Setting Up Express Banking

When starting a Full Auction (formerly Ultimate Risk-Free), the default payment setup is using Express Banking through Stripe Connect.

Open Bid Beacon and navigate to the Manage Auction screen

  • Navigate to Payment Settings in left side menu
  • Under Connect Express Banking select or enter an email address.
  • Click Connect Express Account

 Fill out a few details so you can start getting paid:

  • Email
  • Mobile Phone number
  • Verification Code that is texted to your phone
  • Country
  • Type of Business:
    • Individual or Sole Proprietorship
    • Company
    • Nonprofit Organization

The process changes slightly depending on what type of business you choose and what country you are in, so the examples that follow may not exactly match your scenario but will give an idea of the types of things you will need to have ready.

Payouts and Reconciliation

As guests join your auction, they will be prompted to enter their Credit Card. This is mandatory in order to bid on items. If you don’t want to require your guests to enter a credit card to bid, this setting can be turned off if you have an active CommuniBee subscription. Visit our Pricing page to learn more about how CommuniBee works with Bid Beacon, and the many silent auction perks that are included.

If credit cards are still required, then all winning guests, will be automatically charged for their winnings.

Payments are held in your Stripe Account for 7 days and then paid out directly to your connected bank account. After the 7-day holding period, payouts will then be processed daily. You can view the transactions and history of payouts in two places.

Note: Bid Beacon does not collect or store any credit card information. All payment details are handled through Stripe which is a PCI-compliant payment provider.

Statement Descriptor

When setting up your Stripe Connect account, you will have the ability to enter a Statement Descriptor. For guests who win items at your auction, this description will appear on their credit card statement.

To reduce the chance of your guests disputing charges, make sure your Statement Descriptor explains where the charge came from (for example, use the name of your auction as the Statement Descriptor).

Failed Payments

If a guest’s credit card fails, they will be notified and have an opportunity to update their credit card information to try again. If the guest’s payment still fails, admins have the option to mark them as paid offline in this instance.

In the off chance the guest does not return and pay, an admin can delete their winning bid(s). This will automatically trigger a new winner based on the next highest bid. The new winner will be notified and have the opportunity to go in and pay for the item(s) on their Results screen.

Additional Information

Onboarding your express banking account requires collecting certain information for each account (which Stripe verifies). As part of the Know Your Customer (KYC) obligations, Stripe is required to verify the information provided during onboarding. If Stripe is unable to verify the account information, they will request additional information from you. 

Closely monitor your email and Stripe dashboard for any additional verification required by Stripe. For more information on what documents Stripe can accept for verification of identity, address, and legal entity, please visit Stripe’s Acceptable Verification Documents.

If you are a corporation, registered charity, or non profit in Canada, you will be required to verify business and directors’ information in order to accept payments and receive payouts.