Processing my clients' customers' payments?
Hey, IH. My product is an invoice generator. At some point down the line, I'd like for my clients to be able to send an invoice that includes a link for payment. This... is new territory for me.
Can anybody recommend a service or methodology for processing this responsibly? I know the answer is out there somewhere, but an educated nudge in the right direction would save me a lot of frustration.
Thanks!
#ask-ih
There are a few providers of such functionality.
Stripe Connect
Braintree Marketplace
PayPal Commerce
BlueSnap
The most important thing is that you want your customer to be the “Merchant of Record” for the transaction. That way they will be responsible for all the paperwork.
The simplest to use that I know works is Stripe Connect, but depending on your market you may want to use some other solution.
Also... you don’t need a specialized payment solution for marketplaces. If they provide their payment provider API keys to your app you can use them to process payments.
Great. Thanks for all the info. This helps me tremendously.
Cheers! :)
StripeConnect Standalone accounts, which I believe they call "Standard accounts" now (https://stripe.com/docs/connect/standard-accounts). That is most likely the best solution.
In such a setup Stripe deals with 1099-X (in the US) and other regulations in EU, etc. since your customers have a direct relationship with Stripe and they only delegate part of the management of their account to you.
What you don't want is money flowing through SendThatInvoice otherwise you might be liable to generate all the required documents.
Thanks for the tip! You are 100% correct... I do not want to be facilitating the transactions between my clients and their customers.
Thanks again!