#bito-connect-fees
golden stirrup
HI 👋
This sounds like a Connect situation, based on the need to transfer funds to a service provider. Connect is a large system with a lot of configuration so I would strongly recoomend you review our docs on how Connect works.
I do think this approach will work for you
leaden grotto
yeah I've been looking at the docs and pretty much I know that when the user buys a credit it would be a simple checkout session and then he gets it, and when he claims it, it would be a simple transfer to a connected service provider (wich I already implemented).
but when you say you think this approach will work for me, are you talking about having some cash sitting around?
golden stirrup
That part doesn't make any sense to me.
By "cash sitting around" I guess you mean having the funds in your Stripe Account balance.
leaden grotto
yes correct
golden stirrup
I think you would want to use the Separate Charge & transfers funds flow https://stripe.com/docs/connect/separate-charges-and-transfers
THen you can accept funds and transfer funds independently but link them together so you have traceability
leaden grotto
but even so, that entails having a balance right?
golden stirrup
Yes, you need to keep the balance in Stripe to fund the transfers
leaden grotto
can I connect a credit card to cover my balance at all times?
meaning if my balance ever goes to zero and I need to make a transfer, stripe charges my credit card
golden stirrup
You would transfer funds from the bank account you have connected with your Stripe account to cover those
leaden grotto
oh that is not ideal, haha. end of the day that means I'll have to pay the cost of carrying money on my balance.
golden stirrup
I'll have to pay the cost of carrying money on my balance.
I am not sure what you are referring to but most platforms retain a balance in their Stripe account to cover expenses. This is a normal way of handling this type of integration
leaden grotto
I mean the cost of money, not any fee stripe covers, since my business is from a high interest rate location, not "investing" the money as soon as possible but rather keeping it just sitting means the longer it sits the more money I lose due to opportunity cost
but it's ok I'll just sort of have to bake that into the equation when considering the margins and stuff, just a bit of a bummer it has to work this way necessarily
surreal geyserBOT
feral gyro
bito-connect-fees
leaden grotto
but hey, you guys at stripe do great work, its a great product, you can close this topic, cheers.