payments globally through a single integration;
• connection of automatic price recalculation rules;
• connection of promo and discount formulas;
• distribution of payments between different recipients.

Additionally, you can set up subscription integration, creating unique sales offers for your customers. Templates for one-time sales and subscription models are implemented with the product. System features include:

• managing the design of sales pages;
• setting a pricing policy with a description of the benefits;
• setting up product catalogs;
• monitoring of subscription activity;
• migration between subscription plans.

You'll also be able to set different prices for groups of users, for example, with a basic or premium subscription. You can attract new customers and retain old ones by offering them more favorable product pricing terms.

Stripe Tax

Stripe tax integration capabilities are designed to automate taxation and calculate fees for goods and services based on preset rules. Almost all regions where this payment platform operates set tax charges on transactions, including on the Internet. The advantage of the Stipe Tax solution is that Stripe charges tax depending on the country automatically, guided by regulations and laws.

With this product, you can:

• implement regional price recalculation, considering local tax percentages;
• arrange automatic issuing of receipts, transaction completion documents, and payroll;
• generate reports and a detailed list of transactions;
• monitor changes in laws and regulations in the region;
• recalculate discounts and promotions, considering tax deductions;
• work with more than 400 groups of goods, services, and tax categories.

The product assists marketplace owners in calculating taxes for most supported regions. However, it does not provide functionality to directly automate tax processes with your existing tax service. The code for calculating commissions is integrated into the payment service via API, requiring no additional configuration by the business. The product helps adjust the pricing of goods and services, enabling you to remain competitive in your chosen market without sacrificing revenue.

With Stripe tax reporting, you, as a business owner, no longer have to calculate taxes and fees manually. It also generates convenient reporting that you can use to declare income or show investors.

Stripe Invoicing

Sending invoices with Stripe is a fast and convenient process where you can use your own payment templates. Stripe Invoicing implements algorithms for request processing and automatic invoice generation. Also, current discounts or promotional offers are considered when creating an invoice, making the sales process more convenient.

The features of invoice Stripe integration:

• adaptive design of invoices for payment;
• fast distribution of payment forms to clients;
• automation of overdue invoice notifications.
• automation of invoicing;
• payment reminders;
• connection of external systems (GPay, Apple Pay, etc.), depending on the region and setup;
• protection of payment information by encryption;
• automatic calculation of payment amount;
• user-friendly API and invoice design editor;
• connection to ERP and accounting software.

With the features of Stripe billing subscriptions, you can increase work efficiency and speed up the process of selling goods and services by automatically calculating Stripe invoice tax. The system supports most bank cards, payment systems, digital wallets, etc.

Using API, you can implement both in-resource invoicing and sending via apps and e-mail.

How Roobykon Software can help you

Roobykon Software helps you take control of your marketplace payments by integrating Stripe’s secure solutions. Scale your business with confidence and trusted support. Contact us!

Stripe claims their solutions are easy to connect to digital products and require no additional knowledge. This is not always the case. Since most of the modules are explicitly tied to the API, integrating them requires certain skills and experience with code.

Of course, you can use templates and implement Stripe functionality as it is, but you will lose many customization benefits.

Roobykon Software is a verified Stripe partner and has been creating, supporting, and developing marketplaces for over 13 years. During our work, we have implemented hundreds of custom solutions and trading platforms based on Sharetribe and integrated Stripe into almost all of them.

With Roobykon Software's services, you get:

• high-quality implementation of the Stripe payment system into the working resource;
• complete synchronization of existing data with the new platform;
• comprehensive product testing and troubleshooting;
• lifecycle support and scaling;
• customization of modules and systems for specific business needs.

Use Roobykon Software's service and get professional help with your Stripe connection. Contact our manager to discuss your project.