Instant Payouts for Marketplaces
stripe.com
Instant Payouts for Marketplaces
1–10 of 58 posts
Re: Instant Payouts for Marketplaces
#2This looked exciting at first, but I hadn't heard about "managed accounts" and they (understandably) shift the work to the platform/API user:
Handling information requests: instead of requesting
it directly from the account holder, Stripe will request
information, such as a social security number or passport
scan, from you. You must collect this information from
the user and provide it to Stripe, otherwise Stripe may
disable transfers to the account.
Re: Instant Payouts for Marketplaces
#3I guess Stripe is now offering short-term lines of credit and handling intra-bank settlement themselves? That or they're issuing a "refund" to do this instantly?
Re: Instant Payouts for Marketplaces
#4This looked exciting at first, but I hadn't heard about "managed accounts" and they (understandably) shift the work to the platform/API user: Handling information requests: instead of requesting it directly from the account holder, Stripe will request information, such as a social security number or passport scan, from you. You must collect this information from the user and provide it to Stripe, otherwise Stripe may…
Financial liability is also shifted to the platform / api user.
Re: Instant Payouts for Marketplaces
#5I guess Stripe is now offering short-term lines of credit and handling intra-bank settlement themselves? That or they're issuing a "refund" to do this instantly?
@devbug I work at Stripe. nope—neither, we’ve worked with Visa and Mastercard to get funds on to debit cards instantly. This isn’t a refund or a loan. Without getting too into the weeds, in the same way you can make a payment at 10PM on a Sunday, you’re able to be paid out instantly through Instant Payouts.
Re: Instant Payouts for Marketplaces
#6I guess Stripe is now offering short-term lines of credit and handling intra-bank settlement themselves? That or they're issuing a "refund" to do this instantly?
@devbug I work at Stripe. nope—neither, we’ve worked with Visa and Mastercard to get funds on to debit cards instantly. This isn’t a refund or a loan. Without getting too into the weeds, in the same way you can make a payment at 10PM on a Sunday, you’re able to be paid out instantly through Instant Payouts.
If the customer issues a chargeback, who ultimately owns the liability? The person corresponding to the managed account, or the owner of the marketplace that manages the accounts?
Will the owner of the marketplace be held responsible for the requirements like maintaining a low chargeback percentage, or is that requirement passed on to the managed account (which could be closed if that becomes an issue)?
Re: Instant Payouts for Marketplaces
#7This looked exciting at first, but I hadn't heard about "managed accounts" and they (understandably) shift the work to the platform/API user: Handling information requests: instead of requesting it directly from the account holder, Stripe will request information, such as a social security number or passport scan, from you. You must collect this information from the user and provide it to Stripe, otherwise Stripe may…
@caseyf This is Neal from goPanache. Couple of points about Stripe and Managed Accounts.
1) it didn’t take all that much work to integrate/support instant payouts
2) of course we at goPanache would rather work directly with our clients to collect barber and stylists info, since the whole point is that Stripe is behind the scenes/invisible to our Barbers and Beauty Professionals.
3. Our Clients- The Barbers and Hairstylist love getting paid same day and even on the weekends.
Re: Instant Payouts for Marketplaces
#8This looked exciting at first, but I hadn't heard about "managed accounts" and they (understandably) shift the work to the platform/API user: Handling information requests: instead of requesting it directly from the account holder, Stripe will request information, such as a social security number or passport scan, from you. You must collect this information from the user and provide it to Stripe, otherwise Stripe may…
Yup, we saw a lot of platforms looking for a completely customized experience, so we built managed accounts as a way for them to have complete control over the UX. We're currently working on possible middlegrounds, where we can give platforms plenty of control over the experience, while Stripe can help with the burden of onboarding, KYC, and information collection. Stay tuned for more in that area in the coming months!
Re: Instant Payouts for Marketplaces
#9> Instant Payouts cost 1.5% of the payout amount, with a minimum fee of 50¢.
This is the killer for us and, I'm guessing, many other marketplaces without a Lyft-sized (20%) rake.
Our current solution for marketplace payouts charges one quarter per payout. The funds are direct deposited in the user's account the next business day. Maybe we have a sweet deal, but to go from this to 1.5%, in addition to Stripe's other (higher than average) fees, is hard to justify. (Which is unfortunate, we'd love to use their great libraries!)
Re: Instant Payouts for Marketplaces
#10 I've no idea what they mean by "marketplace"