Stripe overview
Stripe is a powerful online payment processing platform that enables businesses of all sizes to accept payments and manage their financial transactions. Founded in 2010, Stripe has become a popular choice for developers and entrepreneurs due to its robust set of features and easy-to-use API.
Two types of integration
With Stripe, there are two types of integration:
a) Full Fabric manages all payments on behalf of your school through our Stripe account and handles refunds and queries in exchange for a commission (a processing fee per transaction). The school is periodically sent a statement listing all payments and a transfer of the amount we received during the respective period.
b) Your school uses your Stripe account to manage all refunds and payment reconciliations autonomously, and we merely share the configuration instructions to enable the integration with your Stripe account.
How to set up Gateway Stripe
Go to General Settings in top right corner;
Go to the Integrations Tab;
Scroll until you find "Stripe";
Click on the "Disabled" to Enable the integration
Set up fields
To retrieve the fields for the integration, you need to log in to Stripe.
Publishable key: Typically starts with pk_live_
Stripe Dashboard
Navigate to Developers > API Keys
Standard Keys section
Copy the Publishable Key
Secret key: Typically starts with sk_live_
Stripe Dashboard
Navigate to Developers > API Keys
Standard Keys section
Copy the Secret Key
Signing secret:
Stripe Dashboard
Navigate to Developers > Webhooks
Enter the following webhook endpoint: https://[FULLFABRIC_INSTITUTION_URL]/h/stripe/events
On Select events to listen to, click on + Select Events and Select All events. Next Add Events.
Scroll down and click on Add Endpoint.
You'll be redirected to a new page. Click on Reveal to copy the Signing Secret.
Payment procedure
The payment process is as follows:
The candidate clicks to pay and is redirected Stripe's checkout page;
The candidate fills in the necessary payment details;
The online payment platform contacts the issuer bank to authenticate the transaction, which includes checking for enough balance in the sender account and being screened for fraud;
If all is good, the application fee is debited from the applicant’s account and deposited in yours, or, initially, Full Fabric's (if you opted for us to be responsible for running the account - Option A);
Accordingly, the candidate is notified whether the payment was successful or unsuccessful, and the payment state is updated in Full Fabric.