- How do Returnly and Stripe work together?
- Why does Returnly use Stripe over Shopify Checkout?
- Instant Credit + Shop Collections ROI
- FAQ + Resources
How do Returnly and Stripe work together?
At Returnly, we use Stripe to send funds to merchants for transactions where Returnly assumes the product and return risk so the merchant doesn't have to. Stripe allows Returnly to do the following:
- Fund Instant Credit repurchases
- Fund Instant Exchanges
- Process Shop Collection exchanges
Stripe acts as a member of Returnly’s accounting team, eliminating the need for manually processing monthly invoices, paper checks and ACH payments by automating money passing from merchant to Returnly and vice versa.
Leveraging Stripe for these payments will have no impact on your existing payment processing system - so nothing will change with how you receive payments or refund your customers for other transactions. This is also the case if you already use Stripe as your payment processor; you will simply need to use a separate Stripe instance to enable the transactions listed above.
In order to receive payments for Instant Credit repurchases and Shop Collection exchanges, you must link Returnly’s Stripe account with your own (you may see this appear as Returnly Funds or Returnly Payments) so that Returnly can send payments to you.
To connect your Stripe account, click the “Link Account” button on the Payment tab in the Returnly Dashboard under the Your Account section. For more details, see our Help Center article: Creating and Linking Your Stripe Account.
If you don’t see the “Link Account” button, this means a Stripe account has already been connected to your Returnly account. If you would like to change the connected account, please reach out to email@example.com.
Why does Returnly use Stripe over Shopify Checkout?
When an order is made with Returnly Credit, Returnly places the new order in Shopify immediately, preventing out-of-stock headaches and driving instant satisfaction. Because the new order is placed immediately, there is inherent risk involved – risk that the original product doesn't come back, orit gets lost inthemail, or thegoods come back worn and damaged. This new order is marked as paid with either a gift card or virtual card within Shopify, so you can move forward with fulfilling the exchange order, which will be funded by Returnly via Stripe. Returnly assumes that risk on behalf of the shopper and merchant, which is only made possible by enabling Stripe.
Instant Credit + Shop Collections ROI
Returnly is the only solution that allows repurchases after the return session. Customers love being able to shop again when it’s convenient for them with 67% of repurchases occurring after the return session. Plus, Returnly merchants on Premium plans see an average of 34% uplift from Instant Credit repurchases.
Unlike some of our competitors, Returnly refunds to the original payment method by default, even if a shopper purchases an item of lesser value than their original purchase. Rather than sticking shoppers with a frustrating experience receiving store credit for the difference between their original purchase and what they exchanged for in Shop Collections, Returnly refunds the difference to the original payment method and absorbs the transaction fee for the merchant.
Returnly absorbs Stripe transaction fees for repurchases made using Instant Credit and exchanges made via Shop Collections. In comparison, some of our competitors pass the standard Stripe transaction fee of 2.9% + $.30 transaction fee. Returnly absorbs those costs and never passes them on to the merchant.
FAQ + Resources
1. I don’t have a Stripe account. How can I set one up?
a. If you do not yet have a Stripe account, please follow these instructions: Creating and Linking Your Stripe Account.We recommend merchants set up their Stripe account via Returnly to avoid additional fees.
2. Will this impact the existing Stripe account we use to collect payments from our customers?
a. No, this Stripe interaction does not impact any existing processing systems in place.
3. Will there be any additional steps required by Stripe to get started once accounts are linked?
a. Stripe may require additional verification documentation, including, but not limited to, the account owner’s SSN (last four digits), owner’s address and owner’s phone number. The message will appear as seen below:
4. If we run into issues linking our Stripe account to our Returnly account or need to make changes down the road, who should we contact?
a. If you need assistance or if you want to make modifications after the original setup, you must contact our merchant care team at firstname.lastname@example.org.
+ Related:Creating and Linking Your Stripe Account
+ Related:Returnly Credit Overview
+ Related:Shop Collections: Payments from Returnly