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Send payouts with Stripe
- thedangler 13y agoCan't wait for Canada to get this.
- fudged71 13y agoSeconded. I will use this immediately.
- samwillis 13y agoAny chance of this coming to the UK? Loving the UK Beta for cc payments!
- daveoh 13y agoThe uk beta is awesome! I would love to know when we can send money to UK and other EU accounts. Any stripe employees care to comment on any potential roll out roadmap outside of the US?
- aaronbrethorst 13y agoHow does this jive with laws around transmitting money?
- pc 13y agoTl;dr: we work with a bank to do this; we do lots of checks; and you're required to verify the identity of the recipients. See https://stripe.com/docs/tutorials/sending-transfers#verifying-recipients https://stripe.com/docs/tutorials/sending-transfers#verifyin... for more info.
- thinkcomp 13y agoDo the funds ever sit in your (Stripe's) account or is the ACH transfer direct from the card to the destination account?
- pc 13y agoOur implementation might change over time, but we don't ever take title of the funds at the moment.
- thinkcomp 13y agoNor does any money transmitter. You didn't answer the question.
- ceejayoz 13y agoAnd your question has a "gotcha" axe to grind.
- seiji 13y agoLooks like the HN backend needs another stealth founders-only feature: highlight known troublemakers to remind people to probably not interact with them unless you know you can win a pet argument.
- toomuchtodo 13y agoDoesn't even need to be a backend feature. A Chrome extension (a la Reddit Enhancement Suite) that lets you tag people would be more than sufficient. I understand Aaron's motivation. Asking for that info on HN though is the same as starting a fight in a Starbucks. We're better than that.
- thinkcomp 13y agoI'd say it's more like asking a fellow air passenger, in earshot of others, whether that thing they just put to their lips is a candy cigarette or a real one. Payments systems are complex and the regulations are complex. I don't think it's rude to ask questions about complex topics, and here I honestly do not know what Stripe is doing. As both a Stripe customer and competitor I have the right to ask.
- hndl 13y agoHow does Stripe verify the business (which service do you leverage), besides matching against the OFAC blacklist?
- driverdan 13y ago"Stripe is not a bank or a money services business (“MSB”) and Stripe does not offer banking or MSB services as defined by the United States Department of Treasury."
- danecjensen 13y agoCan't I build a marketplace with stripe connect? How is this different?
- pc 13y ago(I work at Stripe.) With Stripe Connect, your users have to have Stripe accounts. This makes sense for, say, Squarespace, where their users are likely to want to manage the business themselves: logging in to their Stripe account, watching their analytics, providing refunds, handling customer service, etc. This is designed for cases like paying Lyft drivers. The drivers don't really care about the internals; they just want money to appear in their bank account. There's more at https://support.stripe.com/questions/stripe-connect-vs-sending-transfers-via-api https://support.stripe.com/questions/stripe-connect-vs-sendi....
- troyk 13y agoEach of your marketplace customers would need their own stripe account (we do this now). This would enable a single stripe account to be used for charging the cards, and your app controls the transfer of funds back to the marketplace vendors
- patio11 13y agoIt supports substantially more complicated movements of money. Stripe Connect is basically "Bring your own Stripe account. We handle the API integration for you." This lets you do things like (hypothetical case for Airbnb-clone) "Pay the room lister 90% of the amount charged 5 days after the later of 'satisfactory feedback received from renter' or '10 days after checkout'. Then, pay us our 10% fee for enabling the transaction." Bonus: with this, the lister doesn't need a Stripe account and will perceive all of their interactions with money being handled by you or their bank. This means you don't have to, as a part of making the sale to them to list their room, convince them "You should really open a Stripe account."
- danecjensen 13y agoCan't I build a marketplace with stripe connect? How is this different?
- troyk 13y agoThis is cool, but the money has to be charged via credit card first right? It would be nice to transfer money from the bank account linked to stripe to another account, and as a user of Stripe's connect API, it would be nice to enable this in our apps for our users. Even cooler would be full blown ACH. We are working with ACH providers now and what a stark contrast to the beauty of stripe. All require some form of monthly fee, paper set-up forms with 1-2 week delays (vetting periods) and API's from the 90's
- amfeng 13y ago(I work at Stripe.) Right. Those are both things that are on our product roadmap. (:
- troyk 13y agoFree hugs and kisses from me when you guys roll it out (really gets my cofounder motivated, so thought I'd try it here!)
- JshWright 13y agoOn an only moderately related note... here are two more things that I would love to see on the roadmap: 1) Better support for disputes in the API (right now to get all our disputes, we have to pull _all_ charges and walk them...) 2) The ability to generate test disputes. You guys provide an awesome test API, but there's no way to generate disputed charges in testing, so I can't test any of that functionality...
- amfeng 13y ago1) You should be able to pass in "disputed=true" to the charge listing call: GET https://api.stripe.com/v1/charges?disputed=true https://api.stripe.com/v1/charges?disputed=true 2) Definitely. We'll keep that in mind!
- JshWright 13y agoAh, the folks in your IRC channel (and your docs) didn't know that one... Awesome, thank you!
- dm8 13y agoApart from Balanced Payments and Dwolla I don't think anyone gives a simple way (means using API) to send payouts. This could be huge!
- run4yourlives 13y agoPlease bring this to Canadian Bank accounts. Please, please please. :-)
- kareemm 13y agoDitto! I would implement this tomorrow if it was available on Canadian bank accounts.
- lacero 13y agoInterac.ca email money transfer
- run4yourlives 13y agoIf your financial institution does not yet offer the service, or if you don't bank online... You will be required to register and provide your banking information in order for the money to be deposited into your bank account. The deposit usually takes 4 - 6 business days to process and a $4.00 fee will be deducted from the deposit amount. Not really compatible.
- anderspetersson 13y agoReally neat feature. Is a rollout to scandinavia in the weeks, months or years-timeframe?
- tyre 13y agoHow long does it take from the time I create the transfer to it hitting the user's bank account?
- amfeng 13y agoIt's next day, depending on what time you create the transfer. https://stripe.com/docs/tutorials/sending-transfers#transfer-timeline https://stripe.com/docs/tutorials/sending-transfers#transfer...
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- ISL 13y ago$0.25/transfer, without a cap on the amount? Might expose Stripe to a lot of risk on large transfers? Example: If something goes sideways on an $100k transfer, $0.25 is 0.0003% of the borked transaction....
- jaredstenquist 13y agoSince this feature is backed by a bank (FDIC backed bank no doubt) I assume it has the same protection as any other transfer and that the backing-bank is actually shouldering the risk.
- jasonswett 13y agoI assume the author of the announcement wrote the example code with the longshot hope that some Stripe users would say, "Hey, I guess I'll send Amber Feng three thousand bucks, just to see if this works." Takeaway point: always write code examples in such a way that a straight copy-and-paste might send you a lot of money.
- rebelidealist 13y agoFrom my understanding it takes 7 days for the funds charged with a credit card to be available? In this case, is there an api to show how much is actually available to payout to 3rd party?
- amfeng 13y agoYep! https://stripe.com/docs/api#balance https://stripe.com/docs/api#balance
- jonthepirate 13y agoSweet.. can't wait for full ACH! ... watch out Balanced.. they're on your tail!
- zende 13y ago(I work at Balanced) Balanced (https://balancedpayments.com https://balancedpayments.com) provides a payouts solution for marketplaces like redditgifts, Crowdtilt, Fancy, Artsy, Visual.ly, and many others. The differences with Stripe include the money being available for payout immediately (instead of 5 days), and the recipient will receive the money the next business day. Balanced has also performed a lot of work to verify merchants with as little information as possible — name, dob, and address. Instead of SSN for an individual you only need to pass in the last four.
- pc 13y agoStripe actually requires substantially less information -- just the recipient's name. Still, this isn't about Stripe vs Balanced -- we just built the API many of our users wanted. Hope you guys continue to do well!
- zende 13y agoBalanced requires name, DOB, and address only to underwrite the recipient as a merchant to avoid the marketplace becoming an aggregator. It is still possible to make a next-day payout directly to a recipient without this information: curl https://api.balancedpayments.com/v1/credits \ -u f97912a2cd8a11e2a411026ba7cd33d0: \ -d "amount=10000" \ -d "bank_account[name]=Johann Bernoulli" \ -d "bank_account[routing_number]=121000358" \ -d "bank_account[type]=checking" \ -d "bank_account[account_number]=9900000001" In that case you can also use Balanced only for payouts by funding your escrow with your own bank account. Stripe would require you to charge your own credit card to perform this service. As you said, the main difference is about focus. Balanced has focused on supporting marketplaces from the beginning and continues to do so.
- jordanmessina 13y agoThat focus also allows Balanced to build great tools to solve problems that are bigger issues in marketplaces. They've caught a number of fraud incidents for me which has been incredibly helpful (and obviously saves me money).
- zbush 13y agoNow that payment processors like Stripe and Balanced are providing very similar services, what serves to differentiate them? As each of these companies release features, they become closer and closer to converging to the exact same product. I'm seeing the same fees, the same abilities to payout, the same ability to act as a marketplace, with only a few very minor differences. Why should someone pick Stripe over Balanced, or vice versa?
- ryanmerket 13y agoSupport and transparency.
- nairteashop 13y agoI think you should pick based on your primary use case, i.e. whether you are a merchant (stripe) or a marketplace (balanced). IMO in a couple of years the offerings from these two companies will be so close that this distinction won't matter, but for now they are converging in from different directions so you should choose appropriately. (I feel this is a lot like Box vs. Dropbox. One started from the team/enterprise side, and the other from the personal/consumer side, but now Box offers free 5GB for personal use, Dropbox offers dropbox for teams etc. A couple of years back, it mattered which one you picked depending on your use case, but these days not so much.)
- ehdeelee 13y agoShe went to my school Berkeley!
- mtgx 13y agoWhen is there going to be a serious Paypal alternative that works pretty much everywhere, internationally?
- jedberg 13y agoNot for a long long time. The reason Paypal doesn't work everywhere is because of crazy laws, not technology. And Paypal can afford many more hours of lawyering than most startups.
- conductr 13y agoWhat does the payee see? My business name, stripe's name, etc
- amfeng 13y agoYour business name, along with the transfer statement descriptor you specify (though this varies by bank).
- silverbax88 13y agoI just used Stripe for one of my major annual events. I used PayPal the first two years, and all I can say is Stripe is far superior to PayPal. I do wish the dashboard was a little more configurable, but that's minor. Everything else is so much better. Pros: + auto deposit into the back account without having to make requests + easy refund process + easy charge identification process Cons: - a few customers like using PayPal, so there's that. We dropped PayPal entirely from the online sign up and payment so for the users who wanted PayPal we had to send them our PayPal address. Not entirely smooth or professional, but that's not Stripe's fault, it's the reality of having an entrenched payment processor. - the dashboard displays total volume, and that's it. Would like this to be configurable. Showing total volume since day 1 is pretty useless, especially since it does not appear to remove refunds.
- amfeng 13y agoWhich parts of the dashboard in particular? Would love to hear your feedback at amber@stripe.com!
- silverbax88 13y agoI don't have much to complain about, but I will gather my thoughts and shoot them over. Really a huge fan of the product, though.
- jusben1369 13y agoIt's a paid add on but maybe look at DigMyData too.
- randall 13y agoI'm most interested in the inverse... allowing customers to send us cash directly from their bank accounts for $.25 per transfer (instead of the bullshit credit card company fees). I'm sure there's some serious fraud implications that Stripe would have to deal with to ensure validity, but is that coming?
- amfeng 13y agoYep -- this is something we're really interested in doing as well.
- arvinds 13y agoHow soon do you estimate having international bank transfers?
- drx 13y agoBeing able to receive international bank transfers on Stripe would be amazing. Our bank charges us $15 per received wire.
- jeffasinger 13y agoI doubt Stripe could do that for much cheaper unfortunately, without basically becoming a bank, and keeping money in multiple countries.
- drx 13y agoYou don't have to keep money in multiple countries, just be able to receive SWIFT and/or IBAN transfers. Many banks in European countries don't charge anything for receiving any wires, including SWIFT, only sending them. (the $15 fee is just for receiving any wire transfer, and is independent of the standard SWIFT fees)
- arvinds 13y agoI am more interested in making international payouts and we are looking at switching to envoyservices.com from PayPal/Manual bank transfers in a couple of months and switching entirely to stripe looks attractive
- azharcs 13y ago¯\_(ツ)_/¯
- ROFISH 13y agoJust to be clear, this requires a balance in your Stripe account? What if you do not have a balance? How does this affect the currently (already very slow) 7 day payout? If an account is balance holding, and then you withdraw to your own bank account, does that mean the 7 days starts then? What if you do not have enough balance?
- losvedir 13y agoCongrats on the launch! My startup was in the private beta for this and is in the process of switching to Stripe for ACH payouts from our previous provider bill.com. The folks at Stripe are super friendly and helpful. Two thumbs up! :)
- zrail 13y agoThis sounds pretty awesome, I can't wait to try it out. FYI I'm working on a guide to integrating Stripe with Rails[1] and I'll definitely be covering this, as well as Stripe Connect. [1]: http://www.petekeen.com/mastering-modern-payments http://www.petekeen.com/mastering-modern-payments
- niico 13y agoDoes the font rendering look bad to all of us? http://cl.ly/image/0S3B0H241w01 http://cl.ly/image/0S3B0H241w01
- amfeng 13y agoHm, that's interesting. What OS/browser are you on? (Feel free to email me at amber@stripe.com as well.)
- thedogeye 13y agoCan Stripe now be used to accept ACH payments as well as send them?
- dblock 13y agoIt's ridiculously hard to launch a new marketplace. I think it's awesome that we have more API choices. My next big problem is taxes. I wish one of these two could make it a no-brainer for the same market-place scenario (eg. selling a work from a South African gallery to a customer in France via a U.S. based marketplace). As a footnote, I am a very happy Balanced customer @ http://artsy.net http://artsy.net.
- LemonSX 13y agoKeep up the great work, I absolutely love you guys!