Our transition to Stripe Connect will allow us to offer faster contractor payments and more transparency across the contractor payment flow. From a cost perspective, by using Stripe Connect:
- Remote currently covers the transaction fees meaning the contractor will typically get the gross amount on their invoice as long as no currency exchange occurred. For payouts via Wise, the contractor incurs the transaction fee.
- Remote currently pays the monthly account fees.
- No markups. If the contractor has a Stripe Connect account balance that's different from the employer’s billing currency, the contractor will pay mid-market +1% for the FX from their pay-in currency to the contractor's account balance, which is the direct cost.
It's important to note that this is subject to change in the future.