Connecting a bank account for online payments

When you choose to accept online payments for event registrations from your attendees, you need to configure your banking information in order to get the payments sent to your bank account. In Corsizio, this is done through Stripe, which is a leading online payment processing service for internet businesses. We want you to get paid as soon as possible when you receive payments for registrations to your events, and Stripe makes that possible. Payments go directly from Corsizio through Stripe to your bank account. You get to configure your payout schedule with Stripe, and Corsizio never holds your funds in any escrow accounts. You don't need any special merchant bank account and no other payment gateways are needed.

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Note: Each Corsizio account can only be connected to a single bank account through Stripe, which means that each Corsizio account can only have one Stripe account connected. Thus, it is not possible to split payments from one Corsizio account between two or more Stripe/bank accounts.

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How to connect a bank account through Stripe

The setup to connect your bank account to Stripe is a single step in your Corsizio account, as follows:

  • Go to the account Settings, and select Payment Settings from the left side menu. You will be presented with a screen that offers you the option to Connect with Stripe, and when you select this option a form will show up on the screen from Stripe.

Note: Be sure to set your account currency first and "Save payment settings". Otherwise, the option to "Connect with Stripe" will not be available as this information is required to set your Stripe account.

  • If you already have a Stripe account, use the login option to connect your existing Stripe account with Corsizio.
  • If you do not have a Stripe account or would like to create another one, fill out the form with your business and banking information. Each supported country has a few different requirements, so be sure to select the correct country you are operating in using the country dropdown field on the form first. Then, fill out the rest, which includes the Business Type, Business Address, Legal Name, and Bank Account. This step creates a new Stripe account for you, which you can log into anytime to view all of your transactions and make updates to your information when needed.
  • When you have finished this step, you will be sent back to Corsizio fully integrated and ready to accept online payments for your events through Corsizio, and straight to your bank account securely.

Note: For the highest level of security and compliance, Corsizio encrypts all traffic coming in and out of the platform, and no credit card or banking information is ever stored on our servers.

Why Corsizio uses Stripe

Stripe is an online payment processing platform that allows individuals and businesses to make and receive payments over the Internet. Stripe provides the technical, fraud prevention, and banking infrastructure required to operate online payment systems, which includes full compliance with the strictest PCI Level 1 certification. With Stripe, credit card data does not cross Corsizio's servers, nor does it get stored on them for PCI compliance and security.
Stripe does not require users to have any special bank account or merchant account and enables users to point their payouts to any normal bank account, as desired. Stripe processes and collects the payments from credit/debit cards from your customers, and then bundles and deposits them into the bank account of your choice that you connected. Corsizio integrates with Stripe through a simple, single-step, and your Stripe account provides you with a detailed overview of all of your transactions, including payouts to your bank account, as well as extensive reporting features.
In addition, Stripe provides your customers with the option to conveniently and securely pay online with a credit card or debit card. It features competitive industry-standard transaction fees, with no hidden fees, and supports businesses in many countries around the world. If you have any questions about your country, see the list of supported countries by Stripe for more information. This allows Corsizio to support many different currencies and allows you to instantly accept payments from around the world.

When are payments received?

The benefit of using Stripe to facilitate all online credit card payment processing means that your funds will be deposited directly into your bank account on a 2 to 7-day rolling basis depending on your supported country. You can have your registration payments deposited on this continuous basis as they come in, which provides you with your funds in the fastest way possible. If you would prefer to receive your payouts on a different payout schedule, such as weekly or monthly, you can set this by logging into your Stripe account and  modifying your payout settings.
To learn more about anything related to Stripe's payment processing and payouts, please read Stripe's help documentation about Receiving Payouts.

What are online payment processing fees?

All online payments are subject to credit/debit card fees, which include a Corsizio service fee and a Stripe service fee. Both of these payment service fees are automatically deducted during the processing of the payment transaction, which means that you conveniently receive your net funds deposited directly into your bank account, and are not billed for these payment service fees separately. 

Why other payment processors are not used

In an effort to keep our service as simple, effective, and efficient as possible for everyone, Corsizio does not use other payment processors, aside from Stripe. This means that our infrastructure does not support other services like PayPal, Authorize.net, Square, and many others. However, you can continue to use any of these payment gateways for any of your other needs, and still have Corsizio using Stripe deposit your funds in the same bank account as your other gateways.
A summary of Stripe's benefits over other payment processors includes:
  • Stripe is a global company.
  • It is free to have a Stripe account; there are no hidden fees.
  • There is no need to have or pay for a specific merchant account.
  • Your funds are not held in any escrow accounts.
  • Stripe deposits your funds directly into your connected bank account on a frequency set by you.
  • Stripe processes both purchases and refunds for you and allows you to make and receive payments.
  • Stripe integrates easily and seamlessly with Corsizio.
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