How is Connect priced for Custom and Express Platforms?
Connect with Express or Custom accounts costs $2 per active account per month, plus 0.25% of account volume (account volume refers to funds send to an account by your platform). This charge will be assessed monthly. Regular payouts cost $0.25 per payout, and Instant Payouts cost 1.5% (minimum $0.50). These charges do not apply when using Connect with Standard accounts.
Custom or Express accounts are considered active if you have sent funds into their balance in a given month. In the event that there have been no transactions processed for an account in a given month, you are not charged the software fee for that account.
It takes a lot to successfully manage a marketplace or platform, such as seller verification, getting payouts right, and tax reporting. These requirements often come at the cost of hiring more teams with specific expertise, and spending additional resources and time to implement the right processes and support structures. With Custom and Express accounts we’ll take care of all of that for you, so that you can focus on your business.
Custom and Express accounts offer the following features:
Identity verification: Our process takes the burden of identity verification off of the platform, in a way that’s localized to all of our supported countries. Just fill out the information fields we surface to you and we’ll take care of the rest! To help platforms maximize conversions, we provide a flexible onboarding model which allows you to collect information incrementally from your users. That way, you can get them setup with minimal information and only ask for the remainder once they’ve started processing on your platform.
User experience: Different account types allow for you to fine-tune your users’ experiences from beginning to end.
Payouts: Our international bank transfer infrastructure allows payouts in any of the countries we support. You have fine grained control over details like setting flexible payout timing, initiating refunds, and utilizing one-off transfers to handle unique situations (e.g. bonuses).
Locally optimized: If you’re a platform based in, for example, the US with connected accounts in Europe, we’ll route everything through local rails in a way that helps minimize declines and maximize conversions. You no longer have to set up your own legal entities to enable sellers internationally.
Reporting: Our reporting and reconciliation tools help you manage the full flow of funds through your platform and monitor the health of the platform. In the US, we’ll even help you take care of 1099-K’s for all eligible sellers on your platform.
Please don’t hesitate to contact us if you have any questions about this or other aspects of our pricing!