We are managing ticketing platform, it's a market place where buyers and sellers interact via our platform. Seller creates event and sells ticket, customer buys ticket (guest & registered) via credit card.
So, initially we have four actors involve in each transaction, they are stripe (payment processor), platform owner, seller & buyer. But, amount splits amongs three actors stripe (payment processor), platform owner & seller.
Ticket Price: 15$ - Seller
Payment processing fee (Stripe): 0.735 (2.9% of principal + 30¢) - Stripe
Application fee: 0.99¢ (fixed) - Platform Owner
Accumulated amount charge from customer will be sum of this, which is $ 16.725 .
We are using stripe connect and it's working fine, using simple charge API. But, now new actor involve in this transaction process, which we wanted to accommodate & we are facing challenges. There is addition of "agency" in our platform who brings seller (event creator) in our platform. Now we wanted to divide split amongs four actors: Stripe, platform, agent & seller.
We research complete stripe documentation.
How we can handle splits among multiple actors using stripe connect. We are open to any other Market Place product as well (brain tree, paypal) but, we preferred Stripe.
Is there any straight forward way of handling this, or any proper workaround by which we can handle this.
Thanks in advance. I can share code if you wanted to but right now wanted to solve problem first on paper.
Q: I want to distribute payment made into multiple accounts (market place)
A: It sounds like what you're looking for is Connect. With Connect, Stripe makes it easy for platforms to transfer earnings to their users. You can find more information on Connect at the link below:
https://stripe.com/connect
https://stripe.com/docs/connect
Q: If above is possible how many accounts can this amount be distributed in? Is there any limitation
A: Unfortunately, for compliance reasons, we're not currently able to support the splitting of funds from a single charge among multiple connected accounts. As a platform using Connect, you'll want to ensure that there is still a one-to-one relationship between a charge and one of your connected accounts.
However, you can create multiple charges on a card—each corresponding to the respective connected account.
Q: can I receive payments in multiple accounts
bank-account-and-transfers#automatic-transfers
Q: Can I transfer funds from Stripe account to other accounts online
A: While it is technically possible to move funds from your Stripe account to another Stripe account, we recommend avoiding this method. For compliance reasons, the vast majority of money moving around must be directly linked to an incoming charge (either by having been created on the connected account or via use of the destination parameter). When you use one of these methods, the funds are never available to you: they will end up either being refunded, or being paid out to the account holder's bank account.
Q: From following options how many are supported on Stripe -- Visa, Mastercard, Amex, Discover, Apple Pay, Samsung Pay, PayPal, Amazon Pay, Bit Coin
A: The card/payment types that you can accept will depend on where you're located. You can see more information on this here:
which-cards-and-payment-types-can-i-accept-with-stripe
Related
I am starting a business and I would like to offer Paypal as a payment option, but for my business it is essential to be able to block an amount of money, just like a car rental or a hotel does on a credit card. Would it be possible to block an amount from my users PayPal account and release it or book it for good later?
My business is of course an online service, and I want to do this pragmatically in a Spring based application.
I think what you are looking for is Authorization and capture.
I haven't used that feature from Paypal, but have used it elsewhere. What you are looking for is usually called card authorization, preauthorization, or preauth.
Yes it's possible
PayPal's REST API offer 3 primary ways to ensure you paid for product/services that you give to your customers
sale. Makes an immediate payment so you get paid immediately
authorize. Authorizes a payment for capture later.(this is what you see in a car rental or hotel)
https://developer.paypal.com/docs/integration/direct/payments/authorize-and-capture-payments/
order. Creates an order. - which gives you the flexibility to
multiple to do multiple authorizations and captures (these are for
complex use cases such as when you buy a computer from Dell you would
be authorized for the desktop, monitor, keyboard at different points
of time based on availability and then the funds captured when they
are shipped)
I am building an application that has two types of users: owners and buyers.
When a user signs up for a payment subscription to the services offered on the website, the system checks to which owner those selected services belong to and should then make that subscription payment go to that owner. So basically, users have no idea that payments go to multiple people. As far as they are concerned, they are just selecting certain services on our website and signing up for a monthly recurring subscription payment. The system then decides where that subscription money should go.
So, how can I do this? What possible systems can I use? I have looked into two: PayPal and Stripe. I can see how I might be able to use them for this if I get really creative, however I just wanted to ask you guys to see if any one has experience in doing something like this and what is a good way to do this.
Thank you.
Here're description about PayPal Adaptive Payment, you need setup preapproval and Chained Payment .
In this scenario, you act as Primary Receiver. You can setup the payment that Primary Receiver keep certain percentage amount ($10 in in 2nd picture), or distribute all payment to multiple receivers (service providers). It's up to your business logic.
We are contemplating on using your services on the web app we are developing, We have following requirements.
Our's is a multisided services platform, an employer assigns a freelancer to do some job. Freelancer will create partial invoices until the full value of the job is realized. We sit as a middle man, and does the job of forwarding the invoice to employer and transfer the amount collected from the employer to the corresponding freelancer, after taking a cut.
1) We need to provide seamless integration on invoicing, The freelancer will use our web interface to create/send invoice. We will record the cost of the invoice in our database.
2) It is the employers prerogative, to decide when to respond on the invoice. Say, he responded after 10 days of receipt of the invoice. When the payment is made our website traps it and records it in the database.
3) When our web app come to know that a payment is made by the employer, we will transfer the amount (after taking a cut) to the freelancer.(adaptive payments).
I found out that chained payments is best suited for the scenario above.
What type of paypal account i need here to do the chained/adaptive payments? If it is Business or premier account , can i set up an account before legally registering a company for testing/sandbox environment? I am from India I see paypal registration form asking for the PAN number for company, which i don't currently have.
Thanks for your attention
Short anser: if you are not a business, use a premier account. That should be able to use all adaptive payments features including chained payments.
PayPal no longer distinguishes between personal and premier accounts (they used to carry different fee structures but that ended years ago), although some older features still may have blocks preventing access by personal accounts. Both types of accounts are expected to be owned by an individual. In contrast business accounts are expected to be owned by a business. Functionality should be essentially identical to a premier account except for details like personal vs corporate tax ID numbers & such.
Is it possible using PayPal or Stripe to split all incoming payments into two accounts? I read in Stripes documentation, about Stripe Connect and sending transfers - just not sure if it's what I need.
Me and another guy are partnering up to sell some products, we need a way for all of our incoming payments to be split 50/50. Is this possible at all? I'd really like to use Stripe but not against using PayPal.
Thanks!
With regards to Stripe, I did ask their support about this recently. It isn't possible to split the payments and have them transferred into two separate bank accounts using their dashboard although you can do it using their API.
This means you would have to write a script that you could either trigger manually or automatically. The script would split the available funds in your Stripe account into the required pieces and send them to the respective bank accounts.
I have not done it yet but this would be the way I would probably go about it.
Retrieve the available balance for my account from Stripe using the Balance section of their API. [Balance API Docs]
Once I had the available balance, I would split this into the required amounts i.e. 50/50 chunks in your case.
After I had split the amount to be transferred, I would fire off as many transfer requests as required using the Transfers section of Stripes API. So in your case, 2 requests would be sent, one to send 50% into your bank account and another to send the final 50% into your partners bank account. [Transfer API Docs]
Hope this helps!
I'm looking for a payment provider (or any other method) of taking payments with credit card details. Then immediately transfer the money to one of possibly hundreds of bank accounts (This has to be based on bank account number and sort code).
Does anyone know of a provider or other way of doing this?
This sounds like you want to integrate two technologies, a credit card processing service for bringing money in and then an ACH API for sending money out.
You can either look for two discreet services for doing this such as WePay and BancBox (cc and ACH respectively) or look at integrated services that provide both technologies such as Balanced (whom I work with).
Then depending on if you're taking the payments in directly on your site or not, you should be able to map from a card to a bank account and shoot the money out to the correct bank account via the ACH API once you've received the funds.
One thing to consider is that there is a 30 day window for disputes on credit cards, called a chargeback, and you could be liable for this and caught short if you've already sent the money on its way to the recipient.