Working with the Stripe Payouts API
blog.chriswinn.com
Working with the Stripe Payouts API
1–10 of 52 posts
Re: Working with the Stripe Payouts API
#2This is pretty neat. I wonder what the economics of this system will look like though.
(100$ - Stripe fee to accept money) - Stripe fee to give money == ???
Re: Working with the Stripe Payouts API
#3 > Their core product, enabling developers to charge credit cards, wasn’t the first to the market. It is, instead, the best.
This is what I love about stripe. It may seem to an outsider like HN is full of Stripe fanboys but to someone who has worked with 10-20 other payment gateways its a godsend. Documentation that is simple, a reliable api, webhooks that work and a fantastic team behind it make stripe so much better than the other big players.
Re: Working with the Stripe Payouts API
#4This is pretty neat. I wonder what the economics of this system will look like though. (100$ - Stripe fee to accept money) - Stripe fee to give money == ???
the bank transfer fee is $0.25 USD. pretty standard for ACH
Re: Working with the Stripe Payouts API
#5This is pretty neat. I wonder what the economics of this system will look like though. (100$ - Stripe fee to accept money) - Stripe fee to give money == ???
[deleted]
Re: Working with the Stripe Payouts API
#6> Their core product, enabling developers to charge credit cards, wasn’t the first to the market. It is, instead, the best. This is what I love about stripe. It may seem to an outsider like HN is full of Stripe fanboys but to someone who has worked with 10-20 other payment gateways its a godsend. Documentation that is simple, a reliable api, webhooks that work and a fantastic team behind it make stripe so much better…
We use stripe for our app, http://follower.io, and it was sooo simple to get setup! I love how their docs even adapt to your account, showing you API calls with your keys already in it!
Re: Working with the Stripe Payouts API
#7[deleted]
Re: Working with the Stripe Payouts API
#8> Their core product, enabling developers to charge credit cards, wasn’t the first to the market. It is, instead, the best. This is what I love about stripe. It may seem to an outsider like HN is full of Stripe fanboys but to someone who has worked with 10-20 other payment gateways its a godsend. Documentation that is simple, a reliable api, webhooks that work and a fantastic team behind it make stripe so much better…
I've said this before, but each payment provider out there has benefits the others don't, which is a little annoying. For example, Balanced is inferior in almost all regards to Stripe except in one major area: Payment speed. Stripe offers 7-day rolling payouts (shorter for larger merchants), but Balanced offers next day payments and same day for Wells Fargo customers!
Square offers same-day payouts and the best in-person dongle experience. But - and I have NO idea why this is - they offer no web API. Ridiculous.
Stripe has the best third-party plugin support and best documentation.
For now, I use Stripe, and they've worked with me to speed up payments. But you can't beat same-day payments that Balanced offers (I do use WF) and if Balanced ever starts funding and encouraging developers to work on plugins for major shopping carts, I will switch immediately.
Re: Working with the Stripe Payouts API
#9> Their core product, enabling developers to charge credit cards, wasn’t the first to the market. It is, instead, the best. This is what I love about stripe. It may seem to an outsider like HN is full of Stripe fanboys but to someone who has worked with 10-20 other payment gateways its a godsend. Documentation that is simple, a reliable api, webhooks that work and a fantastic team behind it make stripe so much better…
I've said this before, but each payment provider out there has benefits the others don't, which is a little annoying. For example, Balanced is inferior in almost all regards to Stripe except in one major area: Payment speed. Stripe offers 7-day rolling payouts (shorter for larger merchants), but Balanced offers next day payments and same day for Wells Fargo customers! Square offers same-day payouts and the best in-pe…
> For example, Balanced is inferior in almost all regards to Stripe except in one major area: Payment speed.
We'll fix this.
Re: Working with the Stripe Payouts API
#10This is pretty neat. I wonder what the economics of this system will look like though. (100$ - Stripe fee to accept money) - Stripe fee to give money == ???
Right, so the important thing to keep in mind (and this is different from Balanced), is that you are making a standard Charge object. It's business as usual.
When you pay money out to users, it is deducted from your Stripe balance. In that sense, the initial charge, and the transfer later, are not explicitly connected to each other. It's up to you to persist some business logic on the application side.
In our case, we build in Stripe's fees (the standard 2.9% + $0.30) and make an assumption about our transfer fees (25 cents per transfer) to make sure we come out on top. The payer (when we create the Charge object) is paying this fee.
That way, when I gift money to a couple, they are receiving EXACTLY what I intended to send them. We don't want the couple feel in any way like there's a "gotcha" — someone sent you $25, but you can withdrawal only $22! We are, of course, transparent to the payer about the additional fees they're covering.
We let users withdrawal their full amount. This is in part to encourage fewer transfer fees, but it also simplifies things for our end-user.
It's been great to work with Stripe. I can't say enough about the quality of their staff and the love and care they put into their API. It's something we should all appreciate and replicate.
Chris