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I'm so bummed about this. We choose Balanced for www.seedwise.com specifically for its per order escrow feature. We'll be missing that in Stripe as we move over.
Sad to hear this news. I had a wonderful time at Balanced. Payments is a very, very hard space, business-wise. All my best to my former co-workers.
ACH(Balanced) is unprofitable if it doesn't have massive volume (fixed$/trans) . CC(Stripe) is more profitable - %rates are toggled.
I'm not sure why you say Balanced(ACH) and Stripe(CC) when both do both, though.
It's worth noting that Balanced Payments was YC W11, which probably made the transition to Stripe a little smoother.
It's too bad. Balanced was the only service of it's kind to provide ACH payments. Hopefully Stripe or Braintree will pick up this feature.
Stripe has now certainly solidified a dominant market position.
Was worried about this for some time. They didn't support major third party shopping carts and ignored Github support tickets for months on end despite IRC help staff suggesting to submit them. They had great payout rules but when Stripe cut down on those times... Balanced was in a bad spot. Happy to see they will transition smoothly to an industry leader, even if their platforms aren't even close to being the same.
The only reason they've said is that they weren't big enough to be as innovative as they wanted.
The problem is that Stripe requires sub merchants to create an account as well. Whereas Balanced, the account process was part of the API so your customers stayed in your application. That's going to be the biggest blow to the UI.
Earlier quoted context omitted.
ACH(Balanced) is unprofitable if it doesn't have massive volume (fixed$/trans) . CC(Stripe) is more profitable - %rates are toggled.
As a former employee, it would be bad form to respond to speculation by a 4 minute old HN account about the specifics here, so I will not. I'm not sure why you say Balanced(ACH) and Stripe(CC) when both do both, though.