I’m looking for an alternative to Stripe for handling payouts. Any recommendations?
Here’s why:
With Stripe, funds must first reach the creditor Stripe account and only become eligible for payout when marked as ‘available’ by Stripe. This should be quick, but delays sometimes can happen unpredictably.
I’ll still use Stripe for incoming payments, but for payouts, I’d like a simpler process: when a user requests a payout, they provide their bank details, and funds are transferred directly from my bank account to theirs. No intermediary account setup needed (instead, Stripe requires users requesting a payout to create a Stripe account, from which the funds are then transferred to their bank account).
I’ve noticed some European marketplaces use Mangopay for this. Has anyone tried it?
How do they make the payout work? how much do they charge for incoming payments and for payouts? did you connect their API manually through API connector or you used a plugin from the plugin store?
Our clients payments come in via Stripe, and then Stripe instantly pays that money through to Wise. From wise we are currently doing payouts manually (it’s a couple of clicks and can be done in seconds). but eventually will use their API to do the payouts automatically. It does still require users to initially set up a wise account though, similar to paypal I guess. So probably not best for your exact use case. Good luck
Based on what you say, Wise sounds to be working cool but you’re right…if the user would need to create a Wise account to get the payout it’s just the same of creating a Stripe account. I’m trying to avoid the user being required to create an account on whatever platform to get their money…I’d like them to just provide their bank account details to get their payout.
Thank you! how does it work? have you tried it? should the user create a mollie account to get the payout or it can be sent straight to their bank account once the user provides the bank account details?
Hello! I would be able to set you up with PayPal partners and get you evaluated and approved. It’s a process, but I can build the API for your application, help you get approved by PayPal, and set you up with a merchant/vendor system that is efficient. Though I would recommend Stripe as it’s a bit more seamless in terms of validating your application, but PayPal works well as well.
@mac2 can tell you a little more about what I can do for you and the process involved if he has the time.
Thank you! I know Stripe can be easier in the whole process for me, but it requires the user to create a Stripe account to get their funds arrive to their bank account. That’s what I wanna avoid, I need to make the process as short as possible.
According to what I’m looking for, the user should enter their bank details and be able to get their funds without having to create any “intermediate” on any platform. Like it happens on some mobile apps.
Would it be like this with the Paypal solution you can help to build?
But there’s no plugin for the ones above yet or documentation on the forum from somebody that did that before.
Do you have any other useful information or feedback from people for that?
