What has changed?
We've made significant changes to the payment gateways of your School. In short, we've replaced Stripe Express connected accounts with Stripe Standard connected accounts. Also, we've prepared the platform for the implementation of PayPal and other alternative payment gateways.
Connecting a Stripe Standard account
Now, when setting up a Stripe payment gateway for your School, instead of connecting an Express account, you'll be asked to connect your own Stripe Standard account (or create a new account if you don't have one).
It's quite straightforward to connect your Stripe account. To do that, navigate to your School -> Settings -> "Payment Gateway" -> Stripe. Then, follow the steps indicated by Stripe.
Suppose you already had a Stripe Express account connected to your Senseily School. In that case, you'll have to disconnect and connect again with a Standard account.
With the older accounts, we were charging students on your behalf, and after 14 days, we sent the earnings to your account. With Standard accounts, you'll be selling directly to your students. This change has many benefits for you but also some important facts to take into consideration.
How do these changes affect you?
- You have complete control over your business finances and accounting.
- You get paid straight to your account. We won't be holding your money anymore.
- You can now define your own refund policy to fit your needs.
- Custom branding on the checkout pages is now available for users on all plans. Note that there will still be some Senseily branding on the Starter plan.
- Any taxes applicable to your business is your responsibility and is managed outside Senseily.
We don't do legal advice. We recommend consulting a professional to review any tax obligations that may be required for your business.
What's coming next?
We prepared the platform to accept different payment gateways. That means we'll soon add a PayPal payment gateway and alternative payment methods for those who can't use Stripe or PayPal.