users should be able to do deposits & withdrawals with fiat currency. A good user experience would require only a one-time setup to do both.
Options
1) card payment
settlement 3-4 days, refund 5-10 days
simple to setup
works everywhere
can not do payouts -> would have to setup a second withdrawal solution
we need to pay extra care to handle the encrypted data
? can the funds be called back? what happens then
2) Wire payments
settles in 3-4 days
wire transfers work for deposit & withdrawals
one-step setup
different bank-details methods for different countries (US, SEPA, Non-SEPA)
user has to make sure to set the right code on their tx, otherwise circle will sent it back
we need to test with a few different banks what happens if the bank-address details are not given correctly (I am not used to give the address of my bank)
3) ACH payments (integrate with Plaid)
cheapest option, settles in the same time
good ux
option to automate payments (automatically withdraw their money (maybe? see question below)
kinda complicated: need to integrate with their api too: link
? i read somewhere that at least thats the basis for payment providers like UBI, googlepay, .... I didnt fully understand this yet
Goal-capability
users should be able to do deposits & withdrawals with fiat currency. A good user experience would require only a one-time setup to do both.
Options
1) card payment
settlement 3-4 days, refund 5-10 days
2) Wire payments
settles in 3-4 days
3) ACH payments (integrate with Plaid)
cheapest option, settles in the same time
Resources:
https://developers.circle.com/reference#payouts-transfers https://developers.circle.com/docs/ach-guide![image](https://user-images.githubusercontent.com/9882716/116224182-9f7e2a00-a750-11eb-8887-9c22e95cc9ea.png)