I work at a React Native application where users can pay their rent to their landlords and utilities to one administrator, and I’m using Stripe. So far, the users can pay the utilities to the administrator (to my Stripe account) but I don’t know how to implement the ‘Pay Your Rent’ feature because every user has their own landlord.
Do I need multiple Stripe accounts? Does Stripe Connect help? Is there a way with Stripe to send money to a bank account? Keep in mind that the landlord’s bank account will be different for each user.
If there is a way, please tell me how to implement it, send tutorials or github repos. Thank you very much in advance.
2
Answers
Processing financial transactions come with a lot of complexities.
Use your company Stripe account as an Escrow account, collect payments from tenants then sent rent funds to landlords or utility bills payments to their respective administrators (collectors).
Acting as Escrow between both tenants and landlord will help you to resolve refunds and other issues that come with payment processing.
Yes, you should totally be able to use Stripe Connect for this. You can create connected accounts for your landlords and Customer objects for your tenants. Creating a separate connected account for your landlords will allow you to onboard them with their own bank account which you as a platform can payout to. There are more details in the doc here.