CODEWITHSUNDEEP
stripe-paymentspayment-gatewayauthorize.net2checkoutonlinebanking
Ameer Hamza
Ameer Hamza

Reputation: 67

How to transfer funds from one bank account to other through payment gateway and which payment gateway is best to do so?

We are developing a Mobile App for our client. This is a donation app. In this application one user can send donation to other users, each user will enter payment details like credit card or paypal. and we will charge user account and send the funds to other user who has requested the donation.

We have multple options such as Stripe, 2Checkout, Authorize.net, but we are unsure which payment gateway will be best suited for our scenario.

Please mention which payment gateway provides this functionality to transfer funds from one account to other account, and works all around the world with any mainstream payment methods such as debit/credit cards, paypal etc.

Also we have backend of application in Laravel, so we need to know which payment gateway has built in PHP SDK,

Your answer will save me hours of research, Thanks in advance, Best regards.

Upvotes: 0

Views: 1318

Answers (1)

RyanM
RyanM

Reputation: 2980

I'm only really familiar with an approach using Stripe so that is what I will focus on here. Perhaps others familiar with 2Checkout and Authorize.net can chime in with details about those platforms.

For Stripe, the approach that would make the most sense for this approach would be Stripe Connect.

Stripe Connect Approach

User Records

In this scenario each of your users would be both a Connect Account and a Customer. The reasons for this approach are broken out here:

  • Connect Account - Can receive funds (either from direct charges or transfers), has an external account (bank, debit card) to which Stripe Balance funds can be paid out.
  • Customer - Can pay funds using saved (or one-time) Payment Methods.

So you need the Customer record for each user to allow them to send money and the Connect Account record to allow them to receive money.

You will need to think carefully about where the Customer, Payment Method, and Payment records should be stored and how you expect funds to flow. This will inform your choice of Connect Account Types and Charge Types for accepting donations. This is where people often get tripped up so pay careful attention to these choices!

International Operations & Payment Methods

If you are going to have multiple accounts connected across international borders, you can review the availability of sharing funds with Stripe here. There are many countries that are still in Preview mode but the number of available countries continues to grow.

As for being able to use any main-stream payment method, Stripe supports a large number of different main-stream and location specific Payment Methods.

SDK

Stripe has a well maintained PHP Client Library that will facilitate integration with your Laravel project.

Upvotes: 1

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