Wonder why I don't see "YC XX" after the company name like we usually see in other recruit or fund raising posts from YC backed company.
The person who submitted this didn't bother to put it in the title.
Balanced payments is shutting down
71–80 of 189 posts
Re: Balanced payments is shutting down
#72Sad to hear this news. I had a wonderful time at Balanced. Payments is a very, very hard space, business-wise. All my best to my former co-workers.
Why is it hard, specifically?
Re: Balanced payments is shutting down
#73Interesting. 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 th…
I'd like to be as optimistic as you are about this act by balanced, but I can't help but suspect there was some kind of deal between the two companies. After all, this will bring new business to stripe...
Re: Balanced payments is shutting down
#74Interesting. 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 th…
[deleted]
Re: Balanced payments is shutting down
#75Balanced engineer here. I wanted to say that it's been an invaluable experience to be here at Balanced. In spite of the bad news, I can't but help but be grateful for having had the opportunity to work with the small but extremely competent team here. I've grown immensely and want to give a shout out to @mahmoudimus, @mjallday and @msherry who are the most talented engineers I've ever met. The saddest thing for me is prospect that I might not be working with them in three months from now, but at least I know that they will surely go on to do amazing work.
Re: Balanced payments is shutting down
#76Earlier quoted context omitted.
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...
You can start the migration process and continue to use Balanced. Your existing cards, bank accounts, and seller data will be ported to Stripe, and all new cards, bank accounts, and sellers that you create on Balanced will be mirrored on Stripe.
Re: Balanced payments is shutting down
#77It'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.
We're a marketplace that uses Balanced's ACH + escrow for moving money between buyers and sellers. I am glad to hear you will be supporting this on Stripe, but since I only have 90 days to migrate when will api/ruby support be ready and where can we find docs?
Perhaps the docs are available as soon as I migrate? I am hesitant to start that process until I have code written to support Stripe. I don't want to end up with my data on Stripe going stale while I am still using Balanced to move money. Of course I am only assuming that scenario is what would happen, the announcement is pretty thin on details.
Re: Balanced payments is shutting down
#78Stripe 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…
pc, it appears that the Stripe client libraries do not support Balanced-like features.
i.e. ACH debits, marketplaces, etc.
Migrating over to Stripe sounds great, but having these libraries updated with the proper endpoints seems like a must.
Re: Balanced payments is shutting down
#79Sad to hear this news. I had a wonderful time at Balanced. Payments is a very, very hard space, business-wise. All my best to my former co-workers.
Why is it hard, specifically?
Tons of stuff. Random example: doing international payouts basically requires having a subsidiary in each country you want to pay out to, thanks to the credit card company agreements. This is a pretty high barrier to entry for anyone who wants to get started in the space.
Re: Balanced payments is shutting down
#80I 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 whils…
[deleted]