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by derwiki
3565 days ago
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Really excited to see this feature come to managed accounts on Stripe! Instant transfers are why I use Square Cash over Venmo. A question for the Stripe engineers: does this mean we would instantly know if a transfer has failed? One of our biggest pain points right now is when a user enters incorrect account details, we transfer money to them, and the payment is reversed a week later. And one other question: if we're using balanced transactions to take charges and use them to fund transfers, we still need to wait for the charge to settle right? So in that scenario, "instant" means 5-7 days instead of twice that? |
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Within 30 minutes in the worst case. Most failures we would be able to communicate synchronously, such as if the card is not a debit card or the bank doesn't support instant payouts. Some other failures we communicate asynchronously, but ~instantly (e.g. if the bank account behind the debit card has been closed), as we have to reach out to financial partners for that information.
> we still need to wait for the charge to settle right?
Nope, we support instant payouts from the moment a charge succeeds, you do not need to wait for funds to settle in the traditional card-to-ACH sense! Specifically, instant payouts can be made off of an account's "pending" balance, as opposed to the usual limitation of "available" only.
The timing aspect that both of these questions touch on are one of the big features of this launch, and something we spent a lot of time on to get the logistics to work exactly right (there's a lot under the hood there). We're really excited to have something that operates faster than the 2-3 days ACH can take, both in moving money and giving you success feedback.