Platforms can now use Connect just for the payouts portion of their business. Without changing any existing methods of accepting payments, platforms can use Connect Payouts to top up their Stripe account from a bank account and pay out recipients through the Dashboard or via the API. Now, more platforms can take advantage of Stripe Connect’s payout automation, reporting and verification.
Pay recipients faster with less manual work
To pay recipients today, many platforms’ workflows require managing multiple CSVs, scrolling through countless rows of payment data, mailing paper checks, and manually tracking payouts. Stripe’s Dashboard tools and flexible API bring your data together in one place and automate manual processes to help your team save time and money.
We were wasting countless hours manually tracking our payouts to sellers with ACH. When we switched to Connect Payouts, we were able to automate our payout process while rapidly scaling our business. It’s saved us a ton of engineering work and tracking has been significantly easier.
— Jenny Gonsalves, VP of Engineering, Lyra Health
Send funds via the API or through the Dashboard
Previously, Stripe Connect required that payouts were linked to incoming payments. Now, you can use Connect Payouts to top up your Stripe account via a linked bank account and pay out recipients as needed through the Dashboard or automatically via the API.
We used to pay sellers with paper checks. But bandwidth constraints on our accounting team, challenges verifying mailing addresses, and the risk of checks getting lost in the mail meant they sometimes waited weeks to get paid. Since implementing Connect Payouts, sellers are paid automatically in three days or less—they love it and regularly mention it in Yelp reviews.
— Dennis Bron, Head of Growth and Business Intelligence, Shift
New use cases for existing platforms with Top-ups
If your platform currently uses Stripe Connect in the US, you can also take advantage of the new Top-ups functionality. You can now add additional funds to your Stripe account as needed from a linked bank account, which should help make some use cases that were previously tricky to operationalize easier:
- Sending bonuses or other one-off payouts, unrelated to a customer payment
- Paying sellers or service providers (“connected accounts”) the full amount while simultaneously providing discounts to customers
- Enabling faster payouts by paying connected accounts before the charged funds are available
How to use Top-ups and Connect Payouts
- Top up your Stripe account via a linked bank account:
- Send payouts to recipients through the Dashboard or automatically via the API. (You can onboard your recipients using Connect Express’s prebuilt UI flows or customize everything with our API.)
We’d love to hear your feedback. Please reach out if you have any questions or comments.