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Send payouts with Stripe

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Re: Send payouts with Stripe

#43

Post by zende »

(I work at Balanced)

Balanced (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.

Re: Send payouts with Stripe

#44

Post by ceejayoz »

thinkcomp wrote: post #29
pc wrote: post #27

Earlier quoted context omitted.

Our implementation might change over time, but we don't ever take title of the funds at the moment.

Nor does any money transmitter. You didn't answer the question.

And your question has a "gotcha" axe to grind.

Re: Send payouts with Stripe

#45

Post by pc »

zende wrote: post #43

(I work at Balanced) Balanced ( 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 l…

Stripe 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!

Re: Send payouts with Stripe

#48

Post by yesimahuman »

zende wrote: post #43

(I work at Balanced) Balanced ( 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 l…

Interesting to see Balanced and Stripe competing. Is this going to be a growing trend in YC? I'm sure it's a hard problem to avoid.

Re: Send payouts with Stripe

#49

Post by zende »

pc wrote: post #45
zende wrote: post #43

(I work at Balanced) Balanced ( 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 l…

Stripe 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!

Balanced 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.

Re: Send payouts with Stripe

#50

Post by swanify »

zende wrote: post #40
johne20 wrote: post #31

Earlier quoted context omitted.

I originally thought the same too, but found that it is in Beta. http://blog.balancedpayments.com/balanced-payment-method-pay...

The Balanced Payouts service has been available for some time. Our ACH Debit (pay with bank account) is in Beta however.

Taking over this thread talking about your service is pretty awful - surely you can announce your features in your own right rather than riding on the back of Stripe's name?
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