Send payouts with Stripe

This 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

Re: Send payouts with Stripe

#6

Post by pc » Wed, Jun 05, 2013, 4:22 PM UTC

danecjensen wrote: post #3

Can't I build a marketplace with stripe connect? How is this different?

(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-sendi....

Re: Send payouts with Stripe

#7

Post by troyk » Wed, Jun 05, 2013, 4:22 PM UTC

danecjensen wrote: post #3

Can't I build a marketplace with stripe connect? How is this different?

Each 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

Re: Send payouts with Stripe

#8

Post by pc » Wed, Jun 05, 2013, 4:23 PM UTC

aaronbrethorst wrote: post #2

How does this jive with laws around transmitting money?

Tl;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#verifyin... for more info.

Re: Send payouts with Stripe

#9

Post by amfeng » Wed, Jun 05, 2013, 4:23 PM UTC

troyk wrote: post #5

This 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 mo…

(I work at Stripe.)

Right. Those are both things that are on our product roadmap. (:

Re: Send payouts with Stripe

#10

Post by patio11 » Wed, Jun 05, 2013, 4:25 PM UTC

danecjensen wrote: post #3

Can't I build a marketplace with stripe connect? How is this different?

It 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."