CODEWITHSUNDEEP
stripe-paymentspayment-gatewaypaymentpayment-processing
sunil suthar
sunil suthar

Reputation: 19

How to implement company to vendor payment system in Node js using Stripe payment

I have to build the payment system. Company will be collecting payment from user through stripe in companies account. then the total amount received will be paid out to the vendor after one day. how to implement this using Stripe? what vendor detail we require? etc...

I have implemented the user to Company payment. The company to vendor is pending

Upvotes: 0

Views: 227

Answers (2)

toby
toby

Reputation: 632

Stripe Connect is the product that you will want to use for this, it's intended for distributing funds from payments amongst multiple parties.
https://stripe.com/connect
https://stripe.com/docs/connect

When building Connect integrations, the two key questions to answer upfront (as they change how you build the rest of your flow) is what type of Connected Accounts you want to use:
https://stripe.com/docs/connect/accounts
and what type of charge flow you want to use:
https://stripe.com/docs/connect/charges

Based on the flow you're describing, either "Destination Charges" or "Separate Charges and Transfers" sound like the best matches. You should use either Express or Custom connected accounts with those flows.

The details that need to be collected from vendors will fluctuate based on region, service agreement level, business type, and capabilities, but you can use this page to see what Stripe will need to collect for those different combinations:
https://stripe.com/docs/connect/required-verification-information

Upvotes: 1

Lucky2501
Lucky2501

Reputation: 1704

the total amount received will be paid out to the vendor after one day

Depending on your definition of 'paid out', this may not be possible - Stripe has limitations on how fast they can pay out funds to accounts, based on their location:
https://stripe.com/docs/payouts#payout-speed

Technically, if your platform is based in the US or UK, it can fund itself, in order to pay out funds that aren't actually ready to pay out:
https://stripe.com/docs/connect/top-ups
https://stripe.com/docs/connect/top-ups/uk
But I find this solution to be complicated / ponzi-esque.

Otherwise, what you're describing is a Connect platform.
There are a million ways to implement Stripe Connect, and your post doesn't outline many requirements that would narrow it down:
https://stripe.com/docs/connect

I have implemented the user to Company payment. The company to vendor is pending

Pending accounts mean that Stripe is verifying the information submitted during onboarding. You can reduce the amount of requirements by limiting the capabilities you request on your vendor accounts, however you won't get around it.
The only way to reduce friction with verification is to train your vendors to be very accurate about the information they're submitting.

Upvotes: 1

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