Getting paid for your sales on Wolkify is easy. We want to keep the payment structure as simple as possible. That is why we condensed the entire process into three steps. These three steps are mandatory, though. This means we will not confirm your first product until we can see that you signed up for Stripe.
Step 1: Sign up for Stripe
Wolkify has partnered with Stripe to handle all payments. Stripe is one of the biggest online payments providers and the payment solution of choice for more than 100.000 companies worldwide.
NOTE THAT STRIPE HAS TO BE AVAILABLE IN YOUR COUNTRY. You can check if it is by clicking here.
IF STRIPE IS NOT SUPPORTED IN YOUR COUNTRY, YOU CANNOT BECOME A SELLER ON WOLKIFY.
You can simply connect your Wolkify sellers’ account with Stripe by going to your Store Dashboard >> Settings >> Payment.
There go on and press the ‘connect with Stripe’ button. This will take you to your Stripe signup page.
Step 2: Fill in your Stripe details
On the Stripe signup page, fill in all necessary information. This includes bank account details, since Stripe will send your earnings there. Once you have filled in the required information, Stripe will reconnect you to Wolkify and create a Stripe profile for you.
Step 3: You’re ready to go!
That’s it! Every sale that your shop makes will now go directly through Stripe and into your Stripe balance. From there, Stripe will deposit the amount onto the bank account you connected with your Stripe account. How long this typically takes can vary from country to country. For more information on the payout schedule of Stripe click here.
Wolkify charges a simple 5% commission fee on each sale that was made through wolkify.com. This fee is deducted automatically from the complete amount that the customer was charged and transferred via Stripe.
Stripe charges a fixed amount for each transaction. These fixed prices can however vary slightly from country to country. In the US, each transaction costs 2,90% of the amount plus 30 cents. This will also be deducted from the full amount that the customer was charged. You can find more details to Stripe’s fees here.
Wolkify and Stripe both apply a VAT reverse charge on their fees. This means that the fees do not include VAT and you will need to self-account for VAT in your local VAT return under the reverse charge scheme at the prevailing VAT rate in your local country. You can find more information on VAT reverse charges here. Stripe also has an info page on VAT handling.
As a seller you are responsible for handling the VAT on your sales correctly. Wolkify AB will calculate the applicable tax rate upon purchase based on the country of the seller’s address. The collected VAT will then be fully forwarded to you, the seller, with the responsibility to declare taxes appropriately. You can find more information on how VAT is handled in Europe here.
If you are selling to several countries in Europe and sell only digital products, it might be beneficial for you to use the MOSS Scheme to settle your taxes in several countries.