#dnegrisolli-connect

1 messages · Page 1 of 1 (latest)

prime wind
#

Hi there!

#

Give me one moment!

#

Okay putting your follow ups in this thread

# 
Can you explain better "Using Connected accounts with recipient agreement"? When you onboard accounts, you can set one of two agreements : Full or Recipient.
In other words, our full terms of service contract, or a light version of it.

You cannot create transfers from your platform to a connected account that's in a different country. But if said account has a recipient agreement, you can.
---- We can´t understand how to setup it in a way that I can do this. In our agreement for the marketplace I did a topic that the money of the shop may be transact in another country.,```
#

And, give me a moment to read all of this 🙂

tawny sand
#

thanks!

#

Sorry, I don´t know to open in the same place

prime wind
#

Okay before I speak to any of the above let's back up a bit.

#

Can you explain exactly how you want the flow of funds to look between your platform and your Connected Accounts?

tawny sand
#

First of all: I want to create a charge in the marketplace, collect the funds of the charges, in the backend get the fees for the platform (stripe + Stories App) and transfer the given amounts to the Connected accounts in their local currency.

#

But there is so many ways to make it, we are super confused. I prefer that you can guide us thinking about this scenary

prime wind
#

Yep happy to help.

#

Is the charge and seller a 1 to 1 relationship

#

So, like when a customer makes a payment it is going to only be associated with one Connected Account?

#

Or are you trying to split this payment among multiple Connected Accounts?

tawny sand
prime wind
#

Ah okay

#

And where is your platform based and where will your Connected Accounts be based?

tawny sand
prime wind
#

So all Connected Accounts will be in the same country as the platform?

tawny sand
prime wind
#

Okay so you will need a cross border flow

tawny sand
#

US = cross border flow
Brazil = may be only to Brazil

prime wind
#

Gotcha

#

Okay let's start with your US platform

#

You will want to onboard Connected accounts which have the recipient ToS agreement and just the transfers capability. For US-based Connected Accounts they won't have recipient agreement since that is impossible but the full ToS works fine in this case since not cross border.

tawny sand
#

In this case, the seller (Connect Account Owner) wil receive in USD or in the local currency?

prime wind
#

They will always receive in their settlement currency (local currency)

#

So the funds will be FX'd upon transfer

tawny sand
#

Pardon, FX'd?

prime wind
#

Foreign Exchange

#

The funds will be converted

tawny sand
#

Can you explain better the backend procedure to @cinder terrace ? He had some trouble doing the tests because the currency problem of the platforms/connected accounts

prime wind
#

Sure, which integration flow do you plan on using? Stripe Checkout? Payment Element? Card Element?

#

Have you decided on that?

tawny sand
#

Payment element

prime wind
#

Then, after the payment has been completed you would create the transfers to your Connected Accounts

cinder terrace
#

got it, important to note that the currency of the paymentIntent is the same currency of the connected account but different from the balance currency of the standard account (USD)

prime wind
#

You won't want to create the PaymentIntent in the local currency of the Connected Account because then it will FX to your settlement currency of your platform

#

Then it will FX again when you transfer

#

So you will always want to present in the currency of your platform in order to avoid the double FX

tawny sand
#

Odd. @cinder terrace may do all the transactions in USD, but how we can manage the floating?!

cinder terrace
#

so my standard account have be in the same currency as paymentIntent currency?
so how can i charge in multiple currencies? i mean, in the "Separated charges and transfers" flow?

prime wind
#

If you want to be able to transfer cross border from your US platform to multiple Connected Accounts then the funds have to settle on your platform first. Since your platform is US-based, that means the settlement currency will be USD (other currencies aren't supported). This means if you create a PaymentIntent in EUR (to later transfer to a French Account for instance), those funds will be converted to USD upon payment (since they settle in your US platform), then they would be converted back to EUR when you transfer later on (since the settlement currency of the French Connected Account is EUR).

#

This means you don't want to charge in EUR to begin with here, otherwise you will experience double-FX

tawny sand
#

😵‍💫 i have mixed feelings now. I can´t understand how we sell 100 EUR, and in the backend we shall see the floating in the moment of the buy and charge the person XX USD. Is that?!

prime wind
#

Yes currently you would have to handle these calculations yourself. However, we are working on a feature to handle this for you — that said I don't have a timeline for when that will be launched.

tawny sand
#

Well, this is super crazy. I though it was integrated...

#

Ok. We understand what we need to do. Let´s see the next doubts

prime wind
#

Can you re-state the outstanding questions?

tawny sand
#

I told to @cinder terrace that I´ll setup another account for Stripe in Brazil and BRL. In this way I can have both and my worries about taxes can be easier at least in Brazil (our hometown).
Is that a way to handle better more than 1 account from Stripe? It´s always separated or can I make US and Brazil together, using the same Stripe ID?

reef arrow
#

Hi there 👋 taking over for @prime wind

You would need 2 separate legal entities, which means you would want to have 2 separate Stripe accounts.

tawny sand
#

I just need to change in the backend the Stripe ID, right?

#

to routing the account depending the location

reef arrow
#

I'm not sure what you mean. You would have to change the API keys being used, depending on which location you want the account to be created at.

tawny sand
#

uhmmmmm ok

#

Thank you all for the help"