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The one thing that surprises me most is why banks don't provide an payment processing API for their customers. I consult at a top bank in Canada ,and I brought
by manishsharan 11y ago
The one thing that surprises me most is why banks don't provide an payment processing API for their customers. I consult at a top bank in Canada ,and I brought this issue up several times in the online banking division and was met with complete indifference. The middle management ( all PMP certified) dont have the vision and the upper management is busy coasting along. My reasoning was that the bank is already doing a lot of business with the business customers and there is trustful relationship and quite a lot of these customers had some form of online presence ,so helping them with online payment processing would be cheaper for the bank ,given their working relationship. and these businesses would not consider taking their business to competition as that would entail switching costs. Also, fraudulent transaction would be less given the relationship history. But what do I know ? I am just an engineer .
- dangrossman 11y agoThis is already something every major US and Canadian bank offers. It's called a merchant account. The API for using a merchant account on the web is called a payment gateway. They all offer them. http://www.rbcroyalbank.com/RBC:z7TrmawYUA4BRAAwmCMAAAD8/business/cardprocessing/index.html http://www.rbcroyalbank.com/RBC:z7TrmawYUA4BRAAwmCMAAAD8/bus... http://www.tdcanadatrust.com/products-services/small-business/merchant-services/ http://www.tdcanadatrust.com/products-services/small-busines... http://www.scotiabank.com/ca/en/0,,557,00.html http://www.scotiabank.com/ca/en/0,,557,00.html https://www.bmoharris.com/us/small-business/services/merchant-services https://www.bmoharris.com/us/small-business/services/merchan... https://www.cibc.com/ca/small-business/merchant-services.html https://www.cibc.com/ca/small-business/merchant-services.htm...
- manishsharan 11y agoActually no they don't : atleast not in the way paypal or Stripe et al do. I have had meetings with some their "small business advisors" and and I ran screaming to Stripe. Getting and using Interac device and connection was simple enough but their solution for online payment processing will set your hair on fire.