As a Canadian brand on Faire, you need to complete a one-time setup with Stripe, our payment processor, to receive payouts in Canadian dollars (CAD). Setup happens in 2 steps and about 5 to 10 minutes once you have your information ready. The first step requires you to link a bank account to receive payouts in Canadian dollars, and the second step requires you to add a payment method to cover deductions for order issues. You need to complete both steps to receive payouts for your orders.
What information do I need to set up my payouts?
Before you start, gather the following:
- Your Canadian bank account details, so we can deposit payouts directly to your account.
- A payment method to cover deductions for order issues. This can be your Canadian bank account, a credit card, or a debit card.
- A government-issued photo ID, used to verify your identity with Stripe.
- Your business registration number, used to verify your business with Stripe.
Linking your bank account for payout
To set your bank account up, go to your Faire Account Settings page and navigate to the Payout section. You can then select Connect. This will take you to Stripe where you can begin the process.
Once you’ve provided all the required information and setup is complete, you’ll see a confirmation in your Faire portal that your payout is set up. Until this is complete, we’re unable to process payouts for your orders on Faire. Once complete, all Faire payouts will begin depositing into the bank account you choose to connect, based on your payout terms with Faire. To learn more, visit What are my payout options?
For your security, our payment partner may require additional information in the following non-exhaustive scenarios:
- If provided information is updated.
- If there are discrepancies or verification issues with the submitted documents.
- During periodic compliance reviews.
- If there are regulatory changes that require updated verification.
Once the required data is provided and the bank account is verified by Stripe, payouts will be re-initiated.
Adding a payment method
In addition to linking a bank account to receive payouts in CAD, we also require brands to link a payment method to cover deductions for order issues. For more information see What if a retailer reports issues with my order?
To add a payment method:
- Go to your Faire Account Settings page and navigate to the Billing section.
- Select Add payment method.
- Choose the payment method you want to add. It can be a Canadian bank account, a credit card, or a debit card.
Can I have more than one bank account for payouts?
At this time we’re only able to facilitate one bank account per brand account. This means that all your orders on the platform will be paid out in one currency to one bank account.
How are my payouts converted?
If you have provided currency-specific pricing for your products, retailers in those locations will see and pay the price you input for their local currency.
Your payout will be in CAD and will be based on the exchange rate on the date the order was placed.
If you have only provided CAD pricing on Faire, we will still show your retailers a converted price in their local currency and update this based on the daily exchange rate. To read more about how to set up prices in other currencies, visit Currency specific pricing.
How are payouts calculated on Faire?
Your payout for an order on Faire is calculated using the following formula:
Payout amount = (order subtotal) + (shipping reimbursement) - (commission) - (payout fee)
- Order subtotal: (cumulative wholesale cost of the items in your order, minus any brand-funded promotions)
- Shipping reimbursement: The cost of shipping (only applies when the order is fulfilled on your own, not using Ship with Faire)
- Commission: Order subtotal x commission rate for given order type
- Payout fee: (order subtotal + shipping reimbursement) x 3%, only if applicable
You can see the full calculation breakdown of your order under your "Orders" tab by clicking on the orders detail page. Scroll down to the "You got paid!" section and select "View Payout Summary" There you find the full breakdown and calculation of your order payout.
Our pricing in North America changed July 5, 2023. You can read more about what changed on our blog.