Balanced payments is shutting down • Hacker News Board

Re: Balanced payments is shutting down

#31

Post by bkrausz » Fri, Mar 13, 2015, 9:29 PM UTC

bbissoon wrote: post #24

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.

With our Transfers API[1] you can send funds to recipients in the US without requiring them to sign up for a Stripe account.

[1] https://stripe.com/docs/tutorials/sending-transfers

Re: Balanced payments is shutting down

#32

Post by keithwhor » Fri, Mar 13, 2015, 9:29 PM UTC

pc wrote: post #12

Stripe cofounder here. I just wanted to tip our hats to the folks at Balanced. Stripe and Balanced have certainly competed against each other in the marketplace space for a few years, but we have a lot of respect for how Matin and his team executed with creatively and determination. While we're of course glad Balanced decided that migrating to Stripe was the best thing for their users, today is kinda bittersweet for…

Any plans for escrow services? That was the one pain point balanced tackled that Stripe has yet to provide a solution for.

Re: Balanced payments is shutting down

#33

Post by tbrooks » Fri, Mar 13, 2015, 9:30 PM UTC

Really, really bummed.

My v1 was orignally built on Stripe and I moved to Balanced quickly after they launched, because they offered ACH and escrow balance, etc.

Whenever I moved over, Mahmoud (Balanced CTO) stayed up past 1am to help me migrate. That instantly won me over. The entire team was super responsive and every interaction I had with the Balanced team was superb. Sorry to see this company go away (tear).

We run a non-significant amount of money through Balanced and hope that Stripe is a good fit. Not looking forward to re-writing our payments engine from the ground-up in 90 days :/

Re: Balanced payments is shutting down

#34

Post by tonyhb » Fri, Mar 13, 2015, 9:30 PM UTC

bkrausz wrote: post #25

tghw wrote: post #15

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 an ACH beta we're letting all Balanced customers into.

How can we get in touch about this?

Re: Balanced payments is shutting down

#35

Post by [deleted] » Fri, Mar 13, 2015, 9:32 PM UTC

[deleted]

Re: Balanced payments is shutting down

#36

Post by pc » Fri, Mar 13, 2015, 9:32 PM UTC

keithwhor wrote: post #32

pc wrote: post #12

Stripe cofounder here. I just wanted to tip our hats to the folks at Balanced. Stripe and Balanced have certainly competed against each other in the marketplace space for a few years, but we have a lot of respect for how Matin and his team executed with creatively and determination. While we're of course glad Balanced decided that migrating to Stripe was the best thing for their users, today is kinda bittersweet for…

Any plans for escrow services? That was the one pain point balanced tackled that Stripe has yet to provide a solution for.

You can control the transfer schedule for your recipients, which should effectively cover what you need to do. (Sorry this isn't clearer in the docs.) Feel free to email us, too. I'm patrick@stripe.com.

Re: Balanced payments is shutting down

#37

Post by [deleted] » Fri, Mar 13, 2015, 9:32 PM UTC

keithwhor wrote: post #32

pc wrote: post #12

Stripe cofounder here. I just wanted to tip our hats to the folks at Balanced. Stripe and Balanced have certainly competed against each other in the marketplace space for a few years, but we have a lot of respect for how Matin and his team executed with creatively and determination. While we're of course glad Balanced decided that migrating to Stripe was the best thing for their users, today is kinda bittersweet for…

Any plans for escrow services? That was the one pain point balanced tackled that Stripe has yet to provide a solution for.

[deleted]

Re: Balanced payments is shutting down

#38

Post by jesalg » Fri, Mar 13, 2015, 9:32 PM UTC

This is truly surprising. Balance was indeed a worthy competitor to Stripe. We chose them in my previous company because of their escrow feature and overall focus on building marketplaces.

Re: Balanced payments is shutting down

#39

Post by dd36 » Fri, Mar 13, 2015, 9:33 PM UTC

bkrausz wrote: post #25

tghw wrote: post #15

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 an ACH beta we're letting all Balanced customers into.

What's the cost?

Re: Balanced payments is shutting down

#40

Post by tbrooks » Fri, Mar 13, 2015, 9:33 PM UTC

bkrausz wrote: post #25

tghw wrote: post #15

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 an ACH beta we're letting all Balanced customers into.

I emailed Stripe this week and got turned down.

Should I email again?