Credit card payment

Up, down, could be better? How to get more bookings is our number one obsession. Talk shop here.
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kevsboredagain
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Post by kevsboredagain »

AndrewH wrote:Actually, Stripe's commission for European customers is only 1.4% plus 20 pence. I think they are lining themselves up to compete with HA and Yapstones.
That's the part that confuses me. Wave charge exactly the same as Stripe but host the payment on their own website, so have much larger overheads than Stripe. They use Stripe as their payment gateway, so I can only assume they are charged much less than 1.4% by Stripe and make profit from the difference.

Sounds like a great alternative to Paypal.
AndrewH
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Post by AndrewH »

Nemo wrote:I have set some draft invoices up and apparently accepted credit cards but it is not clear how this all works! It then led me to connect a bank account which I thought was to receive payments but I'm not sure that was the case, so I disconnected it again. It was showing a bank statement under transactions so I think that's a step too far!
Not a personal bank statement surely, Nemo? To show that they would need more than just Name/Ac. No./Sort Code. I can't say of course, because I have not tried it, but maybe it is a transaction statement for your private information, not to be seen by your customers.
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Nemo
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Post by Nemo »

Yes I went through the connecting bank account process only to realise that it was linking me to their other processes, such as accounting, not just invoicing. I've disconnected it anyway and sent myself a test invoice, so it looks good to go. Very interesting. They also have an app which has limitations according to the reviews, but it won't actually let me log in currently so I can't test that.
zebedee
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Post by zebedee »

Watching this with great interest. Can you keep us up to date with how it goes?
Thanks
FelicityA
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Post by FelicityA »

I've been in touch with them about receiving payments from North America. The total 'loss' with fee + conversion charge is 4.9% ( plus 20p I think) so not a goer for me I think. But with no currency conversion it seems to be a good option.
Sun Lover
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Post by Sun Lover »

During the set up I was asked to select my bank and then to give all my online login details of my bank including personal access code.............meaning anyone/someone somewhere could access that bank account.
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kevsboredagain
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Post by kevsboredagain »

Sun Lover wrote:During the set up I was asked to select my bank and then to give all my online login details of my bank including personal access code.............meaning anyone/someone somewhere could access that bank account.
:shock: :shock: :shock:
tavi
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Post by tavi »

Sun Lover wrote:During the set up I was asked to select my bank and then to give all my online login details of my bank including personal access code.............meaning anyone/someone somewhere could access that bank account.
YOU ARE JOKING SURELY?
Sun Lover
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Post by Sun Lover »

Hi Tavi, no not joking, take a look........... its right near the beginning of the signing up process.

Why is everything so difficult? or is it just me :(
Hells Bells
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Post by Hells Bells »

I haven't yet completed the set up, but I don't think it is compulsory to link your account like that. This was simply for personal use of their accounts system, so you can check your bank balance from within the app. It gives you personal read-only access to your account from the app, no transactions can take place. For use of the credit card system, you only have to complete your bank account details like you would with any other.
Hells Bells
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Post by Hells Bells »

You can just add transactions manually to the system without linking your account.
tavi
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Post by tavi »

oh I get it.......I think.

watching with interest.

<<< pulls up a chair >>>>>
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NeatandPicky
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Post by NeatandPicky »

Well amazingly we took a new booking yesterday and the guests have opted to pay the deposit by card.

When I set up my invoices on WaveApps, I entered a 1.4% tax called "Card fee" (disregarding the 20p).

On the accompanying message I gave the guest the option of paying by bank transfer (no fee) or paying by card (+1.4%).

The payment required was £385. The guest paid £390.39 (+1.4%).
Wave are actually charging £5.67, which is a little over 1.4%, leaving us with £384.72 - close enough!

I received email confirmations of the payment from both Wave and Stripe telling me the funds will be in my account June 9.

I certainly think the professional-looking invoices inspire confidence. From now on I plan to send an invoice like this for every payment. Maybe I should up the card fee a little.

Regarding posts about WaveApps asking for full online banking logon details, like others I found this alarming and backed out. It's not necessary.
Last edited by NeatandPicky on Thu Jun 02, 2016 1:08 pm, edited 2 times in total.
Sun Lover
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Post by Sun Lover »

Hi N&P

I cant see anywhere to input my bank details manually other than the screen asking for my bank passwords.

Can you remember how you did that as otherwise how do I get the funds?
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NeatandPicky
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Post by NeatandPicky »

At some stage I was redirected to the Stripe end of proceedings where I had to set up another login. (It sounds like you are still in WaveApps). Taken there after clicking on something to do with setting up credit card payments. Bank details included info they need to pay me (sort code, etc, NOT login).

I also opted for 2-step authorisation on Stripe so that I have to be sent a code on my mobile for extra security.
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