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If you sell on the platform Grailed, you might already know about their payment system called Grailed Payments. Grailed Payments is Grailed’s new payment processing system that offers more payment methods to buyers like Apple Pay, debit, and credit cards.
Using Grailed Payments allows sellers to receive direct payouts that are sent straight to your bank account. Eventually, opting into Grailed Payments will be required so all sellers will need to activate Grailed Payments at some point. It is currently in beta and only available to a limited group of sellers but if you are interested in opting in, check your “Settings” page to see if you currently have access to the beta of Grailed Payments.
Why Grailed Payments?
You might be wondering why you need to sign up for Grailed Payments if you already use PayPal. Grailed Payments can help increase your sales by expanding available payment methods. Buyers may not have access to PayPal or just don’t want to sign up for PayPal. In a case like this, having Grailed Payments as an option gives more buyers the ability to purchase items on Grailed. Once you opt into Grailed Payments, you just follow the prompts to connect your account and add your bank details for payouts.
One of the advantages of opting into Grailed Payments is that you don’t have to choose between it and PayPal. Both methods will be available to buyers as an option on all your listings.
Once you’ve activated Grailed Payments, eligible buyers will have the option to pay by Apple Pay, a debit card, or a credit card. However, while in beta, these payment options are only available to a limited group of active, trusted buyers. Grailed plans on expanding eligibility over time to incorporate more trusted buyers, so this is good news.
Grailed is partnering with Stripe
Grailed is partnering with Stripe, a well-known payment processing platform, to handle payments and other financial services for Grailed. Once you opt into Grailed Payments, you’ll then be prompted to connect your Grailed account to Stripe. You’ll then need to add your bank details for payouts. Once you’ve done the onboarding to Stripe, there is nothing more you need to do. Grailed suggests that if you don’t see the option to onboard to Stripe, you might need to disable any ad-blockers and avoid using an incognito browser window.
Grailed is working on integrating sales reports directly into Grailed, but until then, the best way to keep track of your sales with Grailed Payments is by utilizing the Stripe dashboard. The Stripe dashboard will help you track your sales, upcoming payouts, and total earnings. You can also view your list of sold items on Grailed to see which sales were made via Grailed Payments or PayPal. You can view your Stripe dashboard by clicking on the “View Dashboard” link on your Grailed Settings page.
Grailed rates and fees
As for rates and fees, the Grailed commission rates will stay the same. The transaction fees processed using Grailed Payments will be the same as PayPal, which is 3.49% plus $0.49 for each transaction. Something else that comes with Grailed Payments is in-house support from Grailed, in case you have questions or issues with your transactions.
Another interesting point is that Grailed will be working on new features to integrate with Grailed Payments to make transactions smoother, and by activating Grailed Payments, you will have access to tools like “Buy Now, Pay Later,” which is coming soon to Grailed.
Lastly, all transactions made using Grailed Payments are secure and fully covered by Grailed’s purchase protection.
In conclusion, you will eventually need to opt into Grailed Payments so if you sell on Grailed and are interested in switching now, don’t forget to check your Grailed Settings page and see if you are eligible to opt in.