Stripe Set-Up FAQs
Do I need to sign a new service agreement with Stripe?
No, our partnership allows us to pass through Stripe services with standard terms of use for their site and the reduced rate that we've negotiated per our contract.
Can our Clients set up autopay?
Yes, you can set this up via Cartwheel, Stripe payments can support: Auto-pay, Bulk Pay, Bank Debits
What are the Stripe Fees/Rates?
All fees included (Cartwheel, interchange, and bank fees), you can expect to pay approximately 2.3% (this is the average, including interchange rates, which vary). The rates vary depending on several factors, including:
- the card type
- transaction method
- merchant category
- processing volume
- card network.
Here are links to the most cards interchange fee schedules
ACH and bank transfer transactions are subject to bank fees.
Industry average fees (Stripe, Paypal, etc.) are 2.99% and higher.
How are transaction fees processed? Will I see the total billable/paid invoice amount in our bank account?
Cartwheel is flexible. We can configure Stripe based on your preference to:
- Deposit the full amount to your bank. Cartwheel will then charge processing fees as a separate transaction. To opt in to this configuration, you’re required to have autopay details set up inside Cartwheel. Cartwheel payments via Stripe ensures our customers always receive the full amount.
- Deposit the net amount for each transaction.
How do I set up for Stripe to receive payments and pay my monthly Cartwheel subscription?
Step 1: Setting Up Stripe to Receive Payments
- Go to Settings > Integrations in your Cartwheel account.
- Click the ‘Connect’ button next to the Stripe integration.
- Follow the prompts to complete the new account setup with Stripe
Step 2: Setting up Stripe for Your Cartwheel Subscription Payment
- Go to Settings > Billing in your Cartwheel account
- Click ‘Manage Billing’ to confirm your billing details and add a payment method
Note: Please note that a new Stripe account is required for Cartwheel, as we offer special pricing through our partnership with Stripe. Existing Stripe accounts cannot be used for this integration. Once you've completed both steps, you’ll be all set to start accepting payments and manage your Cartwheel subscription seamlessly. If you need any assistance during the setup, feel free to reach out, and we’ll be happy to help!
Does Cartwheel support payment processing for multiple entities (EIN)?
If other companies operate as separate legal entities, and can be identified in invoicing data (i.e., branch, location, region), Cartwheel can set up Parent - Child companies to support payment processing by entity. In order to support this need, we must be able to identify and segment data by entity appropriately.
Do I need to pay for or move through annual compliance activities in setting up Stripe via Cartwheel?
No. This is a standard part of our partnership agreement with Stripe that our payment processing customers benefit from.
Why do I need to add a SSN/IITN when setting up Stripe (TBD)?
As Stripe Documentation outlines, this information is required as part of Stripe’s mandatory identity verification requirement: Stripe must collect, verify, and maintain information on the individuals associated with every US Stripe account, as required by our regulators and financial partners. This is intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes. The SSN is usually an officer or financial authority within your organization.