SynapsePay

Stripe for ACH & wires

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2996
Miles MatthiasHunter@miles_matthias · CTO @EquityEats
We use this for our crowdfunding platform, EquityEats, and have been happy with their support. Anyone that has dealt with ACH knows that it's a pain, but SynapsePay makes it easy - and at a flat rate of 25 cents a transaction! They started in Memphis, moved to SF a while back, and are making lots of progress! I also release their initial ruby client for their API (which I still use and maintain although they've since released official clients): https://github.com/milesmatthias...
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Sankaet PathakMakerHiring@sankaet · Founder & CEO @synapsefi
Hey Product Hunters, I'm Sankaet, Founder of SynapsePay. We're a white-labeled API for sending & receiving funds between bank accounts. We currently support ACH payments and domestic wire transfers in the US. Happy to answer any questions!
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Beau Hartshorne@hartshorne · Engineer
@sankaet this is great. How far out is international support? What are the blockers?
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Sankaet PathakMakerHiring@sankaet · Founder & CEO @synapsefi
@hartshorne thanks. We're look at opening international payments in select countries by Q1 of next year.
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Mark Sandeno@markgustav
This is fantastic! Setting up ACH has been such a huge pain. I was just telling [ACH provider that shall remain unnamed] that they were going to get it handed to them by someone who is probably making the Stripe of ACH right now. They didn't even know what Stripe was. I hope this delivers on truly seamless ACH experiences without all the crap that you normally have to go through. I love(d) the promise of Dwolla but requiring the customer to leave the selling/onboarding process was a deal killer for us.
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Sankaet PathakMakerHiring@sankaet · Founder & CEO @synapsefi
@markgustav yeah, we've definitely seen a big need for white-labeling the payment process. Our APIs are 100% seamless, so it looks like you built your own payment infrastructure and your customers never have to leave your site.
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Jaydeep Singh@jsinghdreams · Student
How does this compare to Dwolla?
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Miles MatthiasHunter@miles_matthias · CTO @EquityEats
@jsinghdreams Dwolla is comparable to PayPal in the fact that a user has to have a Dwolla account and link bank accounts to that Dwolla account before doing anything with their Dwolla balance. SynapsePay white labels all of that so that users don't need to worry about having another account somewhere else. For example, if we used Dwolla at @EquityEats, we would have to tell our users to go make a Dwolla account and come back to our site after they've funded that Dwolla account, whereas with SynapsePay the user can just enter their banking credentials straight away and be done.
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Sankaet PathakMakerHiring@sankaet · Founder & CEO @synapsefi
Thanks @miles_matthias. In short: we are a completely white-labeled payment solution, so customers don't have to create an account with us. Instead they just login to their bank account on your website/application and make a payment.
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Gene Kobilansky@gkobilansky · Awesomer
Wow, this is cool. How do your costs compare with alternatives in the market? I bet an integrations with wealthbot.io (http://www.producthunt.com/posts... down below) could result in an incredibly lost cost platform for Investment Advisors. SynapsePay for the deposit. Webo to manage and balance the portfolio. Mix in https://robinhood.com/ somehow for zero dollar trades, and you're really cooking.
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Miles MatthiasHunter@miles_matthias · CTO @EquityEats
@gkobilansky costs are far and away better than any other option. Dwolla is also 25 cents per transaction, but they're not white label.
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Sankaet PathakMakerHiring@sankaet · Founder & CEO @synapsefi
@gkobilansky Thanks! ACH payments are 25¢ per transaction (or 10¢ for transactions under $10). Wire transfers are $3 inbound, $10 outbound.