Payments · Electronic Payments

Expereince with Payment Systems?

Edward

July 6th, 2015

Hey all, I turn to your collective wisdom again.

Was hoping anyone with experience with payment systems could weigh in on this debate.

I am starting an equipment rental site and want to move from my current cash-in-hand model to using an online payment system.

Ideally it would be something that is simple, user friendly and pretty ubiquitous.

The functionality I would need is to take a payment, take out the commission, send the balance to the owner of the equipment.

Any ideas or advice would be most gratefully received,

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Karen Leventhal

July 6th, 2015

Stripe should absolutely allow you take a commission. Check out Stripe Connect for marketplaces. 

Karel Leeflang MD StrategyPod and Co-founder SoAmpli

July 6th, 2015

Mark,

we use Stripe, mainly because it's easy, very developer friendly, keeps the confidential payor details with Stripe (less risk of exposure) and if in the future you would like to change provider they give you access to all your customer date (unlike paypal).

Good luck, kl

Kyle Hodgson Market Technical Principal

July 6th, 2015

Are these recurring payments?

I'm thinking that most payment services aren't going to provide the logic for either the commissions bit or the forwarding the balance part. 

When you're forwarding balances, is that going to people? Businesses? Where in the world... US? Canada? Further abroad? 

You'll also want to think about charge backs; if that does happen do you need to "unforward" the balance from the people you sent it too? 

Stripe is pretty easy to get going with. Braintree, now owned by PayPal, is supposed to be also pretty good.

Robert Tolmach Entrepreneur and Social Entrepreneur

July 6th, 2015

I *think* that PayPal has a service that splits incoming money between two accounts, such as commission to you and balance to the other party. Let us all know what you learn. Good luck!

Tim Scott

July 6th, 2015

Stripe Connect is what you want.

Brenton Webster

July 6th, 2015

+1 for Stripe. It can do exactly what you're asking for. Take a look at Stripe Connect (https://stripe.com/connect). The "Application Fee" concept is how you'll take a commission (https://stripe.com/docs/connect/payments-fees#collecting-fees).

Marc Rowen

July 6th, 2015

What you're describing is typically referred to as a marketplace by Stripe, Braintree, etc. Stripe Connect will do what you want, as others have mentioned. Braintree will as well, and you won't go wrong with either of them. We decided to use Stripe because it allows you to set up recurring marketplace payments. Braintree doesn't (well, didn't when we evaluated) support recurring payments in its marketplace offering, although it does support it in its core product.

Vineet Mathur Head of Payments at Indiegogo

July 6th, 2015

+1 for Stripe Connect. We are a marketplace and pretty much do what you are asking for i.e., collect payments, keep our commission and send out the rest to the fundraiser using Stripe's easy to use APIs.

Kyle Hodgson Market Technical Principal

July 6th, 2015

Ah, cool - looks like this is now a commonly supported feature. Happy to be wrong! It's been a few years since I was focused on the payment space.

Edward

July 6th, 2015

Thanks everyone. Very generous and helpful advice as per usual.

I will keep you all updated.