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Expereince with Payment Systems?

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,

12 Replies

Karel Leeflang
1
0
Karel Leeflang Advisor
MD StrategyPod and Co-founder SoAmpli
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
0
0
Kyle Hodgson Entrepreneur
Market Technical Principal
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.
Karen Leventhal
2
0
Karen Leventhal Entrepreneur
Founder & CEO at SE Rising
Stripe should absolutely allow you take a commission. Check out Stripe Connect for marketplaces.
Robert Tolmach
0
0
Robert Tolmach Entrepreneur
Entrepreneur and Social Entrepreneur
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
0
0
Tim Scott Entrepreneur • Advisor
President, Lunaverse Software
Stripe Connect is what you want.
Brenton Webster
0
0
Brenton Webster Entrepreneur
CEO & Founder at FastBar Technologies Inc
+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
0
0
Marc Rowen Advisor
Founder & CEO at SquadFusion
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
0
0
Vineet Mathur Advisor
Head of Payments at Indiegogo
+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
0
0
Kyle Hodgson Entrepreneur
Market Technical Principal
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.
Mark O'Neill
0
0
Mark O'Neill Entrepreneur
.

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

I will keep you all updated.



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