Setting up your Stripe account is key to getting your payments from Canal. 🔑 Here's how to do so.
Visual guide to setting up Stripe:
Suppliers must set up a Stripe account to receive payments from a Storefront after a customer orders one of their products. The Supplier's account will be credited the price of the product less commissions and fees, based on their agreement with the Storefront.
*NOTE*: If you have a Stripe account already, you will still have to follow these steps to set up your Stripe account with Canal. There are two kinds of Stripe accounts, Express and Standard. Accounts created through Canal are Express accounts, whereas your existing Stripe account is likely a Standard account. We use Express accounts for a number of reasons such as:
Ease of onboarding for brands who haven't used Stripe before.
Delineation of finances for accounting purposes - Stripe only allows one service to be connected per express account. You can easily toggle between accounts - this article goes into more detail.
Steps to setup a Supplier Stripe account
Receive Stripe onboarding email.
Email will be sent from [email protected] to the contact email that Suppliers entered during app installation & onboarding.
Email contains link to Stripe.
Complete Canal onboarding process in Stripe.
If Suppliers have an existing Stripe account, they will create a new Express account, specifically for Canal.
It is recommended that Suppliers use the same email they used for their previous Stripe account for their new Canal Stripe account. This will help save time onboarding.
When creating a Stripe account, Suppliers may need to provide Employer Identification Number (EIN) and Bank Account & Routing Numbers.
Completing this process promptly ensures Suppliers will be set up to receive payments from partnered Storefronts. Suppliers will be unable to access their payout balance from Storefronts until they complete this process.