Do a Bank Account needs to be added to Account(Seller/Buyer) in Balanced Payment? [closed]

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Closed 8 years ago.

Do a bank account need to be added to User Account (Seller/Buyer)?

I have tried creating Bank Account without adding it to any User Account(Buyer/Seller) & done a credit transaction to that Bank Account. The transaction is showing result as Success, but is showing Account's column value as None in transaction list in Dashboard.

Also have few other doubts related to Balanced Payment.

Is it necessary to Add a bank a/c to any Merchant (Seller) Account for performing any transactions(i.e credit).

Is it necessary to Adding a card to an account to any Buyer A/c for debit amount from buyer?

Is it necessary to Underwrite an individual to a Merchant account for performing any transactions(i.e credit).

I'm creating a mobile app(iOS) which will be using balanced payments for transactions between Buyer & Seller. Do I need to get both Buyer & Seller registration information and their corresponding Bank Account & Credit Card information for performing transactions?

Answer 1

Do a bank account need to be added to User Account (Seller/Buyer)?

Only if you want to credit or debit their bank account.

Is it necessary to Add a bank a/c to any Merchant (Seller) Account for performing any transactions(i.e credit).

No, it is not necessary. You can charge a credit card without setting up bank accounts. If you want to move money out of escrow, you need somewhere to move it, which is most likely a bank account.

Is it necessary to Adding a card to an account to any Buyer A/c for debit amount from buyer?

If you want to debit an account via ACH, you do not need a credit card on an account.

Is it necessary to Underwrite an individual to a Merchant account for performing any transactions(i.e credit).

If you want to payout to a merchant, you have to underwrite them as a merchant.

Do I need to get both Buyer & Seller registration information and their corresponding Bank Account & Credit Card information for performing transactions?

No.

If you need more assistance, hop on the IRC channel https://docs.balancedpayments.com/current/?language=bash#support