Stripe connect api
Looking to set up chalet owners with a direct pay out option after taking my % off the booking through stripe. I see you guys have a new api the came out in dec. would that do what i want. I just want to collect my % of the booking and forward the rest to the owners with it going to my acct and then me sending it to them. Plus we have 25 % fee off booking to book and bal due 30 days prior to check in. Do Able ?
@craig-pinder - These are just my initial thoughts...
Are you talking about having your Stripe payout broken down into a 75/25 split with every payout? In my Stripe settings, the payouts all go into one account. I can't find an option to change that or specify multiple destinations. I'm not the tech support folks, but I'd have some INITIAL questions to think about until they respond.
- Assuming that technically you could break your deposits down, how would Stripe know which owner receives the payout? Do you have a separate stripe account for every chalet?
- Who covers the transaction fees?
- Are there any cleaning or other fees? How are those shared? Are those all part of your 25%?
- Do you ever need to withhold payment to an owner to cover your expenses?
- How do you handle refunds and chargebacks (heaven forbid, right?)
- Would that still give you the data you need for your 1099s at the end of the year?
- How would stripe know if a booking come from an owner booking vs. you, if it's still on platform?
Maybe this is just me, but I wouldn't want to automate my owner payouts - I'd always want the option to review and release them first.
An API is just a transmittal of select data from Point A to Point B. If you need to massage the data, interpret it, and take action, that has to be done with another step (like Zapier, a computer program, or human intervention).
You could try an API feed from MyVR into Zapier, and that might generate a spreadsheet for you, but you would still need to do the bank transfers manually. But I'm also not sure that the API feed from MyVR would easily transmit the data you need. Since reservations sometimes vary, your Zapier code would have to be very precise. At the moment that's tricky programming - I know because I'm struggling with it.
What is your current method of payout? What is the specific problem that you're trying to solve with this solution?
Are you referring to Stripe Connect, the payment platform primarily used by other SAAS platforms? I'm pretty sure MyVr uses Stripe Connect to process the charges of our guests. Doing it this way allows them to take a fee while allowing us full access to our own Stripe accounts and leaving us responsible for our own Stripe fees, refunds and chargebacks. It also allows us to be the merchant of record.
Although I'm sure it's technically possible, and I suppose you could create a new owner platform of some kind, I don't think the API will do what you were hoping. I agree with @Jenny-Oest in that I prefer to have the funds flow through my hands first for so many different reasons. This wouldn't work in my state anyway - we're required to move funds into an escrow account before paying ourselves or owners, until after the guest checks in.
Tons more here: https://stripe.com/docs/connect
Hope that was at least a little bit helpful!
Thanks Guys for all the great feedback. I have a work around for what i am trying to do.