I assume you need to file a 1099-MISC with the IRS for each managed account that's setup on the system?
If so, you might want to make this reporting requirement more visible in your documentation.
Stripe Connect v2
51–60 of 140 posts
Re: Stripe Connect v2
#52The final piece of the puzzle - for me at least - is the ability to collect money as a business, then pay out my service providers through Stripe. There's a temptation to just let the money sit in my Stripe account, then payout using a "Special Case Transfer" https://stripe.com/docs/connect/special-case-transfers But this approach seems non-compliant. How long before we can payout service providers so the charge is s…
Do you mean a situation where the service provider is not directly providing the service to the customer, like paying out a caterer for your office lunch? I'd love to better understand exactly what you're trying to use this for.
The short answer is that we're also really excited about the "many-to-many" use case of moving money around. There are many hurdles to getting there, and we're checking them off one by one. This is a leap towards that eventual world.
Re: Stripe Connect v2
#53I assume you need to file a 1099-MISC with the IRS for each managed account that's setup on the system? If so, you might want to make this reporting requirement more visible in your documentation.
We will, by default, send out 1099-Ks to the managed accounts. We'll likely provide some flexibility here depending on what the platform would prefer, but we're still talking to platforms to find out what's ideal for them.
Re: Stripe Connect v2
#54Earlier quoted context omitted.
We're getting rid of the $0.25 transfer fee and replacing it with 0.5% of funds paid out to managed accounts. We do more work (and incur more cost) if you're using managed accounts, so we think it makes sense.
Seems like it would require the same amount of work to pay out $10,000 vs. $100,000. Why scale the fee? Does this apply to marketplaces/accounts migrating from Balanced? There was an assurance that Stripe would honor Balanced's pricing. https://www.balancedpayments.com/stripe/faq#will-our-pricing... If you require marketplaces to use managed accounts then it's an extra tax, no?
> Seems like it would require the same amount of work to pay out $10,000 vs. $100,000.
We want our pricing to align with the best product experience, and a flat fee would encourage marketplaces to pay out less frequently. This pricing makes it easy to do daily transfers. In addition, there are actually reporting obligations and such that kick in at higher volumes, so it's not completely scale-independent.
> Does this apply to marketplaces/accounts migrating from Balanced? There was an assurance that Stripe would honor Balanced's pricing. https://www.balancedpayments.com/stripe/faq#will-our-pricing....
No; we'll grandfather both Stripe Transfers API (the old system) users and Balanced users. That said, this works out to be cheaper for most people -- most users aren't doing $100k payouts.
> If you require marketplaces to use managed accounts then it's an extra tax, no?
We don't require that they use managed accounts. Over time, I think standalone accounts will become the better option, since it's much less work for the marketplace.
Re: Stripe Connect v2
#55What is the name of the person that created this design?
Re: Stripe Connect v2
#56What does this mean for those of us who already use Stripe Connect? Do we get support for more countries automatically - do we have to change our code - will the v1 API stop working soon? Please send out an announcement current to Stripe Connect API users with upgrade information!
The new site is very pretty, but also very sluggish in Firefox.
Re: Stripe Connect v2
#57I assume you need to file a 1099-MISC with the IRS for each managed account that's setup on the system? If so, you might want to make this reporting requirement more visible in your documentation.
Actually only if account does 200 txns and $20,000.
http://www.irs.gov/Businesses/New-1099-K-Reporting-Requireme...
Re: Stripe Connect v2
#58What is the name of the person that created this design?
Philipp Antoni made the gravity header - https://twitter.com/phlntn
Re: Stripe Connect v2
#59The final piece of the puzzle - for me at least - is the ability to collect money as a business, then pay out my service providers through Stripe. There's a temptation to just let the money sit in my Stripe account, then payout using a "Special Case Transfer" https://stripe.com/docs/connect/special-case-transfers But this approach seems non-compliant. How long before we can payout service providers so the charge is s…
Do you mean a situation where the service provider is not directly providing the service to the customer, like paying out a caterer for your office lunch? I'd love to better understand exactly what you're trying to use this for. The short answer is that we're also really excited about the "many-to-many" use case of moving money around. There are many hurdles to getting there, and we're checking them off one by one. T…
"like paying out a caterer for your office lunch"
Pretty much. But it's a little hard to envision at that scale.
Think instead about a large company with a set of approved vendors. Execs submit purchase orders to the vendors. The vendors get paid out by check.
Instead, you can payout the vendors through Stripe.
Edit: As I think about this more, I don't think it should be free from my own account, but it's hard to reason what ACH pricing should be. I can send an automated check for $1.50 with Lob today.
Re: Stripe Connect v2
#60I mean god damn stripe has some great front-end engineers.
+100. It looks modern yet very readable thanks to great typography. Loads fast. Fully usable on mobile as well. E.g. Gets a hamburger menu on Mobile. The featured client animation is simpler. The spinning globe icon is replaced by a static image. They have absolutely top notch front end engineering talent. This is in huge contrast to the current trend where they want to hijack browser's scrolling behavior for absolut…
I believe the current trend is designed around an Apple-esque disregard for what the user thinks they want.