Just an incredibly kind PSA to everyone while we're on the subject of processing payments: Plaid's account verification does not in any significant or meaningful way prevent fraudulent transactions. Neither does Stripe.<p>In fact, Stripe loves the chargeback fees, and there's a whole lot of "stuff" that's waiting to be released (and I don't mean as a feature) that will kindly support this.<p>"Hi joshmn I'd love to hear how we can improve [but we will actually take what you say with a grain of salt because you're not in our club.]"<p>I might sound bitter, but I'm not; I'm simply appalled. Not because I was burned by Stripe personally. Instead, my clients have, and you probably know someone that has too.<p>Please for the love of your company/business/project, review transactions carefully. For most things that are just getting started, all it takes is one transaction to really screw things up. For businesses, you have ~3 lives.<p>Your now-friendly, former-fraudster
>>Due to its robustness for both consumers and suppliers, ACH is a slow, multi-staged, layered process that focuses on protecting all parties involved...<p>I like what plaid brings to the table, that statement however is a bit of a stretch.<p>ACH is slow because of the old tech involved essentially being a series of batched cron jobs used to move the data around not due to some 'robustness'.<p>Countries with newer banking systems have ACH-like setup that us way faster then US', Mexico's SPEI being a prime example of that.<p>There's also Fedwire but it's not for mere mortals :)
Even after reading this I'm still confused on what plaid is bringing to the table. Why not do it all through stripe? If someone has the tech skills to integrate to stripe, it seems a short step to add ACH.
Stripe + Plaid is super cool! But I wish they allowed you to payout users with via ACH, instead of just receiving ACH payments. Anyone know of any offerings, besides Paypal Mass Pay?
While we're on the subject: can anyone recommend a good resource on how transaction processing systems work, at as low a level and high detail as possible?