After testing the feature almost one year, Lyft announced that it had delivered more than USD 500 million through its Express Pay option. Instant Payouts enables funds transfers among merchants within the same day, sometimes within 5 minutes. Marketplaces are charged 1.5 % commission on funds paid out, with a minimum fee of USD 0.50 per payout.
In order to incorporate Instant Payouts into their marketplaces, Stripe has worked with Instacart, Care.com, and goPanache. Instant Payouts is limited to users operating in the US. Those using Stripe Atlas that have US entities are also capable to use Instant Payouts. Stripe is working on expanding Instant Payouts beyond the US, but didn’t provide a timeline for that according to VentureBeat.
Instant Payouts is available for those participating in Stripe Connect, which enables any business to accept credit and debit cards online. The service verifies the identity of new sellers and makes sure that they are in compliance with local laws.
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