Are you ready to receive commissions in your marketplace? Before anything else, you need to make sure that you have connected your Stripe account to your marketplace. If you haven't please follow the instructions in this article.
In the Payment system section of your admin panel, in the Stripe tab, you should be able to add Change settings and define a Transaction fee and a Minimum transaction fee for sellers and/or buyers.
What kind of transaction fees can I charge?
There are two options for transactions fees: you can either charge a percentage of the total transaction price or a minimum fixed fee. These can also be combined to charge both a percentage and a fixed fee. In this case, your commission is whichever is the highest option.
You can charge a commission fee from sellers, buyers and/or both.
How does this work in practice?
As an example, let's say you define a percentage of 10% and fixed fee of $1. If the value of a transaction is $5, you will get the fixed fee of $1 since it is higher than 10% of the transaction value ($0.50). But if the value of the transaction is $20, you will get the percentage amount ($2) since it is higher than the fixed fee of $1.
Can I choose not to charge a transaction fee?
If you don't want to charge a fee from transactions, you can always set both the percentage and the fixed fee at 0. Stripe's payment processing fees and managed account fees will still apply and are deducted from your Stripe account balance. If you are not planning to charge a commission it is definitely not recommended to use Stripe as a payment provider, try PayPal instead.
Can I change the fee?
You can change your fee at any time. However, if you do so, it is a very good idea to notify your sellers to not create any unexpected surprises for them.
Can I set different transactions fees per user?
At this time it is not possible to set different transaction fees based on users. However you can choose to set a different transaction fee with PayPal than with Stripe.
Can I charge a fee for creating listings?
This is not possible. A fee can only be charged for a paid transaction.