Balanced Will Release an API to Push Money to Debit Cards
blog.balancedpayments.com
Balanced Will Release an API to Push Money to Debit Cards
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Re: Balanced Will Release an API to Push Money to Debit Cards
#2I think it will be pretty cool to see how this plays out and what kinds of debit cards can be used (pre-paid, tied to checking/savings accounts, etc.). I'm even interested if something like this will make it easier to exchange cryptocurrencies remotely without going through a central exchange.
Re: Balanced Will Release an API to Push Money to Debit Cards
#3I think it will be pretty cool to see how this plays out and what kinds of debit cards can be used (pre-paid, tied to checking/savings accounts, etc.). I'm even interested if something like this will make it easier to exchange cryptocurrencies remotely without going through a central exchange.
Hey, Balanced employee here.
> what kinds of debit cards can be used
This will work with any US-based debit card. Regulation is hard, still working on the international story in general.
> I'm even interested if something like this will make it easier to exchange cryptocurrencies remotely without going through a central exchange.
Can you expand on this a bit? I'm not immediately seeing the connection.
Re: Balanced Will Release an API to Push Money to Debit Cards
#4I think it will be pretty cool to see how this plays out and what kinds of debit cards can be used (pre-paid, tied to checking/savings accounts, etc.). I'm even interested if something like this will make it easier to exchange cryptocurrencies remotely without going through a central exchange.
(co-founder of Balanced here)
Thanks! We're pretty interested in cryptocurrencies at Balanced [1]. Would love to have your support on this project:https://balanced.crowdhoster.com/let-s-push-to-debit-cards/c...
Re: Balanced Will Release an API to Push Money to Debit Cards
#5This will be really cool. We use Balanced for our payments system, and have talked with a lot of our users about pay-outs. The top two problems with getting customers to cash out are the security of giving away their bank account info, and the time it takes to get your check book and input the account and routing info.
I'm curious about how this works though. I think Square Cash is doing something similar right? I've heard rumors about how it works where the company basically posts a refund to the card even if it had never been charged. Is that correct?
Re: Balanced Will Release an API to Push Money to Debit Cards
#6Can you explain like I'm 5 why ACH debits won't work and Debit Cards will? It must have nothing to do with fees, so you're saying you assume too much risk because you'd only have 2 days to reverse the transaction? I don't know what that would be true - because you guys aren't compliant with Regulation E or something? You should have 60 days.
Edit - reading some of the comments perhaps it's about convenience - 4-5 day wait, I don't know my account number, etc.
Re: Balanced Will Release an API to Push Money to Debit Cards
#7Sorry, but I have to ask as I did yesterday: Why was (YC S11) removed from the title? They were in Y Combinator Summer 2011 batch...
Re: Balanced Will Release an API to Push Money to Debit Cards
#8This will be really cool. We use Balanced for our payments system, and have talked with a lot of our users about pay-outs. The top two problems with getting customers to cash out are the security of giving away their bank account info, and the time it takes to get your check book and input the account and routing info. I'm curious about how this works though. I think Square Cash is doing something similar right? I've…
Balanced employee here.
>The top two problems with getting customers to cash out are the security of giving away their bank account info, and the time it takes to get your check book and input the account and routing info. Another benefit is that the debit card information is validated in real time, rather than waiting 4 business days for ACH credit to fail.
This is the main reason that customers have asked us to add this functionality since a debit card number is much more accessible and safer to hand out.
>I've heard rumors about how it works where the company basically posts a refund to the card even if it had never been charged. Is that correct?
That would be the hacky way to do it. We're planning to push money via the ATM rails which would make the transfer instantaneous.
Re: Balanced Will Release an API to Push Money to Debit Cards
#9From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this.
If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries.
Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and that's hardly malicious.
Re: Balanced Will Release an API to Push Money to Debit Cards
#10From a European perspective, it seems utterly strange that Americans don't simply use wire transfers for something like this. If someone wants to send me money, I just give them my bank account number (IBAN). Transfers are free within EU and the handful of outsider European countries. Why are Americans afraid of giving out their bank account numbers? The only thing you can do with an IBAN is send money to it, and tha…
Wire transfers are expensive here, $15~$30.
You can also withdraw money if you have the bank account information. A famous example is Don Knuth, who had to stop offering rewards checks: http://www-cs-faculty.stanford.edu/~knuth/news08.html