I think you mean ACH credits (payouts) and not ACH debits. The push to debits cards feature is less about the risk and all about the convenience.
The process of collecting bank account information from sellers/merchants has proven to be cumbersome for our customers for three reason:
1. People rarely have their checkbook on hand
2. People are less willing to provide that information (Whereas people are more comfortable giving out debit card information since they can always change the debit card number as an added security. It is also much easier to file a chargeback on a debit card transaction)
3. Bank account information cannot be validated in real time thus, increasing payout delays cause by typos.
I may have completely missed the mark on your question, if so please correct me.
Not at all, I get it. This, and I'm just trying to give feedback, wasn't a very well written article for someone who doesn't already understand the problem. After I understood the problem, the post was much, much easier to understand.
If you'd like a method for processing ACH where those three things aren't a problem, gimme a holler - tommy@paidez.com
>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.
Sure, the transactions would travel along the same rails used when you walk up to an ATM and withdraw funds. When you input your debit card, the information is validated immediately, your balance is then depleted by the amount withdrawn. The push to debit card functionality will move funds along this network instead of the cumbersome ACH network, which take days to process requests and validate bank account information.
Note: I work at @ Balanced payments and specialize in Customer Success. I've never started my own CF platform but work with several donation and crowdfunding platforms.
I have little to no understanding of the Nepali payments infrastructure but here's my non technical perspective on this question:
>We are totally confused about whether limiting our service within Nepal or try to extend globally.
My recommendation would be to allow for global donations but limit your platform to Nepali causes. This will give your platform a differentiation factor but more importantly, allow you to dig into the nuanced needs of a specific culture.
You can increase global awareness as well as harness global charity. Limiting to Nepali donations would be restrictive since charitable culture tends to exist more heavily outside of that region.
There is a general fascination with Nepali culture (thank you, Himmalayas!), and crowdfunding efforts to help as well as document (i.e. financing photographers and amateur sociologists who wish to capture the life and time of Nepal) would be very effective.
Speeding up ACH debits, which take 3 to 4 business days right now, is in the works.
Wells Fargo does not offer same day ACH debits, but they do offer same day ACH credits. The reason for this difference is that the risk of pulling funds from an account is much greater than pushing funds to it. That being said there is still room for us to shorten the time it takes for ACH debits to process and we are actively working on that.
I'm looking for a good solution to set up recurring payments on Shopify. I've had endless trouble with Chargify (seems to be mainly that PayPal is awful for recurring and Stripe is still in beta for them), and the other recurring payments app is still in Beta. Does Balanced have any kind of solution I could use? My email is in my profile if you'd like to discuss more.
Close.io is awesome! How it stacks up to other CRMs I have used:
Streak: Great way to store Data in spreadsheet form but very difficult to analyze. It's often sluggish and unreliable. Search is no where near effective. It's more of a Data storage app versus an actual CRM. On days it crashes or does not load, my sales came to a halt!
Highrise: This is one big headache. The search feature is seriously lacking and it's difficult to add data, or even analyze it later. I like to see my pipeline at a glance. Highrise provides more individual leads at a glance.
Close.io is the perfect combination of a powerful search, intuitive UX and analytical feedback. At a glance, I know exactly what I have to accomplish in a given day or week, and the top leads to pursue. Prioritizing and tasking is dead simple, and the UX extremely responsive. Best feature of all: make calls through the App. I personally am terrible at taking notes after a meeting, especially when I'm swamped, so getting the opportunity to go back and listen to my calls is super helpful! Especially when I'm trying to pinpoint areas that need improvement in my pitch.
I think you mean ACH credits (payouts) and not ACH debits. The push to debits cards feature is less about the risk and all about the convenience.
The process of collecting bank account information from sellers/merchants has proven to be cumbersome for our customers for three reason: 1. People rarely have their checkbook on hand 2. People are less willing to provide that information (Whereas people are more comfortable giving out debit card information since they can always change the debit card number as an added security. It is also much easier to file a chargeback on a debit card transaction) 3. Bank account information cannot be validated in real time thus, increasing payout delays cause by typos.
I may have completely missed the mark on your question, if so please correct me.