Push money to a debit card #32
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plus million :D |
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looking forward to seeing this happen! not sure if you've seen this already: https://developer.visa.com/vpp?redirect=%2Fvpp%2Fenrollments%2Fnew%3F&sign_in=true every major CC seems to have their own breed in some way or another.. |
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@bluesman Visa currently calls the system VMT (Visa Money Transfer). It supposed to work with every issuing bank, but banks hate this. They make money from you not paying off your balance. The idea that someone is loading money onto your credit card pisses them off. That being said, there are definitely ways to go about it, but you have to patch together many different systems. The first six digits of a card number is called the BIN (Bank Identification Number). Balanced could build a database of BINs and the associated method to push money to that card. As far as I can tell, no one does this in a reasonably robust way. There is however an intermediate solution. There is a concept of a non-referenced refund. In essence, a refund does not have to be associated to a charge (card settlement). It's brittle and you get hit with interchange just as if you were charging the card, but some merchants already do this to perform a refund after the 30 day period has passed. The Balanced API doesn't support a non-referenced refund because you have to perform the refund against a debit. It's possible to remove that requirement if there's enough support. |
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@matin - interesting, thanks for the info! Consider this a +1 in support of non-referenced refunds. When you say 'remove that requirement' - do you mean removing the requirement of having to perform a refund against a debit? We have also looked for (but not found) a solution to programatically fill prepaid credit cards and issue them to users. so rather than crediting an existing credit account, a funds recipient receives a "gift card". |
That's exactly right, but it would also mean that we would charge for that refund since we have to pay the banks and networks
You should take a look at Payoneer. I would like to provide a solution for you, but I doubt we'll have anything in the next six months. In the meantime, I've heard good things about Payoneer. |
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Thank you - i'll take a look! |
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Something like this would be awesome, in particular for someone running an online P2P marketplace (like me) where I have to pay back out to sellers after taking our fees. Right now PayPal is the only decent solution to this, otherwise my sellers would need accounts from Balanced or other providers. I can understand its difficulties, but it would be a selling feature for me... |
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@danawoodman your sellers wouldn't need any external accounts with Balanced: https://www.balancedpayments.com/docs/None/merchant |
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@danawoodman note you can do this through authorize.net today - they have an option for you to do a refund that is not linked to an original transaction. it goes without saying that implementing authorize.net is a huge pain - that's why I am looking forward for balanced to come up with a clean-api easy to use solution for paying users via credit card |
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How is this implementation going? Is it in active development and/or should it be expected to get released soon? |
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Hi Henrique - yes it is live - and we'd love to switch to crediting credit On Mon, Jan 21, 2013 at 11:02 AM, henriquecruz notifications@github.comwrote:
**Kormox is hiring! http://www.kormox.com -> careers *Pablo Osinaga - Kormox |
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+1 for this feature! |
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Didn't even know this was possible. 🤘 |
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+1000 |
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+1, I would love to see this as an alternative to ACH payments. Seems like this would be a viable way to make payments to international merchants, yes? What is the status of this feature? |
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@david-l-young this is pretty low in the stack because of the constraints in the banking networks. It's possible to push money to debit cards but anything else is a hit or miss. I've discussed this with countless banks, and they each have different constraints. |
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OK, thanks for the update. We will be using ACH for our US merchants, but Thanks -- dly David L. Young On Tue, Apr 2, 2013 at 1:49 PM, Matin Tamizi notifications@github.comwrote:
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@david-l-young pushing money to debit cards is something that's possible, but Balanced does not currently support it. |
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I'd also love to be able to push money to debit cards! |
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@danlipert what is your use case? |
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Hey @matin - we are an online marketplace for collectors and just wanted to simplify the sign-up process and make sure our conversion rates are healthy. We've gotten feedback that bank account information seems to our users more sensitive then just entering a debit card, which they are already used to doing on typical ecommerce sites. |
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This issue has been updated to only address pushing money (issuing a credit) to debit cards since it's known that US based debit cards support this functionality. The model would work similarly to how ACH credits work in Balanced where a destination is specified. It is unknown if non-US based debit cards support this functionality. It is known that many credit cards do not support the ability to push money to them. |
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This issue depends on the completion of #136 to provide verification of when a card is a debit card. |
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This would be epic. The biggest problem for Peaceofcode.com is how to pay developers for the work they do besides paypal or wire-transfers. In countries like Bangladesh they do not have Paypal and paying to these non-paypal countries is a pain in the neck. If you can get International debit-card payments working then Balanced is the Go-To payments solution on the net. Game over Paypal :-) |
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I am also interested in pushing credit to a credit card. Please let me know if anyone hears of any advancements in this area. |
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This would be excellent, even just for debit cards. I have a feeling people are more willing to give out debit card details than bank account info. Looks like this is possibly what Square is doing with their Cash product (beta) just from reading their faq since they require a debit card on both ends, probably also to keep costs down. Would be awesome if balanced was able to offer this kind of thing to more developers! |
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Any updates on this @matin ? Thanks |
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@nimri it's possible to do it for some banks by pushing money over the ATM rails, but it doesn't work for some major banks like Wells Fargo. Solutions like Square Cash fall back to issuing a refund to the card, which is slow and a bit confusing. Here's an example from my Wells Fargo bank statement: The primary limitations are that it only works with US debit cards. The biggest value in that case is that it's easier to ask for someone's debit card than their bank account number and routing number, and when you can use the ATM rails, it's near instant 24/7. In other words, it is possible, but the limitations reduces the value. As a result, we've seen much more demand for other projects like our new dashboard, ACH Debits (#2), accounting (#147), and (a hot topic) international payouts (#23, #44). Pushing money to cards is something that gets me really personally excited because it enables some new use cases, and it's just freakin' cool!!! I'll keep this issue updated as we make progress. |
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@matin thanks for the info. I also rank international payouts just as important - any progress on that? On Thu, Jul 25, 2013 at 1:12 PM, Matin Tamizi notifications@github.comwrote:
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@matin any thoughts on supporting Visa's Original Credit Transactions? I think other card networks support similar things too (e.g. MasterCard MoneySend maybe?), and it looks pretty cheap (10 cents or something). Lots of debit cards go through the Visa/MasterCard networks. I don't have enough knowledge to say if this would help or not. What do you think? |
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@devongovett Visa OCT (now called Visa Money Transfer) and MasterCard MoneySend work great in theory, but they're not actually supported by every bank. The problem is that bank hate VMT. Issuing banks (the one issuing the card) make lots of money on the card holder not paying their balance. The idea that someone would pay your balance for you means they would make less money. Even with the spotty support for issuers, the support for acquiring banks (the one processing) is even worse. For example, JP Morgan Chase has to support VMT under Visa rules, but Chase Paymentech who processes ~65% of online transactions doesn't support processing VMT. VMT is also US only. Pushing through the ATM rails works much better IMHO, which is why Square Cash limits to you receiving money on your debit card. |
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+1 |
1 similar comment
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+1 |
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Fuze Network has spent the last three years building a platform that is connected to all of the necessary networks to enable funds to be pushed to any bankcard. There's no silver bullet to offer bankcard disbursements. Which is why we set out to make one. Our API is simple and currently supports about 14,000 issuing banks. For more info visit our website: www.fuzenetwork.com |
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+1. I'd love to see this implemented! |
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@scottstonefuze Fuze looks pretty promising! Is this something that a single developer could set up easily like with Balanced, or more along the lines of a provider that a company like Balanced or another payments company could use under the hood? I didn't see a whole lot of info on pricing, registration and API docs on the website, so I assume one would have to use the contact form to negotiate a custom deal? If it is more along the lines of a provider, I'd love it if Balanced or another provider like them made a deal with Fuze to make this happen. Would be very cool to be able to do this. |
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My impression was that pushin money onto credit cards is illegal. Has this On Fri, Sep 6, 2013 at 12:45 AM, Devon Govett notifications@github.comwrote:
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Money can be 'pushed' to a credit card but it must be a payment. Yes, Balanced could connect to Fuze Network to provide bankcard disbursement as an option as could a single developer for something else like an online marketplace, a billpay app or a banking app, etc. Fuze will be adding API documentation soon. In the interim please feel free to send any questions at http://www.fuzenetwork.com/contact-us/ |
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Might be a relatively dead thread, but my company would use this feature if it was available... |
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@Gabe-SpotMe not a dead thread at all -- this is something on our roadmap. What are some of your use cases? How do you think it should work? Can you share some more insight? |
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We manage gym benefits for employers. Check us out at spotmefit.com. For some of our customers we can't integrate with their payroll so we disburse benefits directly to employee bank accounts. It works but getting all the necessary banking info is a pain because employees don't always have easy access to their bank account and routing numbers. If we could push money to a debit card, that most people carry around with them, then it would be much easier for employees to setup their financials with us. I imagine it would work just like crediting a bank account works through your API. |
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We're definitely still interested as well. Entering bank and routing We would need the pricing of this feature to be roughly in line with ACH I believe Stripe is working on something similar (and obviously this is one On Tue, Jan 7, 2014 at 5:05 PM, scottstonefuze notifications@github.comwrote:
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We're happy to discuss your use case and volume. You can reach me at the Best, Scott Stone Fuze Network: Recharge Any Card (video) http://youtu.be/IVn4iKyRD34 This e-mail is subject to the electronic privacy notice On Tue, Jan 7, 2014 at 5:31 PM, Ted notifications@github.com wrote:
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@scottstonefuze curious to know how a Balanced customer could use Fuze alongside Balanced? Would Fuze be a separate, downstream process technology? Would Balanced and Fuze have to do an integration? @Gabe-SpotMe's comment makes me think the latter is desirable. @Gabe-SpotMe I think you nailed the value prop of 'push to card.' It's not actually about speed, but rather ease of use for merchants. @tedpower thanks for the feedback on pricing. We'd probably aim for a fixed fee per payout. Not sure if it would be at 25¢ though. |
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Speed is really important. Instant gratification is being pushed to new A Balanced-Fuze integration would be great. At this time it would be a On Wed, Jan 8, 2014 at 9:48 AM, Jareau Wade notifications@github.comwrote:
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@scottstonefuze, my cofounder Will has already been in contact with you and I might join in on our future conversations. The integration would definitely make it easier on us since we're already on the Balanced platform. The only negative is the cost. It seems that the debit card credit is currently much more expensive than an ACH credit. Hopefully that cost would come down substantially with volume... |
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+1 on Fuze integration with balanced @scott is Fuze much faster than an ACH credit transaction? When we tried On Wed, Jan 8, 2014 at 3:00 PM, Gabe-SpotMe notifications@github.comwrote:
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Credit Cards have various cut-offs for same day and post next day at the +1 Noted |
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The campaign just met its goal: |
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👍 |
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I wrote a blog post yesterday talking about the progress and key backers: http://blog.balancedpayments.com/push-to-cards/ |
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Now supported! |
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Guys, I couldn't find more info on push-to-card than this thread. At the push-to-card page (https://www.balancedpayments.com/push-to-card) it says it's in private beta. Main page says Balanced is helping out Stripe. Does it mean push-to-card will work in Stripe? I'm trying to figure out whether it works for US-only or it can work internationally? Also whether which cards does it work with? Only Visa? |
and others
It's higher friction to collect bank account information than a credit card number. It would be useful to be able to push money to a credit card to pay a merchant.
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