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What is the best way to collect payments from people online?

Hi everybody,

I'm working on an idea that would require people to send payments which we would later distribute (think of it like LeagueSafe or an online wedding registry).

Does anyone have any thoughts on the best method to collect and distribute funds? One important caveat, is that we're thinking about taking a percentage of the transaction as a way to monetize so I'm not sure if just simply using Paypal would work (since I believe they also take a cut of transactions).

Any help would be greatly appreciated!

16 Replies

Justin P. Williams
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Justin P. Williams Entrepreneur
Digital Marketer and Data Analyst
So any merchant account which allows you to charge cards is going to take a percentage. Basically what you're looking for is a merchant account.
Greg Frank
1
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Greg Frank Entrepreneur
Director of Product Management at 4Finance
I'd be interested in seeing some of the replies you get as I have an idea that would treat payments the same was - I collect and the distribute them.

Have a look at Balanced- they would be a great option except that I'm currently in Canada and they don't support Canadian payments at this time.

Greg
Jesal Gadhia
3
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Jesal Gadhia Entrepreneur
Full-Stack Developer
I would suggest looking athttps://www.balancedpayments.com/
Zvi Epner
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Zvi Epner Entrepreneur
Fourtein.com
I've used stripe.com and found it to be very developer friendly
Gaurav Sharma
1
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Gaurav Sharma Entrepreneur • Advisor
Startupper
balancedpayments.com -- Gaurav Sharma rightbuy.com (650) 450-9301
Cynthia Schames
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0
Cynthia Schames Entrepreneur
Founder & CEO, AbbeyPost
Read up on Paypal Chained payments--it allows you to take a percentage and then distribute the remainder to a number of secondary receivers. This may work for what you're trying to do. It's part of their Adaptive payments solution. Just be warned, it's fairly complicated to set up even though there are APIs. As for Paypal taking a percentage: so does any payment processor, including a regular merchant account. Hope this helps! Cynthia
Jason Crawford
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Jason Crawford Entrepreneur
Co-Founder & CEO at Fieldbook
Stripe is popular. If that doesn't have the APIs you want, check out Amazon payments ("Flexible Payment System") - it is indeed quite flexible and is used by Kickstarter for their unusual requirements (authorize/hold now, charge or void later depending on success of the fundraising).
Joseph Hsieh
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Joseph Hsieh Entrepreneur • Advisor
Growth Marketing & User Acquisition Specialist
Take a look at balanced. I think they support the use case you are talking about. https://www.balancedpayments.com Joseph Hsieh www.twitter.com/webjoe
Kris Braun
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0
Kris Braun Entrepreneur
Co-founder of KidsWifi
Greg (and any other canucks), we're based in Canada and are getting ready to trial Stripe for this kind of payment setup. While Balanced (US only) does look a little cleaner, Stripe Connect (US+Canada) appears to have all the necessary functionality. Would be happy to compare notes and share tips with others doing group payments, particularly in Canada.
CJ Barker
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CJ Barker Entrepreneur
Director, Solutions Architecture at The Walt Disney Company
Another popular competitor to stripe for online & mobile payments is Braintree. Personally, I haven't investigated them, but you might want to check it out. https://www.braintreepayments.com/
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