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Points2Shop Forums » News, Announcements & Contests » Balanced payments will be removed as payment method
Created: 2015-06-08 16:42:26
Littlerose
US admin
Am I spamming?
Total posts: 477
Hi all,

As of Wednesday June 10 Balanced payments will close it's virtual doors. If you still want to withdraw your cash prior to that through Balanced payments please send in a request today or tomorrow morning.

We are looking for alternatives at this point but are having a hard time finding a provider that will transfer to bank accounts like Balanced payment did (quick/automatic, low minimum and well priced). If any of you know off alternatives please let me know.
lterrell
US legend
Senior Poster
Total posts: 172
:(

This is sad news! Thank you for letting us know.
Be Yourself. No one can say you're doing it wrong. -Charles Schulz
Littlerose
US admin
Am I spamming?
Total posts: 477
Yes I agree. I've not been able to convince them ;)

The majority of their clients are in a market that is very saturated and they can easily move to another provider. However, we are sending small payments instead of receiving them. There are not a whole lot of payment processors around that get money from our bank into our members that don't require online accounts, mainly due to some very strict anti money laundering policies in the US and Europe that make it hard for any non banks to start a business in that space...

Their quote:

"We started building a payments service for marketplaces in 2011. We were shocked with the state of payments at the time, and the pains a marketplace had to go through. Unfortunately, we haven't been able to reach the escape velocity necessary to be a large, innovative, independent player in the payments space and have decided not to continue building Balanced. We reached out to Stripe and have been working with them to provide a smooth path forward for our customers. Our full API and dashboard will be available until June 11, 2015, and support for issuing refunds, querying transactions, and fighting chargebacks will continue until October 9, 2015. "

We have obviously had conversations with Stripe, they can't help us with our needs unfortunately.
sissmo12
US (NC) elite
Getting Chatty
Total posts: 16
Date of Birth: 2002-02-25
Total Earnings: $3287.65
Thanks so much for the heads up. You would think in the innovative world we live in, there would be at least a few choices. I think you have been very patient for trying to keep it up this long. I'm sure it's been a stressful task. Good luck and tyvm for all the hard work that goes into this site.

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