At OpenChannel it’s no secret that we love what Stripe is doing. We’ve talked about their top tier developer experience and put them up against the world’s best marketplace payment providers. So needless to say we’re excited to release our app store payments integration with Stripe!
How We Work With Stripe
OpenChannel uses the Stripe Gateway API to process and distribute your app store payments automatically. The integration manages user credit cards and payments, deposits commission into your Stripe account and deposits the remaining balance into you developer’s Stripe account.
Users are able to add, update, view and remove their credits card details. Once a user has added their credit card, they’re able to easily purchase apps without having to repeatedly enter their credit card details. To learn more, check out this detailed product guide.
After setting up your app store payments with Stripe, you can choose a sales commission for all sales on your app store. If your commission was set at 20% for example, this is what the payment flow would look like.
- The user’s credit card will be charged $10.00.
- Stripe will charge a transaction fee of $0.59 (2.9% + $0.30).
- The marketplace’s Stripe account will receive $1.41 (20% minus Stripe fees).
- The app developer’s Stripe account will receive $8.00.
App Store Payments Made Easy!
The integration makes is easy for you and your developers to accept and manage payments in multiple currencies and in multiple countries worldwide. It also means you don’t have to worry about headaches and potentially serious challenges. These can be managing marketplace tax regulation, financial compliance, income tax reporting and many other requirements.
At OpenChannel we focus on flexibility, helping you meet both your known and potentially unknown needs. While we support different use cases like apps being sold directly by your sales team and even allow you to integrate your own billing system, our new integration with Stripe is now the fastest and most effective way to accept payments on your app store, helping you and your developers get paid!
The best way to learn more? Sign up for free and see how OpenChannel can help your build your very own app store.