OEC Payments: Overview and Account Setup for Dealers

KB Article #7024

OEC Payments in an integrated payments service in RepairLink for buyers and sellers. OEC will collect funds from repair shops for orders they place with RepairLink dealers and then distribute bulk/consolidated payments to individual dealers for the orders they fulfilled in RepairLink. Payments will be made according to the amount of the order in RepairLink. (Learn more about OEC's new Payments solution!)

OEC is partnering with Stripe to enable payment processing within RepairLink. Stripe is an industry leading payments provider who helps thousands of businesses facilitate payments in an eCommerce setting.

There are no one-time enrollment or monthly subscription fees for the OEC Payments service. OEC will simply charge a transaction fee of 2% per Carvana order.

To use this functionality, dealers will need to complete a set-up process where they will enroll for the Payments service and create a Stripe account that links to RepairLink. Dealers will also need to add a bank account to their Stripe account in order to received payouts for payments made for RepairLink orders. Please note that without enrolling for a Stripe account and adding a connected bank account, OEC will not be able to pay out funds for orders placed with your dealership.

Before enrolling for a Stripe account, the person enrolling via RepairLink should gather the following information from their Accounting Representative. An incomplete enrollment or unverified bank account will prevent payouts to your bank account from processing.

Also note that during the enrollment process an Authorized Representative will need to review and accept terms for the “Stripe Services Addendum” and the “Dealer Consolidated Billing Pricing Exhibit”. The Stripe Services Addendum is an addendum to the OEConnection Subscriber Agreement and the Dealer Consolidated Billing Pricing Exhibit discloses the fee for the OEC Payments service.

The following pieces of information will be required during the Stripe enrollment process:

1. Business Details
   • Legal Name of Business
   • Employer Identification Number (EIN)
   • Registered Business Address (Street Address, City, State / Province, Postal Code, etc.)
   • Business Phone Number
   • Industry
   • Business Website
   • Product description
2. Business Structure
   • Registered Business Address (Country)
   • Address (Street Address, City, State / Province, Postal Code, etc.)
   • Type of business (Corporation, Individual / Sole Proprietorship, Non-profit, Partnership - the selection here will determine some of the following details that are asked for)
3. Business Representative
   • Legal Name (First and Last)
   • Email Address
   • Job Title
   • DOB
   • Home Address (Street Address, City, State / Province, Postal Code, etc.)
   • Phone Number
   • SSN (government issued ID can be used in lieu of SSN)
   • Yes/No for “Do They Own More than 25% of the company?”
4. Bank details
   • Currency
   • Financial Institution Name
   • Routing / Transit Number of Account
   • Account Number

---

To setup your OEC Payments account in Stripe:

1. From the RepairLink tab, click Application Setup.
2. Click Payments from the left-hand navigation.
   
3. Click Enroll Now to launch the Stripe account setup window. 
   
   
4. Type your Email address and then click Continue.
   
5. Create a Password and then click Continue.
   
6. Use the up/down arrows to select a country code, then type in a mobile number. 
   
7. Click Send text.
8. You be texted an emergency back up code, which should be stored somewhere safe. This will allow you to unlock your Stripe account should your device be lost or stolen. Click Next.
                
9. Type the required business details in the fields provided and select country and state. Select Auto parts and accessories as your Industry.
   
10. Click Continue. 
11. Enter the required details for the business representative. This must be someone who has significant responsibility for your business. You must check the box in the lower left to indicate that the business representative owns at least 25% or more of the company. 
      
12. Click Continue. 
13. Type your bank routing number and account number (twice) in the fields provided.   
    
14. Click Continue. 
15. Type the required customer support details in the fields provided and select your country and state by using the up/down arrows. 
    
16. Click Continue. 
17. Review your details and click Submit.
    
    
    1. Stripe will review your submission and prompt you to fix any missing or invalid information. Make your changes and click Done. To complete at a later time, click Save for later. 
18. Once confirmed, a dealer account is created in the OEC Stripe platform and the dealer OEC ID will be tied to this account.  

• RepairLink_Payments_Dealer.pdf700 KB