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Accepting several payment methods on my site

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vewer

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2018
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Hello, I am not sure if this is the correct section for this question.

I don't have a lot of knowledge in this area, so not sure if this has been answered. If someone has a guide about this, please link it.

My question is: I want to accept different payment methods on my site (credit card, paxum, cryptocurrency etc) so that users can send tips to other users, and in the end of a month users request payouts. And the user can choose a payout method as well.
But if I accept several different payment methods, the money that I receive will not be stored at one place? For example: if one user pays with credit card, and the other with crypto, then that money will be stored in two different places. When a user requests a payout, I should transfer money from all those different locations to the user? Is that efficient? How are different sites doing this? Please advise me on this, I don't have a clue. :slight_frown: Thanks.
 
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vewer said:
Hello, I am not sure if this is the correct section for this question.

I don't have a lot of knowledge in this area, so not sure if this has been answered. If someone has a guide about this, please link it.

My question is: I want to accept different payment methods on my site (credit card, paxum, cryptocurrency etc) so that users can send tips to other users, and in the end of a month users request payouts. And the user can choose a payout method as well.
But if I accept several different payment methods, the money that I receive will not be stored at one place? For example: if one user pays with credit card, and the other with crypto, then that money will be stored in two different places. When a user requests a payout, I should transfer money from all those different locations to the user? Is that efficient? How are different sites doing this? Please advise me on this, I don't have a clue. :slight_frown: Thanks.
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I think there is a service to pay and receive money from many payment services all in one place but cant remember what its called
 
That service supports various payment gateways? Like cryptocurrency payment gateways, CC gateways etc? And for making use of the gateways there is usually some kind of (transaction) fee, and this service probably also has a fee?
 
You could charge your customers a small fee for all the payment methods you accept - I do this myself on my site as converting from one currency to another is expensive.
 
Rox said:
You could charge your customers a small fee for all the payment methods you accept - I do this myself on my site as converting from one currency to another is expensive.
Click to expand...
You offer multiple payment methods? Is the money that customers pay you spread across different payment gateways then? How do sites have a total amount if that amount is in different places..
 
vewer said:
You offer multiple payment methods? Is the money that customers pay you spread across different payment gateways then? How do sites have a total amount if that amount is in different places..
Click to expand...

Yes, I do. Across different payment methods (PayPal, Crypto, WebMoney etc.).

I do not understand your last question.
 
I mean that if your payments are spread across different places, there are different rules for each payment gateway, for example one payment gateway has a minimum withdraw of 50$, another is 100$. If user1 chooses Bitcoin to pay 5$ to user3, and user2 chooses CC to pay 10$ to user3, those two amounts will be stored in 2 different places.

Now user3 has 15$ in total. But when user3 decides to request a payout, it is probably not possible, because the minimal withdraw with a lot of CC gateways is 50$ or 100$ ? And if another user chooses yet another payment method, like Skrill, to send 5$, that is going to be stored at Skrill. Now user3 has 20$ in total, but still unable to get the total amount of 20$. So user3 is dependent on the type of payment method users choose to send money. How do websites solve this problem? Am I missing something?
 
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