Manage Payments with Stripe Connect
Many individuals and companies have great ideas when it comes to building and implementing new software applications and mobile apps. Of course, many require some type of payment mechanism between a buyer and seller. It is certainly possible for any in-house developer to create a financial transaction system, but why should they?
Although there is certainly some variety in payment types and the way in which transactions are handled and processed, payment processing is somewhat fixed in nature. Many companies prefer to use their in-house development staff for more creative or industry-specific work. Integrating your company websites and apps with a payment product like Stripe's new service, Connect, allows your developers to focus on the type of development they do best.
According to Stripe's website, "In general, if you're building a platform or marketplace that needs to pay third-parties or building applications that help Stripe users do more with their account or their data, Connect is likely the right solution for you." Connect supports multi-party payments and can help with tax reporting, identity verification and more. Your project remains in control, including the timing of the payment transfers. Stripe operates in 25 countries and counting, so you can create relationships with sellers all over the world.
Developers of Square use Connect to allow small on-line businesses to process payments easily and securely. Kickstarter also uses Connect to support their crowdfunding campaigns all over the world. Other companies using Connect are Lyft, DoorDash, Shopify, Instacart and Postmates.
For more information on how to integrate Connect's APIs into your marketplace projects, please contact us.