#kargoe-connect-help
small nexus
flint nest
@shrewd bison I don't follow the flow of funds you described unfortunately. What's an "end-client"? What's different from your normal set up? I don't really get the context
shrewd bison
It's not different from our normal set up. The only difference is that we currently reconcile all the payouts and disburse them to our 'end-clients' on their requested billing cycle. This is obviously a manual process and to be honest, a bit of a hassle. Is it possible to take in their bank information and then do the transaction (per usual) but instead of the funds ending up in our bank account, they could be sent directly to our end clients? I don't want to go into high detail on a public forum but here is our account ID: acct_1FDC8BEbv9aB89KE
flint nest
@shrewd bison Just to get things straight: You have customers that are businesses, you accept payments on their behalf, you get all the money in your own bank account and later pay them out on your own with your bank.
Is that correct? Because usually that requires following compliance rules around the flow of funds and is not something we usually let businesses do
Instead you are supposed to use our Stripe Connect product: https://stripe.com/connect
shrewd bison
Well, we had no other way of doing this. How else do business' do this? My hope, if I'm understanding correctly, is that we can set up clients to receive their funds directly from Stripe while charging the customers. The money gets paid to our company, as merchant of record, and then each client receives their appropriate funds directly (we don't have to employ all the bookkeeping/accounting to pay them).
My question, is using Stripe connect (think similar to the Lyft/Uber model) does that require our clients to also sign up for Stripe? Again, we're merchant of record.
flint nest
Well, we had no other way of doing this. How else do business' do this?
That doesn't mean it's allowed or legal though. And Stripe Connect has existed since 2012
Overall what you describe seems to map to Stripe Connect. I would highly encourage you to work with our support team to discuss your overall business model, your flow of funds, how you are or aren't already compliant/regulated, etc. They will be better equipped to help: https://support.stripe.com/contact
My question, is using Stripe connect (think similar to the Lyft/Uber model) does that require our clients to also sign up for Stripe? Again, we're merchant of record.
We support multiple models, including a fully whitelabeled product where you collect all the information on their behalf and we're invisible
kargoe-connect-help
shrewd bison
Ok... that might be what we're looking for. Again, if THEY want to be MoR then obviously they would need a Stripe account. But, I'll look into this further as it might be a great change to our model. Thanks for this.
flint nest
Sure thing, I hope our support team can guide you further!