fiat deposit/withdrawal options #212
Description
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
