To provide you with the best platform for online auctions, we also had to implement an easy, user-friendly, and secure way to handle all the payments from your auction items and donations. That’s why Followmybid has decided to work with Stripe to meet all your fundraising payment needs.
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About Stripe
Fast and user-friendly
Direct deposit of funds
Safety
No hidden charges
What is Stripe?
Stripe is a secure payment processor that allows you to transfer funds directly to the bank account of your choice.
Using the products offered by Stripe, such as Connect, Payments, or Checkout, Followmybid can provide you with the ideal and secure payment solution for your online auctions, whether you are an auction manager or participant.
What are the benefits of setting up a Stripe account?
Setting up a Stripe account offers a simplified and efficient payment solution and a fully automated payment management system for your organization with direct deposit payment. Invoices are generated and sent automatically to winners and donors when the auction ends. They can then pay by credit card directly on the platform.
Stripe also offers simple pricing and a secure way for participants to pay their invoices. By partnering up with Stripe, Followmybid offers your auction participants a simplified and tailored payment solution, whatever the nature of the auction and the payment for an item or a donation.
What about fees?
Stripe handles all money transfers, but like any other payment system, bank fees apply to each transaction and the platform fees. These fees will alter the total raised, as they will be deducted from the total amount of the item or donation.
However, Followmybid has integrated a feature enabling participants to assume transaction fees. Participants will be asked if they wish to pay the transaction fees during the payment process and keep the fundraising total the same.
All good things come at a price, and one must consider many aspects when choosing a payment processor. Still, it’s worth noting that enabling the Stripe payment system speeds up invoice settlement, payment collection, and payment tracking thanks to the automatic synchronization with the Followmybid platform.
Feel free to get in touch with our technical support if you have any questions or technical problems with your Stripe account configuration.
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