What company do you use for credit card processing?
We are using Stripe, www.stripe.com, a major payment processor based in the US.
What about security?
While CCC is 100% secure, we do not handle or process the credit card data. All credit card data is sent directly to Stripe, and they store it and manage it.
Is the owner or resident required to have an account with stripe?
No. Only the condo corporation needs a Stripe account; the owner or resident enters their card details.
What is the credit card processing fee and who pays it?
Stripe charges 2.9%, plus 30 cents per transaction.
Q: How does Stripe works when the fees are being charged to the residents of the condominium?
A: Stripe charges 2.9% plus 30 cents on every transaction and Condo Control Central charges $2 on every transaction. For example, the building has a Guest Suite (fee is $100 and the deposit is $250) the resident will pay the following: Booking Service Fee of $5.36 ($2.26 charged by CCC and the rest by Stripe fees) which brings the total to $105.62.
Another example is when the amenity has a Deposit amount (i.e. Service Elevator, Billiards Room, etc.). A resident books the Service Elevator and the deposit is $250. The Booking Service Fee is $2.38 ($2.26 charged by CCC and the rest charged by Stripe) which brings a total of $2.64.
What is the booking fee?
The booking fee is $2 and is paid directly by the owner or resident to Condo Control Central as part of the transaction.
How does the condo corporation receive the funds owed to it?
The funds are sent by direct deposit to you from Stripe, 7 days after the transaction. So, for example, if your corporation earns $100 for bookings on the 7th of the month, the $100 will be deposited to you on the 14th of the same month by direct deposit. You can view and track the status of this using your account on stripe.com.
You also have the option to store the funds in your stripe account until you choose to manually initiate a deposit.
How do we set up a stripe account?
The process is very simple. The Condo Control Central support team will be happy to help walk you through it.
What about reconciliation?
Your bank reconciliation process will be the same as for manual cheque deposits; the only difference is that the funds deposited will be transferred electronically, and your accounting team will be using a reconciliation report from Condo Control Central and Stripe, instead of a bank deposit slip.
What about damage deposits?
CCC takes care of putting a hold on any funds that you require for a deposit. These funds are charged the day before a booking and are held for 7 days. So if there is damage which needs to be covered, management has up to 7 days to make that determination.
What about refunds?
For Stripe accounts, created prior to September 2017, if a booking is cancelled, everything is refunded (including stripe fees, booking fee, etc). For Stripe accounts created after September 2017, the Stripe and Booking Service Fee is not refunded, users will be refunded their Booking Fee (as long as it is within the given cancellation period detailed in your booking) as well as the Deposit Fee.
What about reporting?
You can run an amenity usage report out of CCC which will show the details of all credit card transactions done through the system. Additional detailed reporting is available through your login at Stripe.com.
Get Started Today.
If you have more questions or you’d like to get started, please contact your account manager, or our support team at (888)762-6636 and select option 2 for support.