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Balanced payments is shutting down

balancedpayments.com

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Re: Balanced payments is shutting down

#61

Earlier quoted context omitted.

Stripe does that now too which may have contributed to this.

How do you get that to happen? There is nothing in the docs about it.

Probably by becoming a highly-trusted, low-risk customer. Payment balance float is all about holding some money in reserve in case of chargebacks. The better your stats are, the less money a processor will insist on holding in reserve.

Re: Balanced payments is shutting down

#62
I never used Balanced, but I want to really commend this announcement.

It is the first announcement of such a kind that comes with a well-considered and already provided migration plan for customers to ensure no loss of service.

That's a great standard to work to... leave yourself enough runway to look after your customers.

The Balanced team should feel incredibly proud of managing such a co-ordinated shut down whilst under the stress and emotional turmoil of closing a company. It speaks volumes.

Re: Balanced payments is shutting down

#63
Interesting. Google Wallet for Digital Goods shut down last week. It was a service whereby a business might have subscribers on a monthly subscription. Google offered no migration path; businesses had to inconvenience all subscribers by getting them to re-subscribe. It's fascinating that a startup which is going out of business acts in a more responsible manner than a huge tech company.

Kudos to Balanced for doing the right thing.

Re: Balanced payments is shutting down

#66
post #55

Sorry to see Balanced go. They were definitely the most flexible platform available and always pushed the envelope. If you're not using Spreedly, I recommend it because it's a big help in this situation because it allows you to seamlessly switch services without losing any of your customer card data.

ACH support?

Spreedly already supports vaulting bank account information, and while the number of gateways that we support passing bank account info to is still limited, we're growing that rapidly at the moment.

Our gateway support is heavily influenced by customers, so anyone who has a gateway they'd like to pass bank account info to that we don't support today shouldn't hesitate to drop us a line.

Re: Balanced payments is shutting down

#68
post #54
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…

Your comment came off as a humblebrag at first, but then I read the link and saw that they mentioned transitioning customer to Stripe. So, if anyone had the same reaction as me; just read the link first.

Hm, I can see what you mean -- edited to make clear what our involvement is. (I.e., the migration.)

Re: Balanced payments is shutting down

#69
post #48
post #34

Earlier quoted context omitted.

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

Thank you so much!

Re: Balanced payments is shutting down

#70
post #68
post #54

Earlier quoted context omitted.

Your comment came off as a humblebrag at first, but then I read the link and saw that they mentioned transitioning customer to Stripe. So, if anyone had the same reaction as me; just read the link first.

Hm, I can see what you mean -- edited to make clear what our involvement is. (I.e., the migration.)

With the migration, will our data be replicated or ported over to Stripe? I.E. We start the migration and we still have access to Balanced API while we make the needed changes to comply and test with Stripe.

I want to start the migration, but don't want to lose access to Balanced all together until we're ready...

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