Is it possible to attach a balance to a Bank Account?
Our product has a bank balance and we process payments that have to be sent back to Xero. I don't understand how to best present our bank balance in Xero or even if it makes sense to do this.
Currently I automatically create an expense account using the API and associate all payments we create in Xero with that. This isn't ideal because we'd like to show the current balance of funds the customer has in our product. Also, the account the user has with us isn't really an expense account it's more of a bank account.
When I create a bank account in Xero, I can't figure out how to associate an existing balance. Any guidance on best practices here would be appreciated.
Is it possible to attach a balance to a Bank Account? Our clients have a balance of funds with us very similar to a bank balance. How can I make that balance show up in Xero and have that account be used for Payments I create using only the API?
You can set the conversion balance for a bank account using the Setup endpoint:
https://developer.xero.com/documentation/api-guides/conversions
That will let you provide the initial balance via the API; the balance from that point is maintained via requests against the BankTransactions endpoint with the appropriate types:
https://developer.xero.com/documentation/api/types#BankTransactionTypes
Related
I am developing one shopify app and I want to integrate the stripe payment and In future paypal also.
I want to set the different different charges on each payment transaction given example below
Whenever any customer pay for the order then below deduction generate from the total amount:
Shopify Transaction fees(x% amount)
Stripe charges(x% amount)
App Platform charges(x% amount)
Shipping company charges(x% amount)
Any other charges(x% amount)
Remaining amount to store owner account
So is it possible in shopify? Please guide me about this.
Also, is it possible with shopify default payment gateway or custom payment gateway? If yes then please provide the details
In advance thanks to everyone for help in this!
When you use Stripe as your payment gateway, it takes a percentage off every transaction. As of this writing, the integrated price plan takes 3.4% + $0.50 per successful card charge. Refer to https://stripe.com/en-sg/pricing#pricing-details for the latest price plan.
The process you described likely isn't supported on Stripe and Shopify, or at least not to my knowledge. Your best option is to do a payout to your business bank account, then do further deduction based using your internal tools.
I would like to automate my paypal balance to my bank.
Tired of having to go every weeks and click on the transfer to my bank.
What API call can I use to transfer my paypal balance back to my linked bank account ?
There is not an API that you can use to transfer the money to your bank. But you can set up Auto Sweep on your account. Once you enable this feature on your PayPal account, PayPal will send what ever funds are in your PayPal account to your bank account on a daily basis. This would mean that you would not need to go into your account every time and do this manually, it would be done automatically.
In order to enable this on your account, you would first need to contact PayPal customer service, and request this feature enabled on your account. Once your account has this enabled on it, you will then need to go into your account and turn this on.
We need a website where users can deposit funds to their accounts, transfer funds from one user's account to other user's account, withdraw funds. We are looking for reliable solution so that users can use several payment methods to deposit/withdraw funds and optionally use multiple currencies (so funds can be converted from one currency to another). This part of website should be similar to payments part of freelancer.com and similar websites. It means that user1 can deposit funds using PayPal, then user1 transfers part of these funds to user2 and user2 can withdraw these funds (deposited by user1 using PayPal) to user2's MoneyBookers account. Can anyone suggest solution for this? Does that mean that we need to have sufficient amounts on both PayPal and MoneyBookers or there's a way to transfer funds from our PayPal account to our MoneyBookers account (without commission) in order to process user2's withdrawal request. Does anyone know what freelancer.com and similar websites use to implement this? We plan to integrate with payoneer.com later as well.
The only way I know to transfer money between PayPal and Moneybookers directly would be to use a Moneybookers Mastercard and deposit with that on PayPal.
The other way (PayPal to MB) is not possible directly, you will need to make a PayPal payment to a third-party (your company), that then makes an automated deposit on Moneybookers. This is possible with their API.
I'm not sure this is the right place to ask but anyway:
I have an e-commerce platform that I want to monetize based on a percentage of revenue made (eg. a store that uses my platform has an order for $100, so I get 1% or $1, while they get $99).
Currently I offer paypal and credit card payments (via my merchant bank) to all stores on the platform (ie. all payments made, regardless of the store, are through the same paypal and merchant account). I then pay these stores per month which is ok for the moment because there are only a few stores using the platform.
Moving forward I want to automate this process and ideally have it operate in real time.
Paypal have an "Adaptive Payments" API that allows chained or parallel payments on a single transaction processed in real time. This means I can skim my 1% and pass the rest of the money along my customer in real time.
I was wondering if there is a similar real-time service for Credit Card processing*? If not, is there a bank/merchant that allow API payment access so I can automate payments per day or week? OR should I just transfer all money from my bank to paypal and use this to pay my customers?
*I realise you can process credit card payments through Paypal without having to sign up, but this is less than ideal. I want the credit card processing to happen on my page as at the moment I'm seeing about 70% of orders using this over paypal.
I was wondering if there is a similar real-time service for Credit Card processing?
No there isn't. True merchant accounts do not allow for split payments. Only one entity can receive a payment and it must be the business the merchant account has been set up for. Receiving the payment for someone else is called factoring and is against all of the major credit card issuers' rules. If a merchant account is found to be factoring it will be closed and the merchant who owns the account will be blacklist. This will prevent them from ever having a true merchant account again. Additionally, there is no way to send money with a merchant account other then issuing a refund for prior purchases.
If not, is there a bank/merchant that allow API payment access so I can automate payments per day or week? OR should I just transfer all money from my bank to paypal and use this to pay my customers?
Other then using adaptive payments, this is definitely the easiest and most straight forward way to accomplish this.
I'm implementing a business model where the service takes 10% of a fee. For example, the user lists a product for $100. The buyer purchases it. $90 goes to the seller, $10 is collected by the site.
Does anyone know offhand if this is feasible with Paypal. In theory all the money could go into our PayPal account and then a $90 payment could be made behind the scenes to the seller's account. Is it possible to programatically schedule a depsoit?
We also have the option of using a merchant gateway like Authorize.
Ideas appreciated. Thanks
look into paypal adoptive payments (beta) www.x.com , they allow you to distribute payments into multiple receiver.
if you want to schedule payments i think you can use the mass pay API to programmatically send payments from the PP account. But using the beta adoptive payments is much much easier.
Yes you can programmatically do a deposit to the seller's account. Paypal calls it Mass Pay.
You pay 2% for the deposit, with a cap. So it might make sense to pool the funds before you deposit them.