Can a Balanced user use an Etrade account as their funding source / payout destination?
These accounts have standard routing and account numbers but it is not clear if credits and debits are accepted in the normal way.
If this is possible, does the customer need to set up authorization etc. with Etrade before using Balanced?
Thanks!
https://us.etrade.com/home
If your Etrade account has a routing number and account number like any other bank account in the US then it will be compatible.
If it's a virtual bank account that can only be accessed via the Etrade website then it will not work.
Balanced uses the ACH network to perform credit and debit operations on bank accounts so there is nothing specific to a particular bank.
Related
I am just trying out the open-API specs provided by tmforum https://www.tmforum.org/open-apis/ and cannot seem to figure out the difference and actual purpose of the financial account resource mentioned in account management API specs. Can someone please elaborate?
The financial account aggregates the amounts of one or more billing accounts owned by a given party. For example, as a customer, I may have multiple billing accounts (e.g. for broadband services for multiple properties) - the financial account is the aggregation of these billing accounts.
Is it possible to attach a balance to a Bank Account?
Our product has a bank balance and we process payments that have to be sent back to Xero. I don't understand how to best present our bank balance in Xero or even if it makes sense to do this.
Currently I automatically create an expense account using the API and associate all payments we create in Xero with that. This isn't ideal because we'd like to show the current balance of funds the customer has in our product. Also, the account the user has with us isn't really an expense account it's more of a bank account.
When I create a bank account in Xero, I can't figure out how to associate an existing balance. Any guidance on best practices here would be appreciated.
Is it possible to attach a balance to a Bank Account? Our clients have a balance of funds with us very similar to a bank balance. How can I make that balance show up in Xero and have that account be used for Payments I create using only the API?
You can set the conversion balance for a bank account using the Setup endpoint:
https://developer.xero.com/documentation/api-guides/conversions
That will let you provide the initial balance via the API; the balance from that point is maintained via requests against the BankTransactions endpoint with the appropriate types:
https://developer.xero.com/documentation/api/types#BankTransactionTypes
Background: The website is designed for property managers and tenants to do the following -
1. Property Manager registers for the site
2. Property Manager creates their Tenant users
3. Property Manager and Tenant verify their own bank accounts using Balanced Payments from our site
4. Once verified, the Tenant logs in, enters an amount to pay to the Property Manager and submits payment
5. Amount entered by Tenant is debited from their account using ACH and placed in Marketplace
6. Marketplace automatically credits rent amount to Property Manager (minus a $7.50 transaction fee).
The problem I have is when the Tenant pays, the debit is created in the log, but the credit has a 409 error "insufficient marketplace funds"; does anyone know how to remedy this error? Should I/Can I put a delay on the issuing of the credit until the debit is actually received in the Marketplace? I have several screenshots if it would help..
Thank you in advance for the assistance,
Jake
Founder, RentEater.com
You're using ACH, or bank account, debits here. Due to the asynchronous nature of the ACH network, these debits don't succeed immediately, like credit card debits do. They are batch-settled once per day, and take around 3 business days to succeed. This page has some more information on this process:
https://www.balancedpayments.com/ach-debits
One way to work around this is to keep a reserve of funds in your marketplace's escrow account, so that you can pay out credits immediately after creating a debit. The credit will come from this reserve, which will be replenished when the debit succeeds.
I'm not sure this is the right place to ask but anyway:
I have an e-commerce platform that I want to monetize based on a percentage of revenue made (eg. a store that uses my platform has an order for $100, so I get 1% or $1, while they get $99).
Currently I offer paypal and credit card payments (via my merchant bank) to all stores on the platform (ie. all payments made, regardless of the store, are through the same paypal and merchant account). I then pay these stores per month which is ok for the moment because there are only a few stores using the platform.
Moving forward I want to automate this process and ideally have it operate in real time.
Paypal have an "Adaptive Payments" API that allows chained or parallel payments on a single transaction processed in real time. This means I can skim my 1% and pass the rest of the money along my customer in real time.
I was wondering if there is a similar real-time service for Credit Card processing*? If not, is there a bank/merchant that allow API payment access so I can automate payments per day or week? OR should I just transfer all money from my bank to paypal and use this to pay my customers?
*I realise you can process credit card payments through Paypal without having to sign up, but this is less than ideal. I want the credit card processing to happen on my page as at the moment I'm seeing about 70% of orders using this over paypal.
I was wondering if there is a similar real-time service for Credit Card processing?
No there isn't. True merchant accounts do not allow for split payments. Only one entity can receive a payment and it must be the business the merchant account has been set up for. Receiving the payment for someone else is called factoring and is against all of the major credit card issuers' rules. If a merchant account is found to be factoring it will be closed and the merchant who owns the account will be blacklist. This will prevent them from ever having a true merchant account again. Additionally, there is no way to send money with a merchant account other then issuing a refund for prior purchases.
If not, is there a bank/merchant that allow API payment access so I can automate payments per day or week? OR should I just transfer all money from my bank to paypal and use this to pay my customers?
Other then using adaptive payments, this is definitely the easiest and most straight forward way to accomplish this.
I'm looking for a way to automate a transfer from one credit card to another credit card or from one bank account to another bank account, without the end user having to login to something like paypal or amazon payments to complete the process (by transferring their on-line balance to their bank account).
This is extension to the earlier question.
API For Direct Deposit (ACH, EFT, Whatever)
Anybody solved this. Could you suggest the answer?
[EDIT]
I know that PCI compliant issues will be there to store credit card info in database. So I am checking for an API which saves saves the info and doing crediting and debiting credit card.
Is there any issue to store the bank info in database?
[new]
I saw that there is an api for that. echeck.net which uses ACH network and credit/debits a bank account.
Is it possible to store the bank info in authorize.net server through CIM API, and use them whenever website needs to collect money from consumer, through a script? and through script is it possible to credit the users bank account from website bank account?
I saw that there is an api for that.
echeck.net which uses ACH network and
credit/debits a bank account.
Is it possible to store the bank info
in authorize.net server through CIM
API, and use them whenever website
needs to collect money from consumer,
through a script? and through script
is it possible to credit the users
bank account from website bank
account?
CIM does work with eChecks and should do what you need. See page 9 of the CIM manual for details of the createCustomerProfileRequest API call.