Stripe is a third-party payments processor which enables institutions using Handshake to accept payments online. It stores customer credit card information, and processes payments (saving the institution from having to accept the risk of storing credit card information). Stripe is one of the most trusted payment processing platforms available today for web transactions, and many leading ecommerce companies use Stripe for secure payment processing. If you’d like to learn more about Stripe, we recommend visiting their website for more information!
For each transaction processed through Stripe on Handshake, Handshake customers are automatically charged a total of 5% of the transaction amount. This amount is taken directly from the charge and won't be billed separately. Handshake will take up to but not more than 5% of the total transaction including Stripe fees. Stripe fees are subject to change.
When you administer a refund, these fees are not reimbursed. You can read more on Stripe's fees for refunded payments on their site: Understanding fees for refunded payments : Stripe: Help & Support
Notes:
- Stripe pricing is subject to change at any time. For the most up-to date pricing information, visit their pricing pages:
- You won't be charged setup fees, monthly fees, or card storage fees.
- You will be charged a fee for chargebacks/disputes (a customer disputing a charge processed on your behalf). If the dispute is resolved in your favour, Stripe refunds this fee.
To learn more about how the owner of your institution's Handshake account can create a Stripe account for your institution, refer to How to Setup a Stripe Account.
Review the attached FAQs for additional information!