What are the benefits of Stripe?
Easy to use
Increases member retention
Reduces payment failures
Reduces time spend on administration
Stripe provides a quick and convenient checkout process for your members. The user is only required to enter their ‘card number’, ‘expiry’ and ‘csv’. If using subscription payments, the user will be notified of the specifics of the plan at the time of signup.
The payments will automatically come out of the persons account each month. These will be specific to the number of payments specified in the plan. No action is required from the user unless a payment has failed. The user will get notified by email if a payment fails and the club administrator will also get a copy of this email. Failed payments can be due to insufficient funds in an account or an expiry date of a card being invalid. In the case of a failed payment Stripe will normally try to take the payment again in 2-3 working days. Stripe has a Smart Retry where it will automatically try and collect the payment again in a few days if the initial payment doesn’t process. The customer is not charged for this. A club can manage these settings directly from within their Stripe account. See sample screenshot below. If the payment still doesn’t process after the series of retries, then the payment plan is cancelled.
Once payment is complete the subscription will automatically cancel, and no further payments will be made.
Members can update their card details or delete their subscription via their Klubfunder account.
Clubs will also receive a notification for any failed or cancelled payments.
Stripe can be used to collect one off and recurring payments in the following modules, Ticket Sales, Membership, Event Registration, Lotto and Training Fees.