Stripe Merchant Account Overview

Article contents

• Overview
• Supported countries and currencies
• Stripe Deposits
• Stripe Support
• Stripe Fees for security deposits and refunds
• Getting started

Overview

• Stripe is an easy-to-use merchant payment system that MyVR has teamed up with to process payments from renters online. 
• Our partnership allows MyVR to access payment history and provide help with payment support issues.
• It’s not necessary to have an existing Stripe account to get started.
• The process for creation and approval of an account in Stripe takes only a few minutes.
• When using Stripe with MyVR, you control how the charge is displayed on your renter’s credit card statement.

Supported countries and currencies

• List of currencies supported by Stripe to process payment
• List of countries supported by Stripe to set up an account

Stripe Deposits

• The first deposit with Stripe will take 7-10 days after payment is made. 
• Subsequent deposits are dependent on the assigned payout schedule. 
• Most customers receive subsequent payouts within 2 business days.
• For further details see Stripe information on Receiving Payouts and Payout Schedule
• Stripe payment details display a “Stripe processing fee” and “Application fee”. Together these comprise the total credit card processing fees included in your sales contract.
• For reference, see Stripe's article on understanding declines and failed payments.

Stripe Fees for security deposits and refunds

• For Stripe accounts created BEFORE September 14, 2017: When issuing a refund against any payment collected by Stripe, Stripe will include their payment processing fee as part of the refund.
• For Stripe accounts created AFTER September 14, 2017: Stripe changed their policy for newer accounts and will not return Stripe fees from the original transaction when refunding a customer.

Stripe Support

• Stripe Support is available for additional information and questions.

Getting Started

NEXT STEP: Activate a Stripe Merchant Account