#tylerr04
jaunty marshBOT
frank warren
To enable payout feature, i.e. sending money, onboarding process including collection of personal information is required. It doesn’t matter which connected type is chosen
rancid ridge
What kind of personal information exactly?
frank warren
Here are the list of requirements to be collected for verifications: https://stripe.com/docs/connect/required-verification-information
rancid ridge
Okay gotcha, individuals will require SSN. So then if standard and express account means they will still have to use their SSN, why would I not choose standard?
Like if the "sellers" on the app, aka the ones who have to withdraw the money, have to type in their SSN, then why wouldn't I just use standard account
frank warren
Connected account type should be chosen based on your business requirements such as dispute liability, dashboard access… etc, but not the onboarding process. Here’s the differences between the account types: https://stripe.com/docs/connect/accounts
rancid ridge
Gotcha, so then the buyers and sellers for ONBOARDING purposes, will have the exact same process? Still require the same information:
Is that true?
frank warren
Only the connected account holder (who receive the payout) is required to complete the onboarding process
Customer who makes the payment doesn’t need to complete the onboarding the process
rancid ridge
Okay gotcha. Is the onboarding process the same for sellers, whether it be STANDARD or EXPRESS account?
if know that, I'm set.
frank warren
They should be about the same! I’d recommend using the doc here https://stripe.com/docs/connect/required-verification-information to find out the requirements for each connected account type to be completed
rancid ridge
Thank you. how long does money take to transfer from buyer to seller on standard?
frank warren
This channel is for technical integration questions. For payout queries, our Support will be able to help: https://support.stripe.com/contact
rancid ridge
Okay gotcha, last question for technical.
Are you able to facilitate peer-to-peer payments with standard account? And then others can do peer-to-peer?
frank warren
What is your business model like? Can you illustrate in an example?
rancid ridge
Yes would love to.
At this university, meal plan dollars get returned to the college at end of year and you don’t get money back. Some people end up with $500 worth by the end, while others have to buy more midway through. This app will connect those people and allow those with dining dollars to purchase a meal to those who are out of dining dollars for half the price, in USD. Hence, we need to be able to facilitate one user paying a certain amount (decided by user typing in amount) in USD to the other user.
We will take a 15% cut of each time the buyer sends money.
Does that make sense?
frank warren
Stripe doesn't support peer-to-peer payments directly, i.e. from one connected account to another. If your app as a platform manages the sellers as connected accounts, then it's possible to transfer from connected account A to platform, then to connected account B with destination charge on Express / Custom connected accounts
rancid ridge
Does that mean sellers would have to set up connected accounts? That is a difficult and time consuming process?
frank warren
Yes! Whoever receive the payout should have a connected account
rancid ridge
Gotcha, and that requires full SSN?
And all that information?
More than just this:
?
frank warren
Full SSN might be required if the last 4 SSN verification failed
And yes, these requirements will be collected
rancid ridge
But are those all?
frank warren
Stripe might collect more information if there is any regulatory changes
Otherwise, only these will be collected
rancid ridge
Okay
And those sellers would just require (name exactly) a standard strip connect account?
nothing more?
Like I want to do a trial run to see how arduous it is to set that up - what account exactly woud it be?
frank warren
If you're only simply going to charge the customer's payment, i.e. from a payment method like card for the connected account, Standard account with Direct Charges can be used.
- Standard account integration: https://stripe.com/docs/connect/standard-accounts
- Direct Charges: https://stripe.com/docs/connect/direct-charges
If you're going to transfer balance from one connected account to another, Express account with Destination Charges should be used.
- Express account integration: https://stripe.com/docs/connect/express-accounts
- Destination Charges: https://stripe.com/docs/connect/destination-charges
- Debit from a connected account to platform: https://stripe.com/docs/connect/account-debits
You can follow above guides to try it out in test mode
rancid ridge
Well yes the goal here is peer to peer transfer. So that means:
The seller will have to setup a stnadard account with direct charge.
I, the app, will have to setup an expres account with destination charges?
or is there more to it?
frank warren
Who will be the merchant of record on the bank statement of the charge?
You should only choose one connected account type in your integration
rancid ridge
Who will be the merchant of record on the bank statement of the charge?
Well, there is a person sending money, and then a person receiving money. I'm not sure who should be on the bank statement.