There's much higher fraud risk with online card payments than in-person ones. There's both risk that the customer presenting the card number isn't the cardholder, and risk that the merchant is itself a fraudster trying to charge stolen cards, launder money, or accomplish some other illegal act on the network.
Traditional merchant accounts mitigate some of that risk through an extensive underwriting process. Stripe does not have such a process. The only way they can mitigate the risk is by identifying patterns in transaction activity and getting chargebacks/disputes from cardholders. The 7 day period gives them sufficient time to identify the patterns and receive early disputes before the money leaves their control.
But Balanced offers this.
[12:58] <@jacobolus> kyleb_: yes, assuming I'm understanding you correctly
[12:59] <@jacobolus> kyleb_: payouts go to bank accounts, and are next business day or same-day with wells fargo bank accounts
[12:59] <kyleb_> I think so. Customer purchases $100 worth of things using a Visa on the website at noon PST. Those funds are disbursed to a bank account via ACH on the next day?
[12:59] <@jacobolus> kyleb_: yep
[12:59] <kyleb_> OK perfect. I wasn't sure if it was bank payments only that were processed next-day, or if credit cards were processed as well next-day
[12:59] <kyleb_> Thanks a lot!
And has yet to offer a response other than "thanks!"
I'm also not sure how many customers Balanced has or what kind of volume they're doing, but I suspect that they're taking o a whole lot of risk with next day payouts that Stripe and Braintree refuse to take on. While some businesses may like this, I find it worrisome.
They also have an API but I have not really looked into it.
I wonder if Balanced has good integration with the third-party shopping carts out there...