Balanced payments is shutting down • Hacker News Board

Re: Balanced payments is shutting down

#41

Post by revisedallocute » Fri, Mar 13, 2015, 9:36 PM UTC

steveklabnik wrote: post #22

revisedallocute wrote: post #18

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.

Doing both is not same as doing both well (what contributes most to gross margin or keeps the lights on)

Re: Balanced payments is shutting down

#42

Post by bkrausz » Fri, Mar 13, 2015, 9:36 PM UTC

tbrooks wrote: post #40

bkrausz wrote: post #25

Earlier quoted context omitted.

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?

Balanced will be providing a link to migrate your account over to Stripe. This will automatically enable ACH for that migrated account.

If you want to migrate into an existing account you should email support@balancedpayments.com, they can help you out and make sure we put the right settings onto your account.

Re: Balanced payments is shutting down

#43

Post by keithwhor » Fri, Mar 13, 2015, 9:36 PM UTC

pc wrote: post #36

keithwhor wrote: post #32

Earlier quoted context omitted.

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.

Great, will do. Good work on the PR, jumping on this. I'm sure you'll have a ton of e-mails today from this comment --- maybe I'll wait a week or two. :)

Re: Balanced payments is shutting down

#44

Post by kpowerinfinity » Fri, Mar 13, 2015, 9:37 PM UTC

Really unfortunate development. I preferred using them to Stripe earlier primarily because they made the job so much easier (order level escrow so we din't have to maintain them ourselves). Not looking forward to the migration!

Wish Matin and the team at Balanced the very best for their future endeavors.

Re: Balanced payments is shutting down

#45

Post by ewang1 » Fri, Mar 13, 2015, 9:37 PM UTC

pc wrote: post #36

keithwhor wrote: post #32

Earlier quoted context omitted.

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.

Any chance you guys are going to support funding the marketplace balance via the bank account?

Re: Balanced payments is shutting down

#46

Post by crsmithdev » Fri, Mar 13, 2015, 9:38 PM UTC

I nearly joined Balanced a little over a year ago, but went another route. I was really impressed with their founding team and employees, very much a class act with some smart, passionate people. Sorry to hear.

Re: Balanced payments is shutting down

#47

Post by bkrausz » Fri, Mar 13, 2015, 9:39 PM UTC

dd36 wrote: post #39

bkrausz wrote: post #25

Earlier quoted context omitted.

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

What's the cost?

Since it's still in beta we haven't solidified the cost yet. Feel free to reach out to sales@stripe.com if you wanted to discuss pricing for your account. We're honoring existing Balanced pricing, so it'll be at least as cheap as what you're currently paying :).

Re: Balanced payments is shutting down

#48

Post by bkrausz » Fri, Mar 13, 2015, 9:39 PM UTC

tonyhb wrote: post #34

bkrausz wrote: post #25

Earlier quoted context omitted.

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

How can we get in touch about this?

By default support@balancedpayments.com can help you out, since they have more info on your account. If you have questions that you'd rather direct my way, feel free to ping me at bkrausz@stripe.com

Re: Balanced payments is shutting down

#49

Post by ijohn50 » Fri, Mar 13, 2015, 9:44 PM UTC

Stripe are definitely kicking ass at the moment.

Paypal's login process is not very well thought out atm. If you go to paypal.com log in, then 90% of the screen is taken up by an ad asking you to sign up ( even though you are logged in ). You need to click on "My Paypal" that takes up 3% of the screen, before you see your dashboard.

Re: Balanced payments is shutting down

#50

Post by plug » Fri, Mar 13, 2015, 9:46 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…

Weird. I was only looking at the Balanced site for the first time yesterday, researching payment services that offer ACH. I understand Stripe has an ACH implementation in private beta though?

Greetings from a fellow "Limerician" btw :)