Overview

You can connect your Stripe account to MonetizeNow for managing payment methods and payment collection.

Supported Payment Methods

• Credit Card
• ACH Direct Debit
• Bank Transfer (Also known as Wire Transfer)
• ACH Credit Transfer (Also known as Wire Transfer)
  • This has been deprecated in favor of Bank Transfer

Configuring Stripe in MonetizeNow

1. Open MonetizeNow
2. Click the gear on the sidebar to open settings, and choose Payment Gateway under the Integrations section
3. Click the Connect to Stripe button
4. Configure the required options
   1. Choose a name
   2. Choose which payment methods you would like to support
      1. All payment methods also need to be enabled in Stripe
   3. If you enabled Bank Transfer, then you have the option to configure a minimum payment amount
      1. This will allow you to control a minimum amount in the virtual bank account before MonetizeNow will convert the balance to a payment
   4. Provide your Secret Key and Publishable Key obtained in Stripe on the Developer Settings page
5. Test your connection to confirm that the credentials are accurate

Bank Transfer

Bank Transfer, also known as Wire Transfer, is different from other payment methods because your customer will initiate the payment from their and this will be deposited into a virtual bank account managed by Stripe.

When you enable Bank Transfer, MonetizeNow will automatically create the customer in Stripe and request the bank information upon the first invoice creation in MonetizeNow. This is required so that the bank information can be displayed on the invoice.

Once your customer wires money into the bank account, Stripe will notify MonetizeNow, and a payment will be made for the full amount of the payment, and the payment will be auto-applied to invoices using FIFO based on the due-date until the payment is exhausted or there are no more unpaid invoices.

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Information

Because Stripe charges a flat-fee + percentage each time a bank transfer balance is turned into a payment, you probably want to set a minimum threshold so that small amounts (e.g. from bank verification) in the bank account do not get turned into payments.