Garage Online Sale ™ Blog
2022-04-14 17:00 Sellers Buyers

Full Transaction Process on GOS

All transactions on Garage Online Sale are going through the Stripe payment system. Here's a complete description.

  1. The seller posts a listing and defines a price for the product or service.
  2. The buyer opens the listing page and clicks on the "Buy" button.
  3. On the following page, the buyer reviews the details of the purchase and inputs their credit card details. The payment happens immediately.
  4. Once the payment is made, the buyer is taken to a page that displays the transaction details. They are told that the seller needs to accept the transaction before the money is transferred.
  5. The seller gets an email notification of a new transaction that needs to be accepted. If the transaction is not accepted within 3 days or before the end date (whichever comes first), the transaction is canceled, and no money is transferred. Once accepted, the money is captured from the buyer's card, and funds are put 'on hold'. Both parties get a receipt of the transaction via email.
  6. The money is put on hold in Stripe system, Garage Online Sale does not hold any funds. It is managed through Stripe payment system. By using this system, we want to make sure that buyers always get their item first, before releasing funds to the seller.
  7. While the funds are on hold, both users can then discuss freely to agree on details.
  8. Buyer marks the order as completed (users have met, buyer picked up the item...). Money is then moved from the Stripe balance to the seller account. 
  9. Stripe transfers the money from the Stripe balance to the seller's bank account. Stripe takes about 7 days to move the money.
  10. Even if the transaction is marked as completed immediately, the money will appear in the seller's bank account after a minimum of 7 days. Stripe shares estimated payout dates in dashboard tied to sellers account.