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Its my understanding that Visa / Mastercard will protect non pin based debit transactions (since they are really credit transactions). ACH is a different beast,
by matthewarkin 12y ago
Its my understanding that Visa / Mastercard will protect non pin based debit transactions (since they are really credit transactions). ACH is a different beast, from what it sounded like when reading the article, Balanced is somehow determining account numbers / routing numbers from bank accounts, which would be bad if they got hacked. On the other hand, they could just be issuing refunds to the cards.
- steveklabnik 12y agoWe are not determining bank account numbers from debit card numbers.
- madeofpalk 12y agoYou're issuing 'refunds' onto the cards without charging in the first place, right?
- steveklabnik 12y agoUnreferenced refunds are generally frowned upon by the card networks. We'll talk more about what exactly we're doing eventually, but I'm not ready to explain it all while we're still building.
- madeofpalk 12y agoI believe this is what Square Cash works http://www.quora.com/Square-Cash/How-does-Square-Cash-work-technically http://www.quora.com/Square-Cash/How-does-Square-Cash-work-t...
- steveklabnik 12y agoOnly sorta kinda.