Of course, ordering isn't all about picking and choosing your favorite products - there's also a little matter of payment. Luckily, Hubba makes the payment process easy.
In this article, we'll teach you:
- How we process payments.
- What costs you're responsible for as a Brand.
- The different payment terms you have the option to work with.
- When you should expect to receive payments.
- What banking information is required.
How we process payments
All payment processing and banking information is held, managed, and processed by Stripe, not Hubba (if you’ve used Shopify, Kickstarter or many other popular apps, you’re already using Stripe!).
What costs you're responsible for as a Brand
Listing your Brand and products on our network of tens of thousands of Buyers is free. However, we do take a small commission - 10% - on all orders (excluding taxes, duties, and shipping costs) that happen through Hubba. There is also a separate payment processing fee of 2.9% per transaction, which is charged by our payment processor (Stripe).
When it comes to returns, you have the option to make it yours or the Buyers responsibility to pay for associated costs when filling out your Return policy.
The different payment terms you have the option to work with
Upon placing an order, Buyers have the option to request either immediate or Net-30 payment terms.
- If immediate payment terms are selected, the Buyer's credit card will be charged once you provide a valid shipping tracking number.
- If Net-30 payment terms are selected, the Buyer's credit card will be charged 30 calendar days after you provide a valid shipping tracking number.
In theory, the latter gives the Buyer time to sell the product and make a profit which they can then use to pay you for the goods received. However, it is completely up to you whether or not you want to accept these terms. As such, you can always reject the order (or try to negotiate!).
Please note that it will take a bit longer for the funds to be deposited in your account. Please read below for more details.
When you should expect to receive payments.
Brands are expected to receive payouts 7 calendar days after the Buyer's credit card has been charged (which happens immediately after a Brand inputs the tracking number into Hubba, or 30 days after, depending on the payment terms). This short delay helps the payment process to be more consistent and our Brands will know exactly when their payments are expected to arrive.
Please keep in mind that if it's your first order, there is a 7 business day delay after the Buyer's credit card has been charged instead since Stripe, our payment processor, has to perform safety checks on all new accounts. For all the following orders, the funds will only be on-hold for 7 calendar days.
What banking information is required from you
In order to qualify to receive orders on Hubba, you must provide Stripe with valid banking information so that you can get paid. This means filling out a secure form with:
- Your location (must be based in the US to be eligible to receive orders)
- Your ABA/RTN number.
- Your account number.
- The address associated with your account.
- Your phone number.
- Your first and last name.
- Your date of birth.
- Your tax ID.
- The last four digits of your SIN number.
Once an order is placed, accepted, and shipped, you'll receive payment depending on the terms agreed upon by yourself and the Buyer.