Retailer's First Transaction

It's an exciting time, your retailers are getting their first transactions. Customers are enjoying the platform and now the nitty gritty of how financials work.

Account Creation

When your retailers first register for ShipEarly, we create what is referred to as a deferred account with our payment gateway partner Stripe. This means that dealers won't have to provide bank account details until they receive their first transaction. Some dealers may opt to enter bank account details prior to their first transaction, doing so expedites the verification process and quicker deposit of funds to their bank account. 

At time of deferred account creation the retailer receives an eMail from Stripe & ShipEarly asking the retailer to claim their Stripe account.

After Obtaining a Retailers First Sale

At the time of charge:

1. Stripe eMails the retailer indicating they must provide bank account details
2. They receive an eMail from ShipEarly indicating they need to complete their Stripe account
   1. This is often augmented with a phone call informing the dealer bank account details are required.

After the first charge is made on a deferred account, the account holder has one week to activate the account before Stripe blocks further charges. This also means the retailer will not appear during checkout for consumers to select with ShipEarly. Stripe also blocks charges after a volume threshold is reached, usually around a few thousand dollars. After the first charge, the account must be activated within three weeks before Stripe refunds all charges.

To ensure smooth payment processing and payout scheduling, you should encourage your users to activate their Stripe accounts as soon as possible.

Information Required for Stripe Account Creation

In order to successfully setup a Stripe account dealers will need to provide the following information:

Where are you based?

• The Country you're located in. (Pre-Filled)

Your Product

• Tell us about your business — Provide a short description about what your business sells or does. Typically as short as 'Bike shop, or Tire Shop' will suffice.

Account Details

• Business type (Individual/Sole proprietorship, Corporation, Non-Profit, Partnership)

*Tip: If you do not have a business number (Tax ID) select Individual/Sole Proprietorship

• Business address — This is typically where your business operates and ships products from. (Pre-Filled)

Your personal details

• Legal Name
• Date of Birth
• Last 4 digits of SIN — This allows Stripe to verify your identity and confirm the legitimacy of your business.

Credit card statement details

This is what your ticket purchaser will see on their credit card statement after a successful purchase

• Business name (Pre-Filled)
• Phone number (Pre-Filled)

Bank details

• Bank account currency
• Transit/routing number
• Institution number
• Account number

Stripe Account Log - In

• Email address
• Password

Note: Stripe asks for the minimum required information to legally set your company up to accept online payments to ensure they are fully PCI Compliant.

Subsequent Transactions

Once the retailer enters their bank account details after their first sale we are able to continuously deposit money and no further action is required on behalf of the retailer. On stocking orders, money is deposited in two business days in the US and 7 business days elsewhere. On out of stock orders, money is deposited 2 days after pricing is confirmed in the United States and 7 business days elsewhere.