As you’ve probably heard, we’re introducing a new payment processor called “Tipalti” – this probably doesn’t make a whole lot of sense right now, but this blog should help clear some things up.
What is Tipalti? And what the heck is a payment processor?
A payment processor is a 3rd party tool that helps vendors (like us!) get money from the bank, to their clients (that’s you). Before we were primarily using PayPal as our payment processor, but as we’ve grown we see that we need to be able to pay in many other ways! It’s not very efficient for us to manually go through multiple portals to pay you in your preferred way, so we looked around for a different payment processor that would allow us to use various payment methods all in one spot.Enter Tipalti. Tipalti offers a lot of great features, and is used by other streaming companies like Twitch, so we figured it would be a good fit for us.
OK, got it! So how do I sign up, and get my StreamCraft payments through Tipalti?
The process (hopefully) is pretty straight forward.
1. Your registered email address will receive an automated email from Tipalti, which includes a registration link. Click on that!
2. In the Tipalti portal, set up a password and security question/answer for your account. Make sure your password is at least 8 characters long, has at least one capital letter, one lowercase letter, and one number.
3. Tipalti will now prompt you to log-in. You will also automatically receive an email confirming your registration.
4. Once logged in, the system will request that you enter a valid phone number (2-step verification). Your phone number will receive a code via text message that you then need to enter in the Tipalti site.
Note that at any point, you can change the language of the Tipalti interface by clicking the Globe icon in the top right corner
5. Next, please enter your full address details including city, country, and postal/zip code.
6. You’ll now be able to select your Payment Method. PayPal, Wire Transfer, and eCheck/Local Bank Transfer are the current options (depending on your country, you may not have all 3 options).
7. If selecting PayPal, it operates very similarly to the old StreamCraft setup – the email address and First/Last Name that you enter into Tipalti must match what is registered to your PayPal account.
The Transaction Fee is 2% of your payment amount plus $1.00 USD. Further Foreign Transaction (FX) fees may apply.
8. If selecting Wire Transfer, have your banking information on hand. Depending on your country, you may be required to not only include your bank’s physical address, but also SWIFT code.
The Transaction Fee is $20-30 USD (flat fee). Further Foreign Transaction (FX) fees may apply.
9. If selecting eCheck/Local Bank Transfer, this is equivalent to an ACH transfer. This is an online bank-to-bank transfer that can take a few business days. When comparing to a wire transfer, eCheck offers a lower transaction fee, but may take longer, while wire transfers are more expensive, but typically processed almost instantly. Similar to wire transfer, to set up eCheck through Tipalti you will need your bank information handy (and depending on your country you may have to provide more/less information).
The Transaction Fee is $5 USD (flat fee). Further Foreign Transaction (FX) fees may apply.
10. Once you’ve selected your Payment information and filled in all the required information, you’ll reach the Done screen! The next steps are receiving notices of payment, and being able to track your payment’s status! More info on those steps coming soon.