Connecting your Stripe account to Wafeq
Connect your Stripe account to Wafeq to accept payments online and automate your accounting.
What’s the benefit of connecting my Stripe account to Wafeq?
The Stripe integration allows you to:
- Send an invoice from Wafeq and accept online payments into your own Stripe account
- Sync your invoices in Stripe
- Sync your Stripe statement, which includes all charge captures, processing fees, payouts and refunds
How to connect your Stripe account
Before you proceed, be sure to already have a valid Stripe account, then follow these steps:
- Go to
Integrationsin the left side menu
- Click on
Connectnext to the Stripe integration, and complete the connection process.
- When you are returned to Wafeq, map the accounts and tax rates and click
The integration is now configured.
Accepting online payments with Stripe on Wafeq
When you are creating an invoice, you have the option to accept online payments from your customer through your Stripe account. This will generate a payment link that you can share with your customer. In addition, when you send an invoice to your customer the email will include a link to pay the invoice online.
Here's how to enable online payments:
- While editing an invoice, choose your Stripe account under the payment methods and save the invoice.
You will have two methods to share the payment link with your customer:
- When you save the invoice, a payment link will be generated. You can share this link with your customer.
- If you send the invoice through Wafeq to your customer, they will get an email with a payment link to pay the invoice online.
Once your customer pays the invoice, Wafeq will automatically record that payment and will mark the invoice as
PAID through your Stripe account.
Wafeq does not charge any additional processing fees. Stripe will charge you its standard fees for accepting payments.
Syncing invoices created in Stripe
When you connect your Stripe account, Wafeq will automatically pull invoices you issue from Stripe each time new invoices are created. You may still want to manually sync historical invoices dated before you connected your Stripe account.
To manually sync your Stripe invoices, go to your Stripe integration then click
Sync. Choose a date range and click
Syncing your Stripe statement
To sync your Stripe statement and let Wafeq automatically reconcile it, go to
Bank Transactions on the left side menu, then click the
Statement link of your Stripe account. Click the
Fetch statement button in the top left and select a date range. When you sync the statement, Wafeq will automatically do the following:
- Automatically classify Stripe processing fees under the account you've configured in the integration
- Automatically classify Stripe payouts to the bank payout account you configured in the integration
- Automatically reconcile any invoices issued in Stripe and that are in Wafeq