Payments Startup Balanced (YC W11) Is Processing $370M a Year • Hacker News Board

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#11

Post by steveklabnik » Thu, Jan 16, 2014, 8:24 PM UTC

sleepyhead wrote: post #10

kyriakos wrote: post #7

do they have plans for International support ?

https://support.balancedpayments.com/hc/en-us/articles/20013... +1 for not encouraging +1 to GitHub issues.

One of the reasons we encourage people to leave a comment is that when we actually implement the feature, everyone who has +1'd gets automatically notified.

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#12

Post by rmorrison » Thu, Jan 16, 2014, 8:46 PM UTC

Congrats Matin and team!

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#13

Post by poppin3k » Thu, Jan 16, 2014, 9:42 PM UTC

wow - more than i expected. is balanced including their payouts in this number or is the 370M just all incoming payments?

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#14

Post by lquist » Thu, Jan 16, 2014, 9:59 PM UTC

Anybody have an idea as to how much Stripe is doing annually?

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#15

Post by nedwin » Thu, Jan 16, 2014, 10:08 PM UTC

400 customers and $370m in transactions. So average customer is doing less than $1m in transactions a year.

Will be interesting to see if they can retain customers as they grow, I guess that's the reasoning behind volume pricing.

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#16

Post by GuiA » Thu, Jan 16, 2014, 10:42 PM UTC

nedwin wrote: post #15

400 customers and $370m in transactions. So average customer is doing less than $1m in transactions a year. Will be interesting to see if they can retain customers as they grow, I guess that's the reasoning behind volume pricing.

It's kind of hard to infer anything from those 2 numbers alone. Given the nature of the payments industry, it wouldn't be surprising if they had 10 customers account for $300m and the rest processing a few $10s/$100s k a year.

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#17

Post by leoplct » Thu, Jan 16, 2014, 11:35 PM UTC

Do you know a "Balanced" for europe?

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#18

Post by icelancer » Thu, Jan 16, 2014, 11:46 PM UTC

As I continue to say in these threads (and it's been a long time), Balanced has terrible third-party support while Stripe dominates them.

We have this ridiculous non-overlapping issue with payment processors:

Balanced - Same day payouts (!) to WF, next-day to anyone else. ACH processing. Documentation isn't great. Third-party support is horrible. (Tickets are open on my [relatively popular] software of choice and have been for months; no timetable has been set.)

Stripe - Infinitely better documentation. Easier implementation. Outstanding third-party support. Crazy good APIs. Seven-day rolling payments (sigh).

Square - Next-day processing. Physical dongle. Easy to use web store. No APIs (for fuck's sake).

It's like each company looks at one another and figures out a way to best frustrate segments of the market, ensuring that no one provider can handle it all.

As for me, I put through low-mid six figures through Stripe and Square but I'd switch to Balanced if they would engender better support amongst third-party providers. Stripe has worked with me to cut payout speed, but it's not anywhere close to Square/Balanced. And if Square opened up their APIs, I'd leave everyone behind assuming third-party support was there.

Yeah, these guys are all better than Paypal/Authorize.net, but good god figure it out, please.

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#19

Post by loceng » Fri, Jan 17, 2014, 12:08 AM UTC

icelancer wrote: post #18

As I continue to say in these threads (and it's been a long time), Balanced has terrible third-party support while Stripe dominates them. We have this ridiculous non-overlapping issue with payment processors: Balanced - Same day payouts (!) to WF, next-day to anyone else. ACH processing. Documentation isn't great. Third-party support is horrible. (Tickets are open on my [relatively popular] software of choice and hav…

Stripe will have no motive to start doing same-day payments as long as they are dominating in different areas - the interest they collect on the money for those 7 days is quite valuable.

Re: Payments Startup Balanced (YC W11) Is Processing $370M a Year

#20

Post by zende » Fri, Jan 17, 2014, 12:39 AM UTC

icelancer wrote: post #18

As I continue to say in these threads (and it's been a long time), Balanced has terrible third-party support while Stripe dominates them. We have this ridiculous non-overlapping issue with payment processors: Balanced - Same day payouts (!) to WF, next-day to anyone else. ACH processing. Documentation isn't great. Third-party support is horrible. (Tickets are open on my [relatively popular] software of choice and hav…

(ceo of balanced)

> Tickets are open on my [relatively popular] software of choice and have been for months; no timetable has been set.)

I'm sorry to hear that. What software would you like to see Balanced support?