borderless Global Payout Platform

Exploring Stripe Connect Alternatives: A Guide

Find the best Stripe Connect alternative for your business and customers. Here are some of the best alternative approaches and solutions on the market. Exploring Stripe Connect Alternatives: A Comprehensive Guide with borderless payouts.

1. What is Stripe Connect?

Stripe Connect is a payment system designed to integrate payments into your platform or marketplace. Stripe Connect enables you to build end-to-end payments experiences, from customer collections, seller on-boarding to global payouts. A Stripe Connect system is composed into 2 parts: “Collections” which handles payments in from customers and part “Pay-Out” which handles payments out to your marketplace sellers.

Part A: Collections

Stripe Connect serves as a robust pay-in engine, facilitating seamless payment interactions between customers globally and your marketplace. Its programmable APIs and tools empower businesses to collect funds from various methods, split funds between sellers and the marketplace fee, and route payments to specify earnings on each transaction.

Part B: Payouts

On the pay-out engine side, Stripe Connect simplifies the process of paying out funds to sellers, vendors, and service providers. It offers features such as easy onboarding, simplified compliance, and allow businesses to scale efficiently with fewer overheads and more opportunities for revenue growth. With Stripe Connect, businesses can pay out around the world in local currencies without the need for additional engineering efforts or local banking relationships.

2. Reasons to Consider Alternatives

While Stripe Connect offers powerful pay-in and pay-out capabilities, businesses may seek alternatives for various reasons, including:

3. Should You Build It Yourself?

Building a piecemeal stack can be complicated so building this yourself will be too time consuming and might be a nightmare to maintain. The more built integrations you have, the more chances you have for issues to pop up which could lead to increased support tickets from customers who can’t change their subscriptions and higher churn due to failing payments. Our advice is simply no, do not build it yourself. Look for tools that can replace the big stuff and adjust the minor stuff. Think big but work small.

Payout API, global payouts, stripe connect alternative

4. Simpler Options for Alternatives: Divide & Conquer

The best way to find a Stripe Alternative is to find a system that can replace Part Collections and Part Payouts. If you divide those two parts you can choose providers in those spaces that can communicate with each other and give you more control. However if you are looking for an all in one solution, please contact our team. We have built Partnerships with Payment Gateways that can provide the services utilizing the borderless infrastructure. If you are a payment gateway, we can help you as well so please contact our payment experts today.

Options for Collections (Payment Gateways)

Let’s start with Collections. The aim for payment gateways, just like Stripe, is to let businesses be able to take payments online. Here are some alternatives to Stripe Connect for pay-in functionalities include:

Each of these platforms offers unique features and benefits, catering to different business needs and preferences. When assessing the best providers look for costs, services offered, tax compliance, payment methods offered, integrations, third-party tools, and additional features.

Option for Pay-outs: borderless

When it comes to pay-outs, one standout option is borderless, a global payout platform that seamlessly integrates with various merchant payment processors. Why borderless? Simply, borderless has been designed to be a payment gateway agnostic. It means that you can integrate with any Payment Gateway and borderless can be your payout provider. There are a few payment gateways that integrate better than others but we can get to that later.

borderless enables businesses to streamline their pay-out processes by serving as the payout provider for all sellers, vendors, and service providers. With its user-friendly interface and robust features, borderless offers businesses the flexibility and efficiency they need to manage their pay-outs effectively in 120+ countries and 90+ currencies. borderless can pay out around the world in local currencies without the need for additional engineering efforts or local banking relationships. It also has its own Auto Foreign Exchange Engine that allows you to pay in your currency and it delivers the funds in the recipient’s currency with no additonal leg work or API calls. borderless also handles seller on-boarding and KYC with options to quickly integrate them into your platform. Think Stripe Connect Express or Custom.

5. Benefits of borderless

6. Conclusion

Exploring alternatives to Stripe Connect can be difficult however by dividing and conquering the main 2 engines of Stripe Connect you can find an Alternative. We help businesses find the right payment processing solution that best fits their needs and requirements and with borderless as payouts, businesses can streamline their pay-out processes, achieve greater efficiency, and unlock new opportunities for growth in the global marketplace.

Ready to automate your accounts payable? Explore the borderless advantage today.

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About Us

borderless, a global payments company that provides a payout software and API to companies to process payments to 120+ countries. borderless specializes in cross-border payments, and their platform utilizes local payment rails, real-time payment rails, and SWIFT to facilitate faster and more efficient payments. We invite you to explore how borderless can assist your marketplace or digital platform in navigating marketplace payments and international payments. To learn more, contact our team to schedule a demo today.

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