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This would be incredibly interesting. I have yet to find a bank for our business accounts that doesn't make me jump through ridiculous hoops to get basic things done.
I've had good luck with https://mercury.com for business banking.
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Suppose a driver for a rideshare app wants to pay their car payment. Stripe Connect can't be used to hold funds from many rides for a month; they have to pay it out to a bank account (which they might not have) or to a disbursement card, which (because loan repayments are generally not paid on a card in the U.S.) likely doesn't solve their problem without withdrawing cash and buying a money order. That is extra effor…
Wouldn't it be way easier and better for the driver to just open a bank account? Why would they want to tie something as important as making car payments to their ephemeral gig work?
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This has an incredible amount of potential in the events space --- I'm excited to see what new advances this tech will enable
Seems like that would be more inline with the stripe connect platform.
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Suppose a driver for a rideshare app wants to pay their car payment. Stripe Connect can't be used to hold funds from many rides for a month; they have to pay it out to a bank account (which they might not have) or to a disbursement card, which (because loan repayments are generally not paid on a card in the U.S.) likely doesn't solve their problem without withdrawing cash and buying a money order. That is extra effor…
Wouldn't it be way easier and better for the driver to just open a bank account? Why would they want to tie something as important as making car payments to their ephemeral gig work?
>Stripe Treasury would let the rideshare platform give their drivers an embedded money management account. That would allow indefinitely holding money, and would allow them to use e.g. bill pay for car payments, similar to the way that many HNers probably pay their own car payments today.
It sounds like what Stripe is doing is providing a quasi-bank account, kind of retail frontend emulating limited banking services and backend-ed by GS and the likes as Stripe doesn't seems to have a license themselves ("commoditize your complement" comes to mind). Though it doesn't sound like a service for the driver, it only looks like it. It is the service for the platform. Interesting who really owns the "embedded" account/money - platform or the driver. If the driver then it looks more like bank, if the platform - interesting can of worms, like you employer providing an imitation of a real account for you and holding money in your name. I.e. it seems that the point here is to find a way to keep money in the system (the platform keeping drivers' money in Stripe - i.e. "That would allow indefinitely holding money" seems to be the key here) instead of just merely piping the money.
There's a reason "marketplaces" get a call out on this landing page. Every single startup that has to manage buyers and sellers ends up needing to implement their own bespoke "treasury" operations. There are other players in this space (Modern Treasury for example), but obviously the distinct Stripe advantage is integrating with the payment stack. This would have saved years of development efforts and maintenance on…
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Suppose a driver for a rideshare app wants to pay their car payment. Stripe Connect can't be used to hold funds from many rides for a month; they have to pay it out to a bank account (which they might not have) or to a disbursement card, which (because loan repayments are generally not paid on a card in the U.S.) likely doesn't solve their problem without withdrawing cash and buying a money order. That is extra effor…
If my rideshare platform also lends or leases vehicles to its drivers, would Stripe Treasury permit the drivers to repay the loan or lease via the driver's treasury account where they get paid? Does regular Stripe support paying back loans or leases? When I say permit, I mean from an acceptable use point of view, not an engineering point of view.
We don't support using Payments to collect loan repayments in most cases.
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"Financial services" are verbatim not allowed by Stripe's Acceptable Use Policy. What kind of businesses are permitted to use Stripe Treasury? Which functionality is specifically provided (or anticipated to be provided) by Goldman Sachs Bank? The answer is probably a credit card. Who performs KYC? Is it Stripe FTEs, Stripe contractors, or a vendor? Is it Evolve's vendor? The answer is probably a vendor. When submitti…
Stripe Treasury does not violate our terms, and allows SaaS platforms (and similar) to provide their business users with access to capabilities which are regulated with those capabilities fulfilled by entities with the appropriate licensing and backed by our financial partners. This is similar to how our Connect product lets our regulated entity do money transmission on behalf of a demand economy company without them…
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You're getting downvoted but it's fair criticism. Unfortunately it's also probably out of Stripe's hands, given that it tends to be driven by partner limitations.
I also edited out something unnecessary. But maybe Stripe could be pushing back against those limitations or helping to find other solutions. Apple seems to be able to (see Grindr).