I am new to payment services. I am currently using Stripe as my payment gateway to process buyer payment to my business bank account. I would then need to payout the seller from my business bank account using either ACH, wire transfer, or mailed check.<p>All of these payouts require human input to enter the amount and whom I make it to manually. So it's not efficient if my startup takes off. So as I explained it to the bankers what my startup is and what I intend to do, they told me that it's not possible to do this automatically with my software accessing the bank backend API.<p>What they told me instead is that use a Quicken or Quickbooks?<p>I am curious that either I explain it wrong or the bankers have no clue what I am talking about. Or really there is no way to do this?<p>Maybe there is a banking term that I am not aware of.<p>What do I need to do?<p>Thank you for the advise.
Hi there -- I work at Stripe.<p>First, "aggregation" (something many of the other commenters have brought up) is a pretty fuzzy term. A lot of it depends on customer expectations -- whether they expect to be paying you (and not the seller), whether you're handling customer support, refunds, disputes, and so on. I wouldn't immediately assume that you're in violation of our ToS if you're a marketplace; many that use Stripe (Lyft, Exec, Postmates) are not.<p>Second, we actually have an API feature that allows you to programmatically transfer funds via ACH to a bank account almost exactly for this use case -- it's in private beta right now. I'd be happy to give you access (and help figure out whether you're actually violating our ToS) if you want to drop me an email (amber@stripe.com).
Hey! I'm a co-founder of Balanced, a payments API that allows for just this type of functionality. We support next-day ACH deposits to bank accounts within the US for 25¢ a transaction.<p>Here's a sample CURL command (copy/paste to your terminal to test it out):<p><pre><code> curl https://api.balancedpayments.com/v1/credits \
-u da3da6de7c9311e288c9026ba7f8ec28: \
-d "amount=10000" \
-d "bank_account[routing_number]=121000358" \
-d "bank_account[type]=checking" \
-d "bank_account[name]=Johann Bernoulli" \
-d "bank_account[account_number]=9900000001"
</code></pre>
Learn more: <a href="https://www.balancedpayments.com/#payouts" rel="nofollow">https://www.balancedpayments.com/#payouts</a>
Short answer: yes, but it'll cost you, figure out a better way.<p>First thing to know is, if you're talking to banks you're sort of talking to the wrong people. You need to be talking to Banking Host providers, or Core Banking System providers (they go by a few names). These are the companies that actually provide the back-end for the banks. So if you're talking to bankers, they won't have any clue because that's not something they do.<p>Second, read up on ISO 8583 - that's a common API that's used. You may need to implement it, although there are a few open versions around.<p>Third, it's going to cost you lots of time and money. If you're solo or small, figure out someone who has already done the hard work and pay them for this.
Look at BrainTree and Balanced Payments. We use BrainTree at <a href="http://nextproof.com" rel="nofollow">http://nextproof.com</a> to process payments and then ACH funds to our customers a few days later. It works great but you will need to contact them.<p>Also, be aware you are likely violating Stripe's terms of service (see section 12). You are doing what is called 3rd party payment aggregation. It has higher risks and usually requires special permission. Stripe would probably prefer you use Stripe Connect so payments go to your users' accounts (but you can still levy a fee so it may fit your needs).
Are you running some kind of marketplace matching buyers/sellers ? - if so you're probably breeching Stripe's Terms and Conditions. Because such solutions can essentially be used for money laundering, etc. and are high risk fraud targets you typically need to abide by various compliance standards and be insured for the additional risk.<p>One option would be to use a dedicated solution such as Paypal X or Balanced Payments, or alternatively make a custom agreement with a merchant account provider.
You can link your bank account with Venmo, and then use Venmo Payouts: <a href="https://venmo.com/payouts" rel="nofollow">https://venmo.com/payouts</a>