Follow

Stripe Terminology

This user guide defines the terms you will encounter under the Payments tab on Stripe. 

Picture1.png

 

Succeeded - completed transaction. Monies were deposited to the corporation’s account and the payment is complete.

Refunded – monies were returned to the resident (minus the service fees).

Uncaptured - pending payment, the deposit is being held. This may occur when a security deposit is being held, like when a resident books an elevator. 

Failed/Blocked – monies were unsuccessfully captured. The following are common reasons for a failed transaction:

    • “this payment failed because the issuing bank declined it”        
    • “this payment failed because the card expired”
    • “this payment failed because the customer had insufficient funds”
    • “this payment failed because Stripe determined it is high risk”            

2023-03-02_14-33-52.jpg

 

SERVICE FEES

Stripe charges 2.9% plus 30 cents on every transaction and Condo Control charges $2 on every transaction.

For example: the community has a Guest Suite (usage fee is $100 per night and the deposit is $250), the resident will pay the following: Booking Service Fee of $5.36 ($2 charged by CC and the rest by Stripe fees) which brings the total to $105.36.

Another example is when the booking has a Deposit amount (i.e. Service Elevator), the resident books the Service Elevator and the deposit is $250. The Booking Service Fee is $2.37 ($2 charged by CC and the .37 cents is charged by Stripe) which brings a total of $2.37.

Please note: if a booking is cancelled, the stripe fees and CC fees will not be refunded.

 

DISPUTES

Residents are able to disputes a charge, if for example, they feel it is incorrect. Clients can use this preventative administrative tool to decide whether to respond with evidence or accept the dispute.

 

DEPOSITS

Deposits work like a hold, they don't actually charge the card but put a hold on the deposit amount. If there are no damages and no action taken by the administrator, then the hold is automatically released after the booking date has passed.

 

REVERSAL REFUND

The refund went in the form of a reversal. In the case of a reversal, your resident won't see a refund credit on their statement - they'll just see the original authorization drop off their statement entirely after a few days. There will be no payment, and no refund. It'll appear as if the whole transaction never happened. Their bank should be able to confirm this for them. Depending on your resident’s card issuer, the original charge should have disappeared from their pending charges.

 

PARTIAL REFUND
A partial refund is when a specific amount is refunded to the resident. This may be a charge that you take due to some incidentals caused by the resident, but it is not the entire deposit amount.

 

CANCELLATION

When a booking is cancelled the resident gets refunded whatever the booking usage fee is, minus the transaction service fees collected by Stripe and Condo Control. The deposit will be automatically released afterwards.

 

ADDITIONAL RESOURCES

 

Get Additional Help

Visit our Helpdesk for additional help and support.