What's the industry term for depositing via debit cards like this? And how, exactly, does it work?
Instant Payouts for Marketplaces
51–58 of 58 posts
Re: Instant Payouts for Marketplaces
#52Really excited to see this feature come to managed accounts on Stripe! Instant transfers are why I use Square Cash over Venmo. A question for the Stripe engineers: does this mean we would instantly know if a transfer has failed? One of our biggest pain points right now is when a user enters incorrect account details, we transfer money to them, and the payment is reversed a week later. And one other question: if we're…
I believe FB Messenger is still instant, and works fundamentally in the same way SC/Venmo do. But you have to use FB Messenger. :-/
Re: Instant Payouts for Marketplaces
#53Does anyone know startups working on bringing Visa Direct / Mastercard MoneySend to us, developers, without all the financial / regulatory overhead? These are world-wide payments with huge potential, but I am struggling to find any offering on the market today. "Coming soon" mostly.. :(
To clarify the other response, you've been able to use Stripe to send Direct / MoneySend for quite awhile now:
https://stripe.com/docs/connect/bank-transfers
Normally it takes a few days for the payment to clear. With the new Instant Transfers option it shows up immediately.
Re: Instant Payouts for Marketplaces
#54> Unlike traditional bank transfers that can take several days,
What? It takes a few seconds. Or is this the USA and the USA is different from the rest of the world?
Re: Instant Payouts for Marketplaces
#55Does anyone know startups working on bringing Visa Direct / Mastercard MoneySend to us, developers, without all the financial / regulatory overhead? These are world-wide payments with huge potential, but I am struggling to find any offering on the market today. "Coming soon" mostly.. :(
@vizzah: I work at Stripe. We're working with Visa Direct and MoneySend, and you're able to sign up and begin using it today . Let me know if you have any troubles, and I'd be happy to help.
@lachyg Thanks for the invite!.. but as far as I understand Stripe only covers b2c payments to US cards? Or if we sign up as US company, can we send world-wide?
Re: Instant Payouts for Marketplaces
#56What's the industry term for depositing via debit cards like this? And how, exactly, does it work?
I'm not sure how Stripe implemented it, but it would be possible to do by partnering with several ATM network providers. If you have a debit card, look at the back and see which networks it supports.
Re: Instant Payouts for Marketplaces
#57Earlier quoted context omitted.
I'm not talking about card refunds. I'm talking about all the lags in ACH and all the ways that (under UCC) that consumers can grab their money back even after it already went through... > Why would anyone agree to a 1.5% reduction in earnings to get their money now instead of tomorrow/2 days? I have no idea. I don't live in that world. Sounds like some pawn-shop level need-for-cash to me. But I do know that in busin…
I work for a peer-to-peer factoring marketplace startup ( http://marketinvoice.com ) so I can shed some more light on it. Typically we charge between 1%-3% for a 30 day advance. A couple of common scenarios in the tech industry: 1) You're a web/mobile agency who gets paid on 30 day terms but you need to pay your staff (and contractors) on a monthly basis. If the times line up exactly you might get away with it but if…
> 3) You have to pay tax based on the amount of money you've invoiced for, not the amount you received to date, so you can easily get a tax bill for which you won't have the money for until your customer pays you. But the taxman won't generally be willing to wait so you have to finance it somehow.
I was just re-reading this, and this doesn't sound quite right. Is this a cash-basis accounting vs. an accrual accounting thing?
Re: Instant Payouts for Marketplaces
#58Earlier quoted context omitted.
I work for a peer-to-peer factoring marketplace startup ( http://marketinvoice.com ) so I can shed some more light on it. Typically we charge between 1%-3% for a 30 day advance. A couple of common scenarios in the tech industry: 1) You're a web/mobile agency who gets paid on 30 day terms but you need to pay your staff (and contractors) on a monthly basis. If the times line up exactly you might get away with it but if…
> 3) You have to pay tax based on the amount of money you've invoiced for, not the amount you received to date, so you can easily get a tax bill for which you won't have the money for until your customer pays you. But the taxman won't generally be willing to wait so you have to finance it somehow. I was just re-reading this, and this doesn't sound quite right. Is this a cash-basis accounting vs. an accrual accounting…
It'll vary by country but in the UK sales tax (VAT) is generally paid based on the invoice date:
https://www.gov.uk/vat-record-keeping/time-of-supply-or-tax-...
You can do cash-based accounting and pay only when you receive the payment but this is only available to small companies (https://www.gov.uk/vat-cash-accounting-scheme/eligibility