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 work together to process your payments.
High Level Integrations
Payminty Connect (https://admin.payminty.co.nz/) connects to Stripe Connect (https://stripe.com/connect)
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
Payminty Connect and Stripe Connect both work on a Pay as you Go model where fees are only incurred on successfully processed transactions. This is explained further below:
Payminty Connect Fees
Payminty Connect Fees = 1% for each successful transaction (this fee is automatically processed on our behalf by Stripe Connect)
Stripe processing fees vary country to country to check what the fees are for your country please click here https://stripe.com/pricing
Connect Payment Processing
The Payminty Connect solution works by facilitating payments in conjunction with the Stripe Connect Payment Gateway. The general workflow for how Payminty QR Code and PayLink payments are processed is as follows:
A Customer scans a Payminty QR Code with the camera on their mobile device or clicks a Payminty PayLink on any internet connected device (Phone, Tablet, PC etc)
A unique Payminty PayPoint screen will show like this https://app.payminty.co.nz/d/phU8Y8yQP
Depending on how the PayPoint is configured the Customer will enter or confirm the amount to pay and tap/click 'Pay Now' Note: if making a donation the button will say 'Donate Now'
If the customer has Google or Apple pay setup on their device then these buttons will show
Payminty sends (via API) a secure (encrypted) message to Stripe Connect for the amount to pay and the Merchant details (so they know whose collecting the payment)
Stripe Connect processes the payment and sends a message back to Payminty+ indicating they recognize the Merchant, the amount to pay and whether the payment is successful or not
Payminty will show a success (or decline) screen showing the payment/donation has been processed via the Stripe Connect processing rails
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
If you would like to know more about this integration please email info@payminty.com with your questions?