#safi_21590
topaz cedarBOT
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- safi-create-tokens, 2 days ago, 7 messages
swift quartz
hello! Are you asking what connected account type - Express/Custom/Standard you should be using?
prime rain
correct, what type of connected account?
swift quartz
you need to use either Express or Custom for cross border payouts : https://stripe.com/docs/connect/cross-border-payouts#restrictions-and-requirements. You can see a quick comparison of Express and Custom accounts here : https://stripe.com/docs/connect/accounts#choosing-approach
sorry, just taking a step back, did you mean cross border payouts? Or you meant crossborder payments? Can you illustrate your payment flow with an example?
prime rain
here is the payment flow: Let's say Sender is sending $100US in South Africa. I have an API that will handle the currency exchange( not stripe currency exchange), recipient will receive the money in local currency via mobile money like MTN. which connected account i should create in order for my platform to charge the sender debit/credit card the $100US and send the equivalent in local currency after conversion to the recipient?
PS: there will be payment split as well, i will charge the sender some fees. I hope this make sense.
swift quartz
is your business model something like a money transmitter / currency exchange?
swift quartz
have you reached out to Stripe Support to check if we can support your business before you proceed any further? In case you haven't seen this : https://stripe.com/legal/restricted-businesses - you would want to check the section under Financial products and services
prime rain
it's not prohibited, the model is like paypal, wise.
swift quartz
Our document states Money transmitters, currency exchange services and other money services businesses in that list
I'd strongly recommend getting confirmation that we can support your business first
prime rain
do you have a doc that explain those services? i guess it's under money transmitters.because it's from US to other countries.
swift quartz
You'll need to reach out to Stripe Support about this : https://support.stripe.com/contact, they'll be able to better advise you on such questions. We mainly help with developers who want to integrate directly with the Stripe API here on this channel
prime rain
sounds good. i wanted to use stripe api to charge the sender for the payment
you were correct, it's not supported.
swift quartz
at least it was clarified before you put in a whole bunch of effort into this 😅