How to connect your Stripe account to receive student payments?

person holding a credit card in front of a laptop

Collecting student payments can be a cumbersome task as described in our prior blog post. This is where Planubo’s Stripe integration comes in handy. After you have integrated Stripe into your Planubo account, your students will be able to pay you directly from their own Planubo account.

Your students don’t even need to have a Stripe account to pay you. Signing up for Stripe and integrating your Stripe account within Planubo only takes a few minutes.

What is Stripe?

Stripe is a global payment processing platform that allows businesses of all sizes to accept payments online. Stripe is trusted by millions of businesses around the globe and is available in more than 40 countries.

Startups and some of the world’s largest companies such as Google, Amazon, Microsoft, and Spotify use Stripe to run and scale their businesses.

According to Datanyze, Stripe has the 2nd largest market share after PayPal when looking at the number of websites that use a payment processor (as of March 11th, 2021).

  1. PayPal: 54.5% – 426.912 websites
  2. Stripe: 18.6% – 145.674 websites
  3. Amazon Pay: 3.7% – 29.322 websites
  4. Square Payments: 2.3% – 18.000 websites
  5. Braintree: 2.2% – 17.475 websites

 

How to integrate Stripe within Planubo?

Creating a Stripe account (if you don’t already have one) is simple and can be done right within the Planubo platform. Just navigate to your account settings and click on “Connect / Create Stripe Account”.

connect stripe button within the Planubo user interface

 

After you have clicked on the button, you will be redirected to Stripe where you can either enter the email of your existing Stripe account or create a new Stripe account. After entering your email, Stripe will ask you to fill out some basic information, such as your address, to verify your account.

Stripe Signup Page

 

After Stripe has verified your account, you will see a green “Connected” badge within your Planubo account. This means that your Stripe setup is completed and that you are ready to receive student payments.

Stripe setup successful badge displayed with the Planubo user interface

 

How can my students pay me after I have integrated Stripe into my account?

Your students don’t need a Stripe account to pay you.

After you have created an invoice, the invoice will automatically show up in your student’s own personal Planubo account. From there, your student can download and view the invoice and click on “Pay Now”.

Student invoices after Stripe integration displayed within the Planubo platform

 

After clicking the “Pay Now” button, your student will be redirected to the Stripe payment page. From there, the student can enter their payment details and pay with all major payment methods such as VISA, MasterCard, American Express, SEPA Direct Debit, and more.

After the student has paid, the amount will be automatically transferred through Stripe to your bank account. There is no need to manually transfer the money from Stripe to your bank account.

Student payment page

 

Stripe Fees

Stripe uses per-transaction pricing, meaning there are no setup fees and no monthly charges.

For each transaction, we charge a fee of 1.5% + 25¢ when paying in Euro, 3.0% + 30¢ when paying in USD, 3.0% + 20p when paying in GBP,  and 5.0% + 30¢ when paying in any other currency except Euro, USD, and GBP. These fees already include all Stripe fees.

We want to be as transparent as possible and provide an example of the charges below for a business located in Germany and the United States.

 

When paying in Euro:

Student Payment = €100

Transaction fee (including Stripe fees) = 1.5% + €0.25 = €1.75

Your final payout = €100 – €1.75 = €98.25

 

When paying in USD:

Student Payment = $100

Transaction fee (including Stripe fees) = 3.0% + $0.30 = $3.30

Your final payout = $100 – $3.30 = $96.70

 

The total transaction fee will be automatically deducted from your student’s payment. To view Stripe fees for different countries and payment methods, please visit stripe.com/pricing.

If you have any more questions or feedback, please feel free to reach out to us through our contact form.

Start your free trial in under 2 minutes. No payment information needed. No commitments.