Ask questions of YC alum (S13) and ex-Visiting Partner, Edrizio de la Cruz.He’s publishing his new book, The Underdog Founder, on September 19th where he shares his odyssey from when he sold guavas in his Dominican barrio all the way to when he sold his company to Mastercard.Edrizio will present the book in a YC off-the-record founder story format. Then, we’ll do an AMA to answer any questions...
He’s publishing his new book, The Underdog Founder, on September 19th where he shares his odyssey from when he sold guavas in his Dominican barrio all the way to when he sold his company to Mastercard.
Edrizio will present the book in a YC off-the-record founder story format. Then, we’ll do an AMA to answer any questions you may have. We’ll cover topics like fundraising, M&A, mental health, overcoming extreme obstacles, and more.
The advanced preview copy of the book impacted me in it’s brutal honesty about the challenges Edrizio had to overcome. It’s a version of the founder story that’s rarely told and refreshing to read.
Leave your questions in the comments for the AMA.
More about the book: edriziodelacruz.com
Given(/^I have sufficient funds in my marketplace$/) do
step 'I have tokenized a card'
@client.post("/cards/#{@card_id}/debits", {
amount: 500000
})
end
Given(/^I have a tokenized debit card$/) do
@client.post('/cards',
{
name: "Johannes Bach",
number: "4342561111111118",
expiration_month: "05",
expiration_year: "2015"
}
)
@debit_card_id = @client['cards']['id']
@client.add_hydrate(:debit_card_id, @debit_card_id)
endThe scenario: https://github.com/balanced/balanced-api/blob/master/feature...:
Scenario: Push money to an existing debit card
Given I have sufficient funds in my marketplace
And I have a tokenized debit card
When I POST to /cards/:debit_card_id/credits with the JSON API body:
"""
{
"credits": [{
"amount": 1234
}]
}
"""
Then I should get a 201 Created status code
And the response is valid according to the "credits" schema
And the fields on this credit match:
"""
{
"status": "succeeded"
}
"""
And the credit was successfully created
There's a lot of other companies facing the same challenge and have also come to the conclusion that there isn't a sufficient solution pre-built. Hopefully, we'll get to the point where there's a standard solution that everyone can use instead of tons of homegrown solutions.
As a simple example:
1. Create customer
2. Add tokenized card to customer
3. Charge the card
Step 2 requires the HREF/ID of the customer. Step 3 requires the HREF/ID of the card.
That's not the way we're doing it. I've tried to find such a system, but AFAIK, it's not possible.
The mechanism of paying people using their debit cards is the same.
Visa limits the transactions to $2,500 per transaction. Other networks don't have as well defined of a limit. We set the $2,500 limit in the API to set a reasonable expectation. We'll learn more about the limits over time and document it here: https://github.com/balanced/balanced-api/issues/603
Under promise. Over deliver. That's the best way to answer that. :-)
We have partnerships and direct ATM network integrations to clear in real-time for ~55% of debit cards. I didn't want to promise that until we've done enough volume to see that clearing time for ourselves instead of basing it what our partners have communicated to us. Once I have enough data/proof, I'll update the language to reflect the faster speed.
Ally isn't going to help you in this case. Ally doesn't know you, and you're asking them to give you money from one of their customers.
Who is your payment processor? You can issue an ACH reversal. You would get your money back if the money is still in the recipient's bank account. It's worth a try since they may not be expecting you to reverse the transaction and will still have money in the account.
Balanced does: https://www.balancedpayments.com/ach-debits