Supported Payment Processors
What Payment Processor Does PheedLoop Support?
PheedLoop's primary payment processing platform is Stripe. We also support PayPal, Bambora and Moneris. Bambora, Moneris, and PayPal requires an additional fee to activate but Stripe is available for free. Enterprise customers may work with us on custom payment processors.
Stripe is PheedLoop's payment processor simply because it is the largest processor of online payments in the world (powering platforms like Shopify, Uber, Zoom, Spotify, etc.) and offers the greatest level of functionality, security, flexibility, and integration capability in comparison to anything else on the market today. To meet the highest level of financial security and offer the best payment processing experience to our customers, we integrate with Stripe.
How Long Does it Take to Set Up Stripe?
If you already have a Stripe account, it takes less than 30 seconds to connect to PheedLoop and begin receiving payments. If you do not have a Stripe account, based on our experience and the experience of thousands of our customers, we've found that on average it takes about 15 minutes to fully set up Stripe, integrate with PheedLoop, and start receiving payments directly to your bank account. There is a lot of room to customize things, but the most common aspects of the set up takes only a few minutes.
How Secure is Stripe and the Integration?
We've chosen Stripe because the platform meets the highest possible levels of payment processing compliance. A great resource is Stripe's own page describing its security compliance. Stripe is certified as a PCI Level 1 Service Provider. The advantage of companies like PheedLoop that use platforms like Stripe is that the security risks associated with processing financial information are entirely offloaded to a platform that is compliant at the highest level. The way this works is by building integrations the way PheedLoop does where no financial information ever touches our servers or databases. All financial transactions are done via tokens Stripe provides to us in response to transmitting financial information directly to Stripe's servers, thereby bypassing PheedLoop's servers entirely. There is no safer way to process financial transactions that this tokenized approach as it means PheedLoop never has any direct exposure to financial information, yet it can still process payments, refunds, reports, and more.
How Often Are Funds Disbursed?
Funds are disbursed based on the schedule you set on Stripe. Generally, within seconds of a transaction occurring on the PheedLoop platform, it is registered in your Stripe account. Then, depending on your settings in your Stripe account, you can have funds disbursed anywhere from 24 hours or longer directly to your bank account.
Do I Need My Bank's Authorization to Use Stripe?
Absolutely not! All you need to do in Stripe is point the direct deposit information to your bank account's. The same way you may accept regular wire transfers, Stripe uses the same infrastructure to submit funds directly to your bank account. It is the most standard way to deposit funds and is completely independent of your bank itself (i.e. you do not need to do anything on your bank's end to use Stripe).