#pinho - transfer

1 messages · Page 1 of 1 (latest)

patent steeple
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Hi 👋

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Not presently, we would only support transferring money from a Stripe account to the external bank account associated with that Stripe account

last fossil
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Damn. Do you happen to know a solution that does that? I need it for Portugal. Paypal also doesn't allow.

patent steeple
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No I'm not familiar with any solution that sends funds, just receives.

last fossil
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Thanks, but there's got to be a solution, otherwise, how would Booking.com or AirBNB.com work? They need to transfer daily to thousands of customers, minus their rate fee

patent steeple
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Ah no, in that case the "hosts" have their own accounts. And those accounts have account balances that can be transferred to/from.

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So, let's imagine you are creating you own version of AriBnB. Your Stripe Account would be a platform and the customers interact with you. Each of your "hosts" would have their own Stripe account connected to your Platform

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Each of them would register a bank account with their Stripe Account so they could be paid out

last fossil
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🤔

patent steeple
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You would collect funds from the customer, and then transfer funds to your Connect Accounts. They would get paid out either automatically on a schedule or you could trigger it manually

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There are A LOT of options here and it's not very simple

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So, if you think that is getting closer to what you are looking for, I would recommend reading the docs we have on Connect setups very closely

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And if you have questions about specific situations related to Connect we can answer things like that here.

last fossil
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I don't think that is what Booking.com does. I have a friend who owns some properties and publish on booking.com. When the costumer books their property, after 2 days or something, they receive in their BANK Account the money, minus the fees. My friend didn't signup to any platform, except for Booking.

Are you telling me that Booking assigns, in background and when the user signs up, the user in some platform like Stripe?

patent steeple
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Well many platform accounts build the sign up process (signing up for Stripe accounts) into their own onboarding. Their users might not even know its Stripe processing their payments/transfers. However I cannot speak directly to how Booking.com manages funds.

last fossil
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And does Stripe allows, through API, to pay to the bank account related with the Stripe Account? If so, that would solve the problem.

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But I thought the signup process in Stripe would require some legal information (documents, PDF's or something) about the IBAN number (?)

patent steeple
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Yes, that is called a Payout and you can trigger them for your Connect Accounts through the API

last fossil
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But won't Stripe notifiy the user about the account creation? 😅

patent steeple
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But I thought the signup process in Stripe would require some legal information (documents, PDF's or something) about the IBAN number (?)
That depends on how the account is configured and is one of the parts that I recommend you review

last fossil
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(being done in background, without him knowing)

patent steeple
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But won't Stripe notifiy the user about the account creation? 😅
This again depends on how you create the account

last fossil
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Hmm, ok, seems fair. This could solve my problem to be honest !!!

patent steeple
last fossil
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A Custom Stripe account is almost completely invisible to the account holder. You, the platform, are responsible for all interactions with your users and for collecting all the information needed to verify the account
This makes sense!

patent steeple
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But, like I said, I think you should review all the available options. There are trade-offs with each setup and it may turn out that it makes more sense for your whole business model to take a different approach.

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From what you describe though, it sounds like Custom accounts is the closest thing we've got

last fossil
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And it's probably something like that that Booking.com uses, unless they have inside knowledge with their Bank accounts, etc.

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Ok, seems like a good approach. Thanks!

patent steeple
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Sure thing, I'm happy we could find something that might work for you 🙂