BetterWorld uses Stripe to handle payments across our platform. Stripe is an industry-leading payment service provider, used by businesses like Lyft, Kickstarter, and Shopify. They handle billions of dollars of transactions every year, and are certified to the most stringent level of PCI compliance.
When you first sign up, your BetterWorld account is immediately ready to accept payments (bids, donations, event ticket purchases, and the like). We hold these funds temporarily in our escrow account until you go through the quick and easy process of connecting your own Stripe account to BetterWorld.
Please note that we can’t hold funds in escrow forever; you must connect your Stripe account within 30 days of receiving your first payment (for auctions, this means 30 days after you charge the winners, not 30 days after the first bid).
Once you’ve connected your Stripe account, the funds you received prior to that point (minus Stripe fees and refunds) will be included with the rest of your funds. To withdraw these funds (and any other funds you raise), head to Withdraw Funds from Payments & Payouts in the admin dashboard. Funds raised are available within the week (6 days after being received, to be precise). Click the Withdraw Funds button to create a payout.
Types of Stripe Accounts
Behind the scenes, there are two types of Stripe accounts that you can link with BetterWorld. The first is called an 'Express' account, which is the default and recommended way to connect a bank account on our platform, and what you're guided into when you click 'Set up payouts'. This is easy, quick, and requires minimal information to get set up -- and it often takes under five minutes! With Express accounts, there is a once-per-year $10 fee to automatically create and file your organization's 1099, and a nominal fee when you withdraw funds ($2.25 + 0.25% of the payout). While we're always striving to find ways to reduce costs involved in fundraising, this is one that we recommend to ensure both tax compliance and a simple, straightforward setup.
Alternatively, your organization can link an existing Stripe Standard account. This is set up directly with Stripe by going to their website, creating an account, waiting for approval, and then going back to BetterWorld and clicking 'Connect your existing account'. The process for creating this account type is longer and requires more paperwork and documentation. Additionally, there is a review process, where Stripe may choose to accept or reject your account. That said, if you already have an account with Stripe, there's no need to create an additional one through BetterWorld -- just link the one you have!
Organizations based outside the US
If your organization is based outside the US, you will have to connect your Stripe account before you can accept payments and bids on BetterWorld. This is due to a limitation in the way Stripe handles international transfers.
If you have questions on any of this, please reach out! We're here to help every step of the way, and we want to make sure that you have an amazing experience with BetterWorld.