The ability to hold and release funds opens up the ability to accept different modes of payment in Arcadier. This feature gives administrators more flexibility to customize their marketplace to best suit their business needs. This article will guide you on the steps to set up the Stripe fund holding feature.
Configure Stripe Holding Fund
Stripe holding fund can be configured under the admin portal under Settings > General > Payment Methods.
The required fields for setting up Stripe holding funds are similar to Stripe. Click here for a detailed guide to onboarding your stripe account. An additional field for onboarding is required for the admin to set the duration for funds to be held. Maximum duration of 89 days can be selected. Do note that Stripe's configuration for payout timing is subjected to country. Please refer here to Stripe's configuration for payout timing based on country.
Release Funds (Manual)
By default, funds will be released based on the duration set by the admin and the payout duration set by Stripe. Funds can be manually released by buyer/admin only if the payment status is "paid" and that it passes the payout duration.
Releasing of funds manually as an admin can be done under Sales > Sales List by selecting the order and click Release Settlement.
An error message will appear upon an unsuccessful release of funds. Do ensure that both the payment status is "paid" and that the payment has passed the payout duration set by Stripe (refer to more details here). Kindly contact the support team if the issue persists.
Buyers can release payment manually by clicking on the "Purchases" tab under their profile. The system will display the purchase history page (upcoming and ongoing/past) for the buyer to select the order they wish to release the funds for.
Upon successful release of payment, an EDM will be sent to the buyer with payment information. The release payment button will be greyed out as well.
An error message will appear for an unsuccessful release of payment. Do ensure that payment was made. Kindly contact the support team if the issue still persists.