Payminty Connect (Web Portal) and Payminty+ (Mobile app) both integrate with Stripe and their payment infrastructure. This article explains (in a non technical way) how Payminty+ and Stripe Terminal work together to process your payments.
Connected Products
The Payminty+ app (https://paymintyplus.page.link/PZXe) connects to Stripe Terminal (https://stripe.com/terminal)
Stripe handles all payment processing tasks, has world class security and compliance, click here to learn more about Stripes security https://stripe.com/docs/security
Payminty does not capture, hold or transmit any credit/debit card information and is built on world class systems like AWS
Fee Structure
All Stripe fees work on a successful transaction fee model where only successfully processed payments incur a fee from Stripe. Payminty+ works on a subscription fee only (i.e. no additional transaction fees). This is explained further below:
Payminty+ Fees
Payminty+ Fees = $9 per month per connection
Stripe Terminal processing fees vary country to country to check what the fees are for your country please click here https://stripe.com/terminal#pricing and scroll down to the tap to pay section.
Note: there are no hardware fees with Payminty+
Tap to Pay Payment Processing
The Payminty+ solution works by facilitating payments in conjunction with the Stripe Terminal Payment Gateway. The general workflow for how Tap to Pay payments are processed is as follows:
The Merchant opens the Payminty+ app on their device (Phone or Tablet),
Payminty+ will initialize a connection to Stripe Terminal
The Merchant keys in an amount into the Payminty+ app and selects 'Tap to Pay' (the 'Tap to Pay' button goes green when an amount is entered and successfully initialized)
Payminty+ sends (via API) a secure (encrypted) message to Stripe Terminal for the amount to pay and the Merchant details (so they know whose collecting the payment)
Stripe Terminal sends a confirmation message back to Payminty+ indicating they recognize the Merchant, and amount to pay
A Stripe Terminal 'Tap to Pay' screen will show on the Merchants device showing the amount to pay, accepted cards, the tap to pay icon and a message saying 'Tap behind device'
The paying customer taps/holds their Credit/Debit card or SmartPhone to the back of the Merchants device/phone to confirm the payment.
Stripe will show a success (or decline) screen showing they have processed the transaction through the Stripe Terminal processing rails
Payminty+ will also show a 'Accepted' (or Declined) screen along with options for how to send/share an e-receipt like below
Receiving Payouts
Stripe handles all of the actual movement of funds whereas Payminty facilitates it. Therefore Merchants and Customers can be assured they are getting Stripes world class security and compliance when it comes to moving their funds around.
Stripe automatically pays out your collected funds to your nominated bank account less Stripe Terminal processing fees via Stripe Connect. To learn more about this click here https://stripe.com/nz/connect/payouts
QR Code and PayLink processing via Payminty+
From the Payminty+ app when you show a QR Code or share a PayLink to customers these payments are processed via Stripe Connect. For details on how these payments are processed see Click Here.
If you would like to know more about this integration please email info@payminty.com with your questions?