Show HN: One curl command issues next-day ACH deposit
At Balanced Payments YC W2011, we've been working on simplifying ACH deposits
and we've managed to boil it down to one curl command.
Tell us what you think! Ultimately, our goal with this is to provide ACH deposits for those who are already using existing processing solutions, but want to pay their users or vendors via ACH instead.
US only - we're cooking up something for international.
Without further ado:
curl https://api.balancedpayments.com/v1/credits \
-d amount=10000 \
-d description="Math lesson" \
-d bank_account[name]="Johann Bernoulli" \
-d bank_account[account_number]=9900000001 \
-d bank_account[routing_number]=121000358 \
-d bank_account[type]=checking \
-u 7b7a51ccb10c11e19c0a026ba7e239a9:
More about Balanced Payments here: https://balancedpayments.com
63 comments
[ 3.2 ms ] story [ 134 ms ] threadEdit: if you happen to seriously be confused by what I've written, please visit the url and ctrl/cmd f for the quote. Then, take a look at what is below. That is,
You can't do that in Stripe. If you want accomplish the same effect using Stripe, however, your customers will need some kind of account which is external to your site and/or a redirect. Does that help?Here's a simple jsfiddle: http://jsfiddle.net/KRFtB/
Obviously - you wouldn't encode your secret key, etc in production, but this is an example.
If you want to tokenize it properly, try:
http://jsfiddle.net/mahmoudimus/DGDkt/11/
We don't support CORS yet, but we're planning to do that shortly :)
Our company runs like an open source project, so anything you might have thoughts on, we discuss publicly here:
https://github.com/balanced/balanced-api
We are also on IRC providing real-time support: irc.freenode.net #balanced
Is Balanced Payments working on something that can put funds into someones bank account within the hour?
ACH, wire transfers, etc. - it is amazing how much of our "modern" banking practice is still defined by the constraints of (literally) horses and buggies.
3pm cutoff times, overnight settlement, multi-day wire settlement ... what a clown show.
For most B2B FedWires, it's pretty much instant. Yay Treasury.
The cutoffs do suck, however.
The US needs to catch up to the rest of the world with regards to banking. And also kill off checks.
http://www.frbservices.org/servicefees/fedwire_funds_service...
It costs less than $1 to send a FedWire. The FedWire can be up to $1BN. :)
The FedWire system is actually very similar to transfer systems in other countries. I'm not sure why ACH is still in use apart from as a way to digitize checks.
That said, most banks charge, at minimum, $12 per wire in/out for personal accounts. Most business/corporate accounts get wires free since that's how people pay each other (something like $1TN in wires is processed every day).
> At this point, under any other circumstances, the $9 billion would be wired electronically from one bank to the other. But there were a few problems with wiring the money. First off, it was a holiday weekend and banks would be closed in both countries until Tuesday. Secondly, wiring any amount of money usually takes 2-3 days and Morgan Stanley may not have survived another 24 hours! Finally, Morgan Stanley was itching to make a formal announcement of the merger as soon as possible in order to stop their stock price from plummeting any further. ... A few hours later, the Mitsubishi bankers returned to Morgan Stanley’s headquarters with what will likely go down in history as the biggest check ever written.
http://www.celebritynetworth.com/articles/entertainment-arti...
Edit: oh, you were talking about balanced.com. Yeah, I meant balancedpayouts.com. :)
Actually, Balanced Payouts is the product that we're showing HN here today.
Balanced Payments is the umbrella payment company that arches over Balanced Processing, the credit card processing/ach debit arm, and Balanced Payouts, the ach credit arm.
I'm happy to take suggestions on how to clarify that, if that wasn't clear from the homepage.
Our payment sizes are in the 5-7 figure range and checks take too long. Will you have the ability to receive via verified ACH in the future?
(just kidding, but this is why you probably should put all your products under one domain)
You always were able to do that - even before this post - using traditional online banking. I won't go into the details here, but trust me, it's frighteningly easy[1].
> What sort of fraud protection is there?
This isn't up to Balanced to solve. It's a banking system problem at its core.
[1] The problem is actually much worse, because it allows anyone to compromise your entire banking account (not just your checking account) trivially, but I'll leave that as an exercise to the reader!
:-)
Email me at my HN handle @balancedpayments.com
That's why there is no way to specify the source account?
Can one only send money with an ACH deposit or also pull money from an account?
[1] http://en.wikipedia.org/wiki/Automated_Clearing_House
bitcoind sendtoaddress <bitcoin address> <amount>
Works anywhere in the world, not just USA.