You will have to pay Traktion's commission and a variable Stripe payment processing fee. Please find the charges explained below, and read Traktion's Platform Service Agreement for more information.
Traktion takes a 17% + VAT commission on the service fees charged to your client on a monthly basis. This fee is ongoing for the entire duration of the engagement with the freelancer.
You will also need to pay Stripe a payment processing fee. Typically, Stripe charges you a fee of 1.4% + 20p for European card payments and 2.9% + 20p for non-European card payments.
Please note that this is subject to changes by Stripe. Stripe might change these variable payment processing fees from time-to-time. For full details on pricing and updates, please refer to Stripe.
Traktion uses Stripe Connect Express to facilitate the payments from the client to you.
Stripe charges Traktion a variable fee to provide this service, which is not passed on to you. You can find out more about Stripe Connect Express here.
You will need to connect your bank account within your marketer portal in order to receive payments. This requires you to create a Stripe Connect Express account.
You will need to provide Stripe with your personal details (such as legal first name, legal last name, date of birth), business details, and payout details (your bank details). Stripe will then need to verify your identity with relevant documents.
You can also add team members to your Stripe Connect Express account to view your payouts and account details.
Please note that you will not be able to submit a final quote to your clients without first creating and/or connecting your Stripe account.
You get paid directly into your connected bank account details 30 days after your client has made payment.
You also can view your incoming payments under the "Payouts" tab on your marketer portal here or through your dedicated Stripe dashboard.
After your funds have arrived into your Stripe account, it might take between 7 to 14 days for your first payout to be sent out from your Stripe account to your bank account. The first payout by Stripe usually takes a little while longer, which is due to processing checks. Accelerated payouts and instant payouts are available to select users based on your Stripe history and geography.
For recurring payments (e.g. retainer agreements), the client is charged on the same day every month after their first payment. For example, if the client makes their first payment on 10 May 2020, the client is billed again on 10 June 2020 until the recurring payment agreement ends.
Funds are held securely within Stripe for 30 days immediately after customers make their first payment.
We note that Stripe Connect is available for most countries in Europe, North America, and large parts of Asia.
Please note that Stripe Connect currently doesn't allow users in India to create Connect accounts outside of India. Connect will only work within India (e.g. transfers between Indian accounts).
You can refer to Stripe's list of available countries here or through their product documentation here.
As of 10 May 2020, the Traktion platform has shifted from Stripe Connect Standard to Stripe Connect Express.
In order to continue receiving payments, you will need to go through the Express onboarding flow again to re-connect to Traktion. This process should not take more than 10 minutes.
You are able to use the same email address as your previous Standard account to create your Express account. You can also use the same personal details and bank account details. Stripe supports multiple accounts within 1 email address.
If you have issues creating your Express account, please contact us at team[at]traktion.ai with the subject title [Stripe Express Account] via email.
If you have special invoice requirements for your accounting needs, please contact us at team[at]traktion.ai with the subject title [VAT Invoice] and we will process this for you ASAP.