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  • #1172697
    Stripe Australia
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    • Total posts: 7
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    cokele, post: 202073 wrote:
    Hi Hamish. We are exploring to use either Braintree or Stripe for our new website. We need it mainly for USD but we have checked with your sales team a while ago that the USD received will be converted to AUD. Why is this so? Can you transfer USD to an USD account with an Australian bank? Secondly, why a 7 days lag from the payment date? In USA, this seems to be shortened. Will this shorten eventually?

    Cheers
    Ellen

    Hi Ellen,

    Sorry about the delayed response here! For the time being it’s only possible to settle in AUD within Australia. That said, we’re working hard to support like-for-like bank settlement in multiple currencies (including USD and others) in the very near future. Watch this space — it shouldn’t be too far away!

    In terms of settlement periods, we’re also working hard to reduce the seven day rolling payouts in Australia to the 2-day rolling payouts we offer in the US. We’re already conducting a few trials in this area, so we’re not far away from this at all. :-)

    In short: there’s a lot of great things just around the corner for our Australian users. Stay tuned!

    #1172698
    Gizmo
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    • Total posts: 731
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    cokele, post: 202073 wrote:
    Hi Hamish. We are exploring to use either Braintree or Stripe for our new website. We need it mainly for USD but we have checked with your sales team a while ago that the USD received will be converted to AUD. Why is this so? Can you transfer USD to an USD account with an Australian bank? Secondly, why a 7 days lag from the payment date? In USA, this seems to be shortened. Will this shorten eventually?

    Cheers
    Ellen

    Hello Ellen,

    To my knowledge the only way to do US$ => US$ is with a NAB COCOA account.

    Most payment gateways should accept this.

    But if there are other cost effective options I am all ears as this is an area that I too would prefer to see a better solution that frees you from only using one bank in Australia.

    #1172699
    James
    Participant
    • Total posts: 268
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    Hi Hamish,

    Great to see you guys represented on the forums. I’ve been waiting for an opportunity to use Stripe for a while now!

    With regards to your ‘aggressive’ rates, are you able to make any assessments on how long this rate might last for, and what a less aggressive rate would be in future?

    We currently use Braintree for our own systems and a bunch of clients, but we are interested in exploring a switch to Stripe for a few reasons.

    At 2.4% Braintree is very reasonably priced for no setup fees. Obviously your percentage fee at this stage is substantially better, but I’m reluctant to switch everything over if it’s only going to normalise at 2.9% in a year anyway?

    I guess a sensible question is; are there any differences in the Australian market that mean your operating costs are lower, and thus your fees might not necessarily need to match your US ops at 2.9%?

    #1172700
    Stripe Australia
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    • Total posts: 7
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    James Rayers, post: 202480 wrote:
    We currently use Braintree for our own systems and a bunch of clients, but we are interested in exploring a switch to Stripe for a few reasons.

    At 2.4% Braintree is very reasonably priced for no setup fees. Obviously your percentage fee at this stage is substantially better, but I’m reluctant to switch everything over if it’s only going to normalise at 2.9% in a year anyway?

    I guess a sensible question is; are there any differences in the Australian market that mean your operating costs are lower, and thus your fees might not necessarily need to match your US ops at 2.9%?

    Hi James,

    Great question! Our pricing in Australia is here to stay. As for why we can do this in Australia but not the US, you’re entirely correct: the underlying costs we experience differ substantially. Australia enjoys some of the cheapest domestic card processing fees in the world, and we’re determined to pass those savings on to our users. I hope that makes sense!

    #1172701
    cokele
    Member
    • Total posts: 47
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    Gizmo, post: 202476 wrote:
    Hello Ellen,

    To my knowledge the only way to do US$ => US$ is with a NAB COCOA account.

    Most payment gateways should accept this.

    But if there are other cost effective options I am all ears as this is an area that I too would prefer to see a better solution that frees you from only using one bank in Australia.

    Based on my research, yes NAB is the only bank that both Braintree and Stripe are using. NAB requires a min US$20K to maintain an USD account, else it will be A$20 monthly fee. I would like to receive USD from my international customers and pay in USD to my suppliers. In this way, I do not slap with exchange rates. CBA has a USD account which only costs $10 monthly. So I am not sure why only NAB and no other banks’ USD account. I do not want to pay so much fees nor I want to lock my money.

    Hamish – What is the estimated timeframe for settlement in USD going to be? I am still deciding between Paypal or Braintree.

    #1172702
    Gizmo
    Member
    • Total posts: 731
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    cokele, post: 204018 wrote:
    Based on my research, yes NAB is the only bank that both Braintree and Stripe are using. NAB requires a min US$20K to maintain an USD account, else it will be A$20 monthly fee. I would like to receive USD from my international customers and pay in USD to my suppliers. In this way, I do not slap with exchange rates. CBA has a USD account which only costs $10 monthly. So I am not sure why only NAB and no other banks’ USD account. I do not want to pay so much fees nor I want to lock my money.

    Hamish – What is the estimated timeframe for settlement in USD going to be? I am still deciding between Paypal or Braintree.

    Oh, NBA have an option?
    Whats do they refer to that account as?

    #1172703
    cokele
    Member
    • Total posts: 47
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    Sorry I might have put it wrongly. All big 4 banks have USD bank accounts. Only NAB is the only bank which Braintree and Stripe are using. So basically no choice for us until Braintree and Stripe can negotiate something from other big 4 banks.

    #1172704
    chrisdahl
    Member
    • Total posts: 10
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    We have a long list of merchants who are using Pin Payments for foreign currency transactions (we’ve offered this since we launched in 2013). You can settle foreign currency transactions into your own foreign currency account (with no restrictions on what bank you have this at).

    You might be interested in a blog post we put together about taking foreign currency transactions from Australia -> https://pin.net.au/blog/foreign-currencies

    Happy to take a call about this, our phone number is on our website.

    #1172705
    Gizmo
    Member
    • Total posts: 731
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    chrisdahl, post: 204052 wrote:
    We have a long list of merchants who are using Pin Payments for foreign currency transactions (we’ve offered this since we launched in 2013). You can settle foreign currency transactions into your own foreign currency account (with no restrictions on what bank you have this at).

    You might be interested in a blog post we put together about taking foreign currency transactions from Australia -> https://pin.net.au/blog/foreign-currencies

    Happy to take a call about this, our phone number is on our website.

    Hello,

    Thanks looking at that it appears you have written your own system that interfaces with NAB COCOA accounts.

    Then you are exposing an API for us to use.

    Would that be a very simplified version of what you are doing?

    #1172706
    chrisdahl
    Member
    • Total posts: 10
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    We’re definitely removing a lot of the work involved in getting this setup, however not 100% sure what you’re referring to with the NAB COCOA reference.

    If you have a Pin Payments account, you can choose to have foreign currency transactions settle as AUD (default), or provide your foreign currency bank account details for funds to settle into. Our platform takes care of everything else.

    #1172707
    Gizmo
    Member
    • Total posts: 731
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    Hi,

    Just from the web page you pointed to its mentioned you partner with NAB.
    So I was asking if you are using NAB COCOA accounts.

    I can see how you simplify the service.

    Maybe its better we talk on a phone call.
    Please PM me you phone number.

    #1172708
    chrisdahl
    Member
    • Total posts: 10
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    Sure thing, happy to chat. You can call us on 03 9988 2829.

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