Direct card payments are now available on Folksy!
The new payment system is up and running on Folksy! That means, if you’ve enabled your shop to accept card payments via Stripe, your customers can now choose whether to pay directly by card or use Paypal when they shop.
We pushed the new system live last week, and since then over 40% of customers who have been given the option to pay by directly card have done so. Or to look at it another way, when offered both payment options, just under half of all people are choosing not to use Paypal.
Many customers like using Paypal and, if you have a Paypal account, checkout can be quick and easy. However, some customers do experience problems with Paypal, which is why we wanted to offer them an alternative way to pay. Others simply prefer not to use it.
Here is a sample of the feedback we’ve had from Folksy customers:
“I would prefer to buy using just my card details, rather than having to check out via Paypal. But looking forward to my lovely purchase.”
“So much faffing around needed by the insistence on Paypal as the payment method. All I want to do is use my card!”
“I hate PayPal. So using any other payment provider would be a plus to me!”
“The payment process was just such a hassle. Paypal wouldn’t let me pay, and I couldn’t pay as a guest either. Only after trying for like 10 times, my payment went through.”
There are many customers who have never had a problem with Paypal and actively choose to use it where it’s offered, but we want to make sure all your customers have the best possible experience when shopping on Folksy, by giving them an additional way to pay.
Since the new payment system has gone live we’ve seen a significant drop in the number of customers reporting payment problems and using the alternative checkout, which is great news.
We want to offer all our sellers a choice too, which is why signing up to card payments is not obligatory. But if you would like to offer your customers the opportunity to pay directly by card, head over to your dashboard where you can enable your shop to take card payments via Stripe (it should only take a few minutes – read our FAQs here >).
If you have already connected your shop to Stripe, you may want to tell your customers that they now have another way to pay. Why not add this badge to your blog or website, or share it on your social channels?
Important things to know about the new payment system:
1. Stripe transaction fees are lower than Paypal
Stripe transaction fee:
1.4% + 20p for transactions on European cards
2.9% + 20p for non-European cards
Paypal transaction fee:
3.4% + 20p of the amount you receive.
2. Folksy fees are included in the Stripe charge
When you sell something through Stripe, the fee you see includes both the Stripe transaction fee AND the Folksy sales fee (6% +VAT). We hope this will make the process easier and more manageable for sellers. You can see a monthly breakdown of all your sales, fees and bills in your Folksy shop.
3. You can set payouts to transfer from Stripe into your bank account every day
Your first payout from Stripe will be made 7-10 days after your first successful order through Stripe. This is to protect customers from fraudulent sellers. After that, payouts will be made daily and will contain payments received over the previous seven days. For example, payments received on a Tuesday are paid out by the following Tuesday. Read more about this here: https://stripe.com/docs/payouts
Have you enabled your shop to take card payments yet?
If you have any questions about the new payment system, ask us here >