Dapi is a new way to accept zero fee, instant payment directly from your user's bank account. No fee per payment, No interchange, No intermediaries!
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@mrcommonsenz What banks are supported? Since many banks don't support payments via API, how will you extend coverage? Also, how will disputes be handled? These transactions seem to be along the same lines of Zelle and are non-reversible. Thoughts?
@mrcommonsenz@joshua_silver1 Hi Joshua, All banks support a form of payment. Even if they do not have an API we provide you with an API. Our service automate the steps in the background. All top US banks are integrated with aim to reach 100+ in couple of months. The payments generally are not subject to charge back. For dispute resolution it is something merchant will do it initially. We authenticate user identify initially to reduce fraud. The relationship resembles cash. If you want something you speak to the merchant. and also direct access to funds you just earned!
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Congrats! Bank transfers are way cheaper than card payments. If I may ask, does this allow the merchant to add a payment method to their product? What about a consumer that wants to buy from the merchant, do they need to add the merchant as a beneficiary?
@ma_in_nafi_ We do this on the user's behalf. Dapi automates the entire process, so we will add the business as a beneficiary and then initiate a payment to them. We then immediately let the business know if the payment succeeded or failed.
@aleks_s Stay tuned. End-user will love using Dapi :).
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Congrats on the launch. The value proposition for merchants sounds awesome. As someone who builds online stores for businesses I can see how welcomed this would be and can't wait to recommend merchants.
A couple questions:
1. How do you prevent transactions being cancelled ? As I'm sure you're aware people will always try to defraud. I can see someone buying, authorising, you create a wire on the background and I immediately place a call to the bank to cancel? Meanwhile the merchant has a green light to ship the product. Am I missing something ?
2. Some banks charge for wires right ? So can't I (as a customer) find myself in a position where I pay $20 wire fee for a $40 online purchase ?
I think an online demo (for like $1 Transaction) would be a good sales enabler.
Good luck 🙏
@ricardojrsousa Payments that are not initiated will be pending. Overtime, we will be able to tell you to go ahead for most of the customers.
We do not do wire transfer. We use other mechanisms to facilitate push payment. Let's talk more happy to explain the backend magic :)
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It's an awesome product! Congrats on launch. I'm curious to learn more about this product and have few questions, if I may ask:
1. Do you integrate with each bank one on one?
2. How do you process refunds?
3. How do you mitigate against fraud?
4. What's the dispute resolution mechanism?
5. Is the merchant settled in real time?
6. Is the merchant settled by Dapi or Bank?
@lokeysh Hi Lokesh!
-We integrate on the top of banking infrastructure
-Refund process is managed by merchant using the merchant portal
-We authenticate the user and link the device to the payment
-Just like cash, subject to merchant policy.
- In many instances yes. but not all. However we will settle faster than your average credit card transaction.
- Dapi is a technology company the transaction is done by the end-user and the merchant. and settling will be done via the banks that are serving them or our future partner bank.
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Incredible team and product. It is challenging to create a product that can scale in both developing and developed economies. Dapi is well positioned to do this. Excited to watch this service scale.
@mrcommonsenz@ronanawall When you get access you should be able to serve customers from top 20 banks. We are not integrated with all banks yet However, we will cover most if not all consumer accounts over the next 8 to 12 months.
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Might I suggest a "Switching from Plaid API to Dapi API" blog post or Doc page?
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