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Send money to a customer’s checking account using their debit card number

balancedpayments.com

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Re: Send money to a customer’s checking account using their debit card number

#31

Post by RexM »

steveklabnik wrote: post #30
RexM wrote: post #29

I think I'm most interested in balanced using crowd funding to raise money for implementing new features. Raising $50k to create a product that allows them to charge $1/use. Are there any posts from balanced about this method of getting things done? I found these two articles: http://www.crowdfundinsider.com/2014/01/30651-balanced-uses-... http://techcrunch.com/2014/01/24/balanced-crowdfunding-produ...

It was on our blog: http://blog.balancedpayments.com/push-to-cards/ This is the first time we've done this, so we haven't written a lot about it yet because the feature hasn't actually shipped. I will also say that the money was more in the theory of lean than actually paying for the development of the feature. We wanted to gain feedback and see if our customers would actually use this feature.

Thanks. I hope you guys blog more about it. It def. shows how interested people are in the feature and makes people pony up, to prove it.

Re: Send money to a customer’s checking account using their debit card number

#33

Post by mtamizi »

ginko wrote: post #32

Maybe it's because I'm from Europe, but I don't see what's so special about that. Isn't the debit card number just the bank account number?

There's a few differences: 1. You have to hunt down a check or track down your account number and routing number from your bank where you have your debit card in your wallet. 2. We've found that customers are more skittish to share their bank account than their debit card number. I can try to guess why, but that's at least what we see. 3. Bank account numbers can't be verified in real-time (takes 2-3 business days) where debit card numbers can. This can lead to big issues the first time a customer gets paid and a poor initial experience.

Re: Send money to a customer’s checking account using their debit card number

#34

Post by mrjatx »

ginko wrote: post #32

Maybe it's because I'm from Europe, but I don't see what's so special about that. Isn't the debit card number just the bank account number?

NOoooooo not even remotely. That would be terrible.

The debit card number is a layer of abstraction that allows you to HIDE your bank account number from retailers. If you give someone your bank account number they can do whatever they want until you shut down that BANK account.

Someone steals your debit card or the number it's super simple to get that changed and replaced. Someone steals your bank account number it's a nightmare.

Re: Send money to a customer’s checking account using their debit card number

#35

Post by ginko »

mrjatx wrote: post #34
ginko wrote: post #32

Maybe it's because I'm from Europe, but I don't see what's so special about that. Isn't the debit card number just the bank account number?

NOoooooo not even remotely. That would be terrible. The debit card number is a layer of abstraction that allows you to HIDE your bank account number from retailers. If you give someone your bank account number they can do whatever they want until you shut down that BANK account. Someone steals your debit card or the number it's super simple to get that changed and replaced. Someone steals your bank account number it'…

> Someone steals your debit card or the number it's super simple to get that changed and replaced. Someone steals your bank account number it's a nightmare.

So account numbers are essentially secret?

Over here, they're like phone numbers. You need them to transfer money to someone else.

Re: Send money to a customer’s checking account using their debit card number

#36

Post by Osmium »

mtamizi wrote: post #33
ginko wrote: post #32

Maybe it's because I'm from Europe, but I don't see what's so special about that. Isn't the debit card number just the bank account number?

There's a few differences: 1. You have to hunt down a check or track down your account number and routing number from your bank where you have your debit card in your wallet. 2. We've found that customers are more skittish to share their bank account than their debit card number. I can try to guess why, but that's at least what we see. 3. Bank account numbers can't be verified in real-time (takes 2-3 business days) w…

> 1. You have to hunt down a check or track down your account number and routing number from your bank where you have your debit card in your wallet.

In the UK at least, your account number and sort code are also on your debit card?

Re: Send money to a customer’s checking account using their debit card number

#37

Post by battani »

mrjatx wrote: post #34
ginko wrote: post #32

Maybe it's because I'm from Europe, but I don't see what's so special about that. Isn't the debit card number just the bank account number?

NOoooooo not even remotely. That would be terrible. The debit card number is a layer of abstraction that allows you to HIDE your bank account number from retailers. If you give someone your bank account number they can do whatever they want until you shut down that BANK account. Someone steals your debit card or the number it's super simple to get that changed and replaced. Someone steals your bank account number it'…

If someone steals your bank account number and charges you, you call your bank to reverse the transaction and block any future transactions from the thief :) did that yesterday, works like a charm.

Re: Send money to a customer’s checking account using their debit card number

#38

Post by vidarh »

mrjatx wrote: post #34
ginko wrote: post #32

Maybe it's because I'm from Europe, but I don't see what's so special about that. Isn't the debit card number just the bank account number?

NOoooooo not even remotely. That would be terrible. The debit card number is a layer of abstraction that allows you to HIDE your bank account number from retailers. If you give someone your bank account number they can do whatever they want until you shut down that BANK account. Someone steals your debit card or the number it's super simple to get that changed and replaced. Someone steals your bank account number it'…

In most of the world, giving someone your bank account number for them to pay into is routine, and won't give them the ability to do anything with your account other than send you money.

Re: Send money to a customer’s checking account using their debit card number

#39

Post by steveklabnik »

Osmium wrote: post #36
mtamizi wrote: post #33

Earlier quoted context omitted.

There's a few differences: 1. You have to hunt down a check or track down your account number and routing number from your bank where you have your debit card in your wallet. 2. We've found that customers are more skittish to share their bank account than their debit card number. I can try to guess why, but that's at least what we see. 3. Bank account numbers can't be verified in real-time (takes 2-3 business days) w…

> 1. You have to hunt down a check or track down your account number and routing number from your bank where you have your debit card in your wallet. In the UK at least, your account number and sort code are also on your debit card?

US debit cards look identical to credit cards, except they say "debit" next to the card brand. No account or routing numbers.
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