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How does this work in terms of having a merchant bank? Surely you need something else besides this repo right?
by ripped_britches 11mo ago
How does this work in terms of having a merchant bank? Surely you need something else besides this repo right?
- ghurtado 11mo agoYou still need to have a payment provider / merchant account, so that part remains the same For all I could see this is no different than any other payment gateway service. Well, it is different in one important way: you'll pay a higher percentage per transaction, since the middle man needs to make money somehow.
- agreeahmed 11mo agoWith Flowglad you’d pay ever so slightly less than you would with a vanilla Stripe integration which usually includes Stripe Billing. That total cost is 3.6% (2.9% per charge + .7% for billing) and $.30, whereas we’re 3.55%. We’re not really trying to compete on cost. But we certainly aren’t more expensive once you include the cost of Stripe Billing.
- agreeahmed 11mo agoYes, while this is OSS, we haven't yet figured out how to self host an acquiring bank partnership... For now we're using Stripe Connect to set up a merchant account through our Stripe Connect platform. So as long as you are a legal entity (individual or business) in the countries that Stripe does merchant acquiring you should be good to go with us. Eventually we want to get to a place where we are embedded deeper on the payments side. But for now that's the flow.