What is GearSource Payments?
GearSource Payments, which is powered by Stripe, is GearSource.com’s payment platform that allows for both incoming and outgoing payments, both for Buyers to pay for orders and Sellers to be paid out for their items sold.
What is Stripe?
Stripe is a world-renowned Payment Processing service who Gearsource has partnered with to power our GearSource Payments platform/process. Stripe provides extensive credit card and bank card payment options, strong fraud protection and a secure process for moving funds to ensure everyone is protected.
Why is this important to YOU as a seller?
GearSource Payments is the most secure, not to mention quickest method for sellers to be paid out for sales on items. Aside from the normal bank “settling” times (usually 2-3 business days), payouts through GearSource Payments are faster because they can be managed in one place. If a Seller, for whatever reason, chooses not to connect to GearSource Payments, payouts will take up to 10 days longer. (Alternate payout methods must be approved by GearSource accounting.)
So, let’s get started
What you will need…
- a phone number that can receive a text message
- the primary contact for the Payments account – the person most likely to deal with incoming payments
- the primary contact email address (same as above)
- bank account/bank transfer details
- Log-in to your GearSource.com Account Center/Seller Dashboard
Important: this must be done from your gearsource.com account that contains all the items you are selling.
- Click on Seller Dashboard
- Click on GearSource Payments, in the lower left hand side navigation bar
- Click the Onboarding Link.
Note: If you are already connected and need to make a change to the bank info, click Disconnect and follow these same instructions.
- Enter the mobile phone number for the primary contact on your team – the person most likely to deal with incoming payments
- Enter the primary contact email address – this can be a group email address, such as: a[email protected]
- The two-step authentication process will text a code to the phone number you provided
- Users will be prompted to perform this step twice – it is not a mistake, this is the two-step process.
- The next step is to choose the option that best describes your company
- Companies may be asked for additional information. This information must come directly from you, the Seller… GearSource is not permitted to provide this information.
Note: Customer privacy is very important to GearSource. ALL information provided to GearSource, including all of the Payment set-up information, is protected by current Privacy laws and is safe and secure!
- This step is where you provide your bank details
- The information requested in this step may differ depending on country of origin
- Your specific information can be found on online banking dashboards or on the bottom of a company check
- Don’t skip anything because doing so could restrict your account and not allow payments to automatically flow to you.
That’s it… DONE!
- When the buyer pays for an order on one of your items, the funds will be directed to your account (less the fees associated)
- Funds are sent to your “Stripe” account and held their – this is YOUR account – GearSource does not have access to these funds.
- Once the thresholds of the order are met, the funds will be released for you to withdraw to your bank.
- For more information on these thresholds, go to https://gearsource.com/gearsource-payments/
- GearSource is NOT responsible for currency fluctuations or applicable fees due to conversion from one currency to another. All additional currency-related fees are the responsibility of the seller.
- Payout settlement by any method other than GearSource Payments is subject to an additional fee.