We are in the process of going live with Payment Processing-beta! As you know, we’ve been in alpha for awhile with one platform customer, which has helped provide the scope and definition for the service. With beta you can start using the service, including writing into the API, with the caveat that “beta” in the software world means it’s not a final release – some bugs are to be expected, as are “why the heck does it work this way instead of that?” or “where the heck is this feature I’d like to see?” kinds of things.
The beta is quiet and thus not a publicly published part of the API. So if you’d like to use it and get going right now just let me know and I’ll put you on the list for Josh to send the code.
And for the super-anxious, we are creating a way to use the control-panel on apps.fundamerica.com to manually trigger a payment event. This helps the folks who need the utility NOW/right-away/immediately, before their engineers can spend the time they’ll need to get their arms around the new API calls.
A few details:
* Escrow required – the service is deeply integrated with escrow, and not offered as a standalone utility. Your offering needs to have used our escrow service. This ensures we know the offering, have run AML on investors, and have the investors payment info.
* ACH – we prefer to remit payments to investors via ACH, there will be a way for you to update investor info in case they originally sent funds to escrow via wire or check (if via ACH then we already have their info for that).
* Triggers – you need to trigger payment events. Even if you make recurring payments we cannot calculate all possible methods (360 vs 365 day, compounding daily vs simple, etc, etc). So just ensure your front-end software is coded to trigger API events, which should be very straightforward for your engineers (or use the control panel on apps.fundamerica.com to manually trigger an event).
* Pricing – is initially set at no “event fee” and $0.50 per payment made.
* Tax Prep – we will provide issuers with the ability to get tax data as needed which includes payee info (name, address, tax id), and amounts paid broken out by category ($x in principaly payments, $x in interest payments, $x in dividends, $x in other income, etc, etc). This will be via .csv which they can give to their accountants to prepare 1099’s and K1’s as needed.
* Ownership Changes – during the term of any investment, changes of ownership are bound to occur (estate issues, divorce, resale, etc). We will provide you with a way to make ownership changes, track those changes, and account for payments made to past owners as well as current.
Let me know if you want to be in the beta.