Selling in USD and Pounds Currency using Stripe on Bumpa

Never Miss Out on International Sales Again: Stripe is Now Live on Bumpa! 

Bumpa’s new Stripe integration makes it easier for merchants to accept payments in USD and GBP from international customers without stress. International payments can be converted and remitted to your preferred currency, whether it’s Naira, USD, or Pound. Now, you can accept customer payments worldwide without worrying about fluctuating exchange rates.

This article contains details on:

1. The benefits of the Stripe x Bumpa integration
2. Remittance Timeline and Transaction Charge
3. Chargebacks on Stripe
4. Setting up exchange rates
   

Why Use Stripe on Bumpa?

• Sell in Multiple Currencies: Set your product prices in Naira, USD, GBP
  
  

• Reach More Customers: Open your store to international buyers and expand your sales.
  
  

• Consistent Pricing: Control how your prices convert from Naira to other currencies, helping you manage profits and affordability.
  
  

• No Hassle Settlements: Get remitted directly to your preferred bank Naira or USD domiciliary account.

Want to Get Paid in USD? Do This First

To receive international payouts in USD, make sure:

• You are on the Growth Plan (How to subscribe to premium)
  
  
• You’ve completed Tier 2 KYC (Bumpa KYC: What It Is and How It Works)
  
  
• You provide your USD domiciliary account details (Bumpa Multi-Currency Activation Form)

Bumpa KYC Levels

Completing your Know Your Customer (KYC) verification on Bumpa is essential to setting up international payments on your store.

• Tier 1: Required to activate Stripe
  
  

• Tier 2: Required for USD settlements

Activate Stripe and start receiving international payments by completing your KYC, and you’ll be set to accept payments from anywhere in the world, effortlessly.

Remittance Timeline

Bumpa ensures your international payments are settled quickly and smoothly. Payouts take 5–7 business days, depending on your selected payout method.

Transaction Fees: 

• A 7% processing fee applies to all international orders via Stripe. 

• You can choose to either bear the cost of the transaction fee or pass the fee to your customers. 

What About Chargebacks?

A chargeback happens when a customer disputes a payment made on your store and asks their bank to reverse the transaction. This usually means the customer claims they didn’t receive the item, did not authorise the payment, or had a problem with the product or service (delivery timelines).

Please note that Stripe charges a $15 fee per chargeback, regardless of the outcome. This fee will be automatically deducted from your payouts

To avoid chargebacks, ensure you:

• Provide clear product descriptions and delivery timelines
  
  

• Communicate with buyers
  
  

• Share delivery and tracking details

Where and How You Get Paid

With Stripe, you can receive payouts in either Naira or USD, depending on your Bumpa subscription plan and preference. Here’s how payouts work:

Control Your USD and GBP Prices

You have control over how your Naira prices convert to USD or GBP on your storefront. Set your exchange rates to align with your pricing strategy. For example, if your product costs ₦100,000:

• At an exchange rate of $1 = ₦1,500, the price is $66.67.
  
  

• At an exchange rate of $1 = ₦900, the price is $111.11.

Note: Choosing a lower exchange rate means a higher USD price, which can result in more profit per sale. A higher rate offers a more affordable price for buyers.

How to Set Your Exchange Rates

You can choose your rates for converting USD and GBP to Naira. For example:

• USD to Naira: $1 = ₦1,500
  
  

• GBP to Naira: £1 = ₦1,800

How to Activate Stripe on Your Store

• Send an email to [email protected] 

• A form will be shared with you to fill in all the necessary information

• Once submitted, the activation takes 24- 48 hours

Setting your Base Store Currency
You have the option to choose a base currency such as Naira (₦), US Dollars ($), or Pounds (£). The base currency you select will determine the default currency shown to your customers when they visit your store.

For example, if you choose Naira as your base currency, your product prices will appear in Naira first. Choosing the right base currency helps you better align with your target market and improve customer experience during checkout.