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Balanced Payouts looks awesome. We use Stripe to deal with PCI issues, and it means we put some degree of trust in Stripe. I feel like when dealing with ACH an
by losvedir 14y ago
Balanced Payouts looks awesome. We use Stripe to deal with PCI issues, and it means we put some degree of trust in Stripe.
I feel like when dealing with ACH and actual bank accounts, we have to put so much more trust in them because there don't exist the same protections consumers have with credit cards.
Could someone (internal or external) breach Balanced's security, grab all of the bank account numbers and routing numbers, and siphon out everyone's funds? What would be the recourse of users who lost money that way?
I want to love Balanced and is it solves a huge pain point in our start up, but I'm always cautious with our own customers' financial information. I checked Balanced's web site, but couldn't find what kind of security systems they have in place, what kinds of engineers they have on the job, etc.
- mjallday 14y agoBalanced uses the same tokenization and vaulting for bank accounts as for cards so there's no way to pull the unencrypted data via the API. Could someone grab the tokens and charge the bank accounts? Absolutely, the same as with any payment processor. From the Wikipedia page on ACH "the consumer has 60 days upon notification to dispute a transaction in his statement" - http://en.wikipedia.org/wiki/Automated_Clearing_House http://en.wikipedia.org/wiki/Automated_Clearing_House (not that I've personally tried this)