6 ms·

Huh. Balanced offers same-day payouts to Wells Fargo bank accounts and next-day to others if it's before 3 PM PST. I love Stripe, but I hate the 7 day rolling p

Huh. Balanced offers same-day payouts to Wells Fargo bank accounts and next-day to others if it's before 3 PM PST. I love Stripe, but I hate the 7 day rolling period. I use Square for my in-person transactions and get the money the next day. Why can't Stripe do this? I wonder if Balanced has good integration with the third-party shopping carts out there...

dangrossman 14y ago
> Why can't Stripe do this? There's much higher fraud risk with online card payments than in-person ones. There's both risk that the customer presenting the card number isn't the cardholder, and risk that the merchant is itself a fraudster trying to charge stolen cards, launder money, or accomplish some other illegal act on the network. Traditional merchant accounts mitigate some of that risk through an extensive underwriting process. Stripe does not have such a process. The only way they can mitigate the risk is by identifying patterns in transaction activity and getting chargebacks/disputes from cardholders. The 7 day period gives them sufficient time to identify the patterns and receive early disputes before the money leaves their control.
- icelancer 14y ago
  ... But Balanced offers this.
  - dangrossman 14y ago
    Do they? Balanced Payouts offers same-day ACH. Do funds captured from credit cards with Balanced Payments instantly enter a balance to fund an outgoing ACH with Balanced Payouts? Credit card transactions don't settle instantly, they're typically batched nightly M-F. I would be surprised to hear they let you withdraw money they don't even have in hand yet.
    - icelancer 14y ago
      [12:58] <kyleb_> Do you offer next-day payouts for credit card purchases? [12:58] <@jacobolus> kyleb_: yes, assuming I'm understanding you correctly [12:59] <@jacobolus> kyleb_: payouts go to bank accounts, and are next business day or same-day with wells fargo bank accounts [12:59] <kyleb_> I think so. Customer purchases $100 worth of things using a Visa on the website at noon PST. Those funds are disbursed to a bank account via ACH on the next day? [12:59] <@jacobolus> kyleb_: yep [12:59] <kyleb_> OK perfect. I wasn't sure if it was bank payments only that were processed next-day, or if credit cards were processed as well next-day [12:59] <kyleb_> Thanks a lot!
      - deleted 14y ago
        [deleted]
    - mahmoudimus 14y ago
      We allow you to do this.
  - mahmoudimus 14y ago
    Yep, we do this.
  - flynnwynn 14y ago
    Well Balanced also offers a service that some claim is illegal: http://news.ycombinator.com/item?id=5299327 http://news.ycombinator.com/item?id=5299327 And has yet to offer a response other than "thanks!" I'm also not sure how many customers Balanced has or what kind of volume they're doing, but I suspect that they're taking o a whole lot of risk with next day payouts that Stripe and Braintree refuse to take on. While some businesses may like this, I find it worrisome.
    - icelancer 14y ago
      Square takes on these risks.
    - deleted 14y ago
      [deleted]
jareau 14y ago
What specific shopping cart integrations are you interested in seeing?
mahmoudimus 14y ago
Yeah, let us know. I'll definitely hack on an integration for whatever shopping card is easiest for you. We're actually interested in opening up office hours where we help you integrate Balanced in whatever framework you want :P
ams6110 14y ago
If you want a stand-alone invoicing system with online credit card and ACH payments, WePay.com works pretty well. I have used it for a non-profit group I'm involved in. They also have an API but I have not really looked into it.

dangrossman 14y ago

> Why can't Stripe do this? There's much higher fraud risk with online card payments than in-person ones. There's both risk that the customer presenting the card number isn't the cardholder, and risk that the merchant is itself a fraudster trying to charge stolen cards, launder money, or accomplish some other illegal act on the network. Traditional merchant accounts mitigate some of that risk through an extensive underwriting process. Stripe does not have such a process. The only way they can mitigate the risk is by identifying patterns in transaction activity and getting chargebacks/disputes from cardholders. The 7 day period gives them sufficient time to identify the patterns and receive early disputes before the money leaves their control.

icelancer 14y ago
... But Balanced offers this.
- dangrossman 14y ago
  Do they? Balanced Payouts offers same-day ACH. Do funds captured from credit cards with Balanced Payments instantly enter a balance to fund an outgoing ACH with Balanced Payouts? Credit card transactions don't settle instantly, they're typically batched nightly M-F. I would be surprised to hear they let you withdraw money they don't even have in hand yet.
  - icelancer 14y ago
    [12:58] <kyleb_> Do you offer next-day payouts for credit card purchases? [12:58] <@jacobolus> kyleb_: yes, assuming I'm understanding you correctly [12:59] <@jacobolus> kyleb_: payouts go to bank accounts, and are next business day or same-day with wells fargo bank accounts [12:59] <kyleb_> I think so. Customer purchases $100 worth of things using a Visa on the website at noon PST. Those funds are disbursed to a bank account via ACH on the next day? [12:59] <@jacobolus> kyleb_: yep [12:59] <kyleb_> OK perfect. I wasn't sure if it was bank payments only that were processed next-day, or if credit cards were processed as well next-day [12:59] <kyleb_> Thanks a lot!
    - deleted 14y ago
      [deleted]
  - mahmoudimus 14y ago
    We allow you to do this.
- mahmoudimus 14y ago
  Yep, we do this.
- flynnwynn 14y ago
  Well Balanced also offers a service that some claim is illegal: http://news.ycombinator.com/item?id=5299327 http://news.ycombinator.com/item?id=5299327 And has yet to offer a response other than "thanks!" I'm also not sure how many customers Balanced has or what kind of volume they're doing, but I suspect that they're taking o a whole lot of risk with next day payouts that Stripe and Braintree refuse to take on. While some businesses may like this, I find it worrisome.
  - icelancer 14y ago
    Square takes on these risks.
  - deleted 14y ago
    [deleted]

jareau 14y ago

What specific shopping cart integrations are you interested in seeing?

mahmoudimus 14y ago

Yeah, let us know. I'll definitely hack on an integration for whatever shopping card is easiest for you. We're actually interested in opening up office hours where we help you integrate Balanced in whatever framework you want :P

ams6110 14y ago

If you want a stand-alone invoicing system with online credit card and ACH payments, WePay.com works pretty well. I have used it for a non-profit group I'm involved in. They also have an API but I have not really looked into it.