fiat deposit/withdrawal options

[djudjuu]

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

• 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)
• small coverage (not sure i entirely got this): https://plaid.com/docs/auth/partnerships/circle/
• 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

Resources:

https://developers.circle.com/reference#payouts-transfers https://developers.circle.com/docs/ach-guide

[djudjuu]

summarizing, i think we should go for option 2)

@h-vishal what do you think?

[djudjuu]

maan, those costs are hefty....$25 per payout wire ?!?!