Split payments between two people/accounts?

Question

Is it possible using PayPal or Stripe to split all incoming payments into two accounts? I read in Stripes documentation, about Stripe Connect and sending transfers - just not sure if it's what I need.

Me and another guy are partnering up to sell some products, we need a way for all of our incoming payments to be split 50/50. Is this possible at all? I'd really like to use Stripe but not against using PayPal.

Thanks!

Answer 1

With regards to Stripe, I did ask their support about this recently. It isn't possible to split the payments and have them transferred into two separate bank accounts using their dashboard although you can do it using their API.

This means you would have to write a script that you could either trigger manually or automatically. The script would split the available funds in your Stripe account into the required pieces and send them to the respective bank accounts.

I have not done it yet but this would be the way I would probably go about it.

1. Retrieve the available balance for my account from Stripe using the Balance section of their API. [Balance API Docs]

2. Once I had the available balance, I would split this into the required amounts i.e. 50/50 chunks in your case.

3. After I had split the amount to be transferred, I would fire off as many transfer requests as required using the Transfers section of Stripes API. So in your case, 2 requests would be sent, one to send 50% into your bank account and another to send the final 50% into your partners bank account. [Transfer API Docs]

Hope this helps!