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dOrg Ecosystem Overview
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Fiat On-Ramp #29

Closed orishim closed 4 years ago

orishim commented 5 years ago

Problem

A fiat on-ramp for clients to pay our DAO through bank transfers.

Even though we only deal with crypto companies currently, most still prefer to pay consultants through good ole bank transfers. If we ever want to expand to non-crypto savvy clients (non-profits, corporates) this will be a necessity.

Solutions

Add a "Payments" page to the dOrg website that uses a 3rd-party fiat on-ramp integration. Clients can simply be directed to this page to pay us.

The 3rd party on-ramp must be able to support direct payments to our DAO's address– NOT some virtual wallet on their system which some privileged admin in dOrg needs to withdraw to our DAO.

Options:

Proposed Implementation

From @Phinneas

  1. Create new page for payments. Client navigates there from landing-page
  2. On new page dorg.tech/pay where clients can set-up payment, embed Wyre JSWidget https://docs.sendwyre.com/docs/widget-api-2
  3. From this page client would be sent to dOrg's DAO address to arrange payment.

Funding

[Proposal Passed] $1,000 US

Phinneas commented 4 years ago

I am looking to work on this as my first project.

dOrgJelli commented 4 years ago

Amazing! Some things we should iron out:

@orishim @Phinneas @nickplace any thoughts?

Phinneas commented 4 years ago

Description Create a fiat-on-ramp for those clients who do not use cryptocurrency. So new clients have the convenience of using bank transfers instead.

Potential Implementation Initial thoughts on implementation: 1) Create new page for payments. Client navigates there from landing-page 2) On new page dorg.tech/pay where clients can set-up payment, embed Wyre JSWidget https://docs.sendwyre.com/docs/widget-api-2 3) From this page client would be sent to dOrg's DAO address to arrange payment.

Funding $1,000 US

dOrgJelli commented 4 years ago

Amazing, thanks for this @Phinneas! I've added your details to the issues description above and created a proposal to the DAO to see if it'll commit to funding this: https://alchemy.daostack.io/dao/0xbe1a98d3452f6da6e0984589e545d4fc25af7526/proposal/0x224980d17cb684f5076601d63384ce860c25009de831e35a660d6d86c3534cd1

nickplace commented 4 years ago

I use waveapps to collect fiat from clients. Works great and they have a gateway built in. They take around 7% though if I remember right. But I like wave because it sends automatic payment reminders, tracks clients, has exportable reports. I say don't reinvent the wheel. Maybe implement something like this: https://developers.paystack.co/reference

dOrgJelli commented 4 years ago

@nickplace we're looking for something that automatically converts fiat into crypto, I'm not sure waveapps or paystack do this after taking a quick glance?

orishim commented 4 years ago

@Phinneas proposal has passed!

orishim commented 4 years ago

Really cool tool for aggregating fiat on-ramps https://github.com/dolomite-exchange/Fiat-Adapter

willyogo commented 4 years ago

Also recommend implementing Wyre's debit card feature. They don't have an embeddable version, but you can just pop open a new window and pass through query parameters such as the DAO's ETH address and accepted asset(s).

Docs: https://docs.sendwyre.com/docs/hosted-widget-1

Example 1: https://pay.sendwyre.com/purchase

Example 2: https://pay.sendwyre.com/purchase?destCurrency=DAI&dest=0xB5410de3c8Fe15872511eC8247EFd34CB8836A29 https://pay.sendwyre.com/purchase

Fees are 3.5% for debit, no account required (KYC is done in the background through debit card provider), and funds are received in minutes. Unfortunately there's a $250/day limit and I'm pretty sure it's US only at the moment. Really easy to implement though.

nickplace commented 4 years ago

@Phinneas Assuming this is abandoned.. I would like to pick this up if so.

Phinneas commented 4 years ago

@nickplace If possible I would like one more week or I could switch to something else.

On Mon, Mar 9, 2020 at 9:04 AM Nick Place notifications@github.com wrote:

@Phinneas https://github.com/Phinneas Assuming this is abandoned.. I would liketo pick this up if so.

— You are receiving this because you were mentioned. Reply to this email directly, view it on GitHub https://github.com/dOrgTech/Ecosystem/issues/29?email_source=notifications&email_token=AAHZ2YR6IFVP5LZXCCW3NJDRGUORTA5CNFSM4JHK5Q4KYY3PNVWWK3TUL52HS4DFVREXG43VMVBW63LNMVXHJKTDN5WW2ZLOORPWSZGOEOH3KRI#issuecomment-596620613, or unsubscribe https://github.com/notifications/unsubscribe-auth/AAHZ2YSOTCTKQOPNKBJHVP3RGUORTANCNFSM4JHK5Q4A .

nickplace commented 4 years ago

@Phinneas Feel free to look for an issue and create a proposal for it if you'd like. I did some digging around and it looks like every option supported by Dolomite is either not for US companies or requires a demo before signing up. Wyre doesn't support Vermont LLCs. Put a request into Moonpay and Carbon for a demo. Will update when I hear back.

nickplace commented 4 years ago

Should be pretty straightforward once we're approved by a provider or three.

We need to decide:

Phinneas commented 4 years ago

@nickplace there was a proposal that was funded. Did you look at that proposal?

nickplace commented 4 years ago

Carbon.money approved our account.. $2500 daily limit though so clients would need to pay over time. Still waiting to hear back from others.. @Phinneas any ideas?

Phinneas commented 4 years ago

@nickplace I would want to see what MoonPay has to say. There are also: https://cryptoapis.io or https://cryptoprocessing.io/api which might work as well. I don't think Carbon.money is a good option at this point unless over time the daily limit can increase.

Phinneas commented 4 years ago

What about this: https://www.kraken.com/en-us/features/funding-options

Phinneas commented 4 years ago

https://trade.kraken.com/markets?exchanges=kraken&types=spot%2Bfutures https://support.kraken.com/hc/en-us/articles/360001449826-Deposit-and-withdrawal-limits-by-verification-level

And this from MoonPay: https://help.moonpay.io/en/articles/2509649-what-are-the-daily-and-monthly-limits

orishim commented 4 years ago

For Kraken I don't see an embeddable widget. And for MoonPay I don't see support for bank wires / ACH.

The idea is that a customer can wire funds from their bank to a service that automatically converts it into crypto and sends it to the DAO.

Not sure if this is possible currently, but Wyre looks the most promising to me.

orishim commented 4 years ago

Ramp looks like the winner! You can specify any eth address as the destination for the crypto purchased from the user's bank account.

You can do the same with credit/debit cards with Wyre:

Wyre also has bank ACH support via Plaid but I didn't look into it yet https://docs.sendwyre.com/

Phinneas commented 4 years ago

Description Create a fiat-on-ramp for those clients who do not use cryptocurrency. So new clients have the convenience of using bank transfers instead.

Potential Implementation Initial thoughts on implementation:

Create new page for payments. Client navigates there from landing-page On new page dorg.tech/pay where clients can set-up payment, embed Wyre JSWidget https://docs.sendwyre.com/docs/widget-api-2 From this page client would be sent to dOrg's DAO address to arrange payment.

dOrgJelli commented 4 years ago

Sounds like a great idea to me @Phinneas !