Monetization

This chapter explains how the Monetization extension works for regular users, site managers, and content managers.

Note: This feature is not part of the default Open Social product (basic/distro) but can be ordered as an extension module.

What does the Monetization do?

Monetization allows Site Managers to add a new revenue stream to your community platform by adding membership subscription payments and/or ticketing payments for events. Any options and fees that will be available for the community members are fully controllable in the Open Social platform and Stripe. 

The Monetization consists of two extensions, and it is possible to add one or both of the following options to your platform:

• Membership Payment Module
• (Event) Ticketing Payment (we're currently still developing this so stay tuned!)

Monetization Settings

Whether you have the Membership Payments or Ticketing Payments on your platform, you'll have Monetization Settings accessible via the Site Manager Dashboard under Configuration > Open Social Settings > Social Monetization. Direct URL: /admin/config/opensocial/monetization/settings

This page provides control over:

• Payment fails action 
• Send an email to user when adding a new payment method
• Send an email to user when removing a payment method
• Send an email to user when canceling a subscription
• Send an email to Site manager when user cancels a subscription
• Subscription trial ends at

How are payments possible?

For both Membership Payments and (Event) Ticketing Payments, the Monetization is powered by Stripe - a powerful and secure payment platform that allows you to collect payments easily and with no hassle. 

Note: purchasing this extension does not include a license to Stripe.

What currencies are accepted?

Stripe supports processing payments in 135+ currencies, allowing you to charge customers in their native currency while receiving funds in yours. This is especially helpful if you have a global presence, as charging in a customer’s native currency can increase sales.

The currency used comes into play in three places:

• The customer’s credit card currency
• The currency of the charge, called the presentment currency
• The currency accepted by your destination bank account or debit card, called the settlement currency

If the charge currency differs from the customer’s credit card currency, the customer may be charged a foreign exchange fee by their credit card company. The customer may also be charged a fee by their credit card company if the credit card and your business are in different countries, regardless of the currency used.

If the charge currency differs from your settlement currency, Stripe converts the charge to your settlement currency. Refer to Stripe's payouts documentation to learn about the different bank account currencies that we support.

For more information, refer to Stripe right here.

What fees can you expect?

When processing payments, 3.5% of any payment will be subtracted during processing. The payment will pass through Open Social's account where 1.5% will be collected. From there, the payment will continue to your Stripe account on a daily basis. You should expect to pay about 2% of the payment to Stripe - depends on your subscription with Stripe.