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Diff for "PaymentProcessor2014"

Differences between revisions 1 and 7 (spanning 6 versions)
⇤ ← Revision 1 as of 2014-02-26 09:03:00 →
Size: 1428
Editor: ClintonEbadi
Comment: I guess it's been like four months, time to fix the whole "we only have paypal thing"
← Revision 7 as of 2014-03-03 00:12:37 → ⇥
Size: 2764
Editor: RobinTempleton
Comment: reddit uses coinbase
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The current plan is to take all of the potential payment processors and call a vote of the membership, implementing the top two choices as soon as possible.
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For reference, Paypal charges 2.9% + $0.30 per transaction, and slightly more for payments originating in some countries
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 * https://coinbase.com/merchants
 * fees: 1% + $0.15 for every ACH to our account

The good:

 * Really low fees. They are also waiving the 1% conversion fee from the looks of it. However, the fee is per ACH (for daily receipts) so we can't really associate it with any given member. With fees so low, however, we could simply enter the transfer fee as a general bill.
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 * fees: 1% + $0.15 for every ACH to our account
   * Really low! They are also waiving the 1% conversion fee from the looks of it. However, the fee is per ACH (for daily receipts) so we can't really associate it with any given member. With fees so low, however, we could simply enter the transfer fee as a general bill.		  * reddit uses them

The bad:

 * Fees only only daily transfers makes it hard to split among members paying us
   * Amount is so small (less than $5 per month, ''if'' we had payments come in every single day) we could treat it as a bill
 * Payment button support
   * Encourages slack toward implementing automated payment processing
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 * https://stripe.com/us/pricing
 * fees: 2.9% + $0.30 per transaction

The good:
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 * support recurring payments  * supports recurring payments
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 * fees: ...    * Higher integration effort, but then we'll have automated payments

The bad:

  * Requires us to set up automatic payment processing
    * Embrace the slack. If we use a language with OAuth2 and their REST API wrapper library available, probably an afternoon of programming. If we do use SML, a lot more (SML/NJ has a JSON library, but we'd be writing the first OAuth and HTTP client libraries for SML...)
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 * Direct ACH
   * We might be able to, but it requires the treasurer to ask the bank a number of questions. Perhaps after [[Election2014]] if there is interest.

In late 2013 Google Checkout shut down permanently. This has left us with only Paypal as a payment option, and some members are unable to pay us using it (or do not wish to use Paypal). So, we need a new payment processor.

The current plan is to take all of the potential payment processors and call a vote of the membership, implementing the top two choices as soon as possible.

1. Goals

  • Accepting payments from countries that paypal does not support
  • Acceptable to members who hate Paypal

For reference, Paypal charges 2.9% + $0.30 per transaction, and slightly more for payments originating in some countries

2. Candidates

List any payment processor you might want to support here. All options will be added to a poll, and the leading ones will be implemented.

2.1. Coinbase

The good:

  • Really low fees. They are also waiving the 1% conversion fee from the looks of it. However, the fee is per ACH (for daily receipts) so we can't really associate it with any given member. With fees so low, however, we could simply enter the transfer fee as a general bill.
  • Overstock.com is accepting bitcoin, why aren't we? (Automatically converted to USD of course)
  • Payment button support, so we could continue our manual payment processing (path of least resistance / fast implementation)
  • reddit uses them

The bad:

  • Fees only only daily transfers makes it hard to split among members paying us

    • Amount is so small (less than $5 per month, if we had payments come in every single day) we could treat it as a bill

  • Payment button support
    • Encourages slack toward implementing automated payment processing

2.2. Stripe

The good:

  • reddit uses them
  • supports recurring payments
  • requires us to set up automatic payment processing
    • Higher integration effort, but then we'll have automated payments

The bad:

  • Requires us to set up automatic payment processing
    • Embrace the slack. If we use a language with OAuth2 and their REST API wrapper library available, probably an afternoon of programming. If we do use SML, a lot more (SML/NJ has a JSON library, but we'd be writing the first OAuth and HTTP client libraries for SML...)

3. Non-Candidates

These payment processors are not going to work.

  • Square
    • Their online payment processing is for their digital market only
    • They only accept US credit cards anyway
  • Direct ACH

    • We might be able to, but it requires the treasurer to ask the bank a number of questions. Perhaps after Election2014 if there is interest.

PaymentProcessor2014 (last edited 2014-03-03 00:12:37 by RobinTempleton)