Stripe, ever aimed at simplifying and increasing web-enabled payment options, has expanded the Stripe API to programmatically send bank transfers to anyone with a US bank account. Anyone using the web (e.g. vendors, service providers, sellers, etc.) can utilize the new functionality to transfer money. Stripe created the product with internet users who require payments on two sides (i.e. buy side and sell side) in mind. Instead of sellers collecting money into a bank account, the sellers can direct money directly into a third party account.
Stripe has already tested the new API features with a beta group of users who have enabled the API in live environments. Beta users include Lyft, Exec, Sidecar, Postmates, Homejoy,Kitchensurfing, HomePolish, Flightfox, Shoptiques, and more. The payment schedule remains straightforward for simplicity’s sake: 25 cents per transfer.
The Stripe API uses REST protocol and returns calls in a JSON data format. First, developers need to collect a recipient’s legal name and bank account information. Once transfers are set up, funds accumulate into a Stripe balance and funds can be deposited into one’s bank account (as usual), or a transfer is made with a single API call. Those interested can learn more via the transfer docs.
The explosion of online marketplaces and the mobile economy have commanded the need for more web-enabled financial transactions. Stripe continues to respond and innovate in this space and the transfer capabilities present one such example. Transfer are live and ready in the US; additional countries remain in the works.