Hello Everyone, This is AJ co-founder at Dapi. We are building a new way for everyone to accept payments without fees. We believe the current payment methods are not built for the digital economy. Accepting payments should not cost 2.5% or even 0.5%. In addition to that, acknowledging a bank payment should not take 5 days (with ACH). With Dapi acknowledging a successful bank payment will be as instant as a card!
@mrcommonsenz how is it instant? ACH itself takes a long time, not to mention the user can call their bank and claw the transaction back. Do you guarantee the funds?
@mrcommonsenz@idris_mokhtarzada We deploy RTP / then Same day ACH/ then ACH. depending on whats available. Initially we will tell you pending payment. once acknowledged we will let you know. So there is Authorization is instant, Confirmation maybe instant maybe not and then settlement in many instances is in realtime. We do not underwrite any credit for the meanwhile if you are asking if we guarantee funds.
@mextremartini We look at your Business model. But We do not charge your typical per payment fixed fee + interchange. We only charge subscription. Happy to talk more please reach out to sales we would be happy to discuss more.
@mextremartini Thank you! To add on what AJ said, we guarantee that whatever subscription we charge will be 70%+ cheaper than what you're currently paying in interchange fees.
I think you(all) should tell the story of how you decided to build Dapi somewhere in here. It's something I think other fintech founders would find fascinating.
@datarade All three founders were building different Fintech products. I was building a fractional investing platform for EM. there was't a way to send small amounts of money instantly without fixed fee and interchange. So I found my self by accident building an infrastructure to fix that!
@mogwely Dapi is live in several countries in South East Asia, EMEA and South East Asia. Europe is not on the immediate roadmap but will let you know when we launch there.
Congrats! Bank transfers are way cheaper than card payments. If I may ask, does this allow the merchant to add a payment method to their product? What about a consumer that wants to buy from the merchant, do they need to add the merchant as a beneficiary?
@ma_in_nafi_ We do this on the user's behalf. Dapi automates the entire process, so we will add the business as a beneficiary and then initiate a payment to them. We then immediately let the business know if the payment succeeded or failed.
@mrcommonsenz What banks are supported? Since many banks don't support payments via API, how will you extend coverage? Also, how will disputes be handled? These transactions seem to be along the same lines of Zelle and are non-reversible. Thoughts?
@mrcommonsenz@joshua_silver1 Hi Joshua, All banks support a form of payment. Even if they do not have an API we provide you with an API. Our service automate the steps in the background. All top US banks are integrated with aim to reach 100+ in couple of months. The payments generally are not subject to charge back. For dispute resolution it is something merchant will do it initially. We authenticate user identify initially to reduce fraud. The relationship resembles cash. If you want something you speak to the merchant. and also direct access to funds you just earned!
Congrats on the launch. The value proposition for merchants sounds awesome. As someone who builds online stores for businesses I can see how welcomed this would be and can't wait to recommend merchants.
A couple questions:
1. How do you prevent transactions being cancelled ? As I'm sure you're aware people will always try to defraud. I can see someone buying, authorising, you create a wire on the background and I immediately place a call to the bank to cancel? Meanwhile the merchant has a green light to ship the product. Am I missing something ?
2. Some banks charge for wires right ? So can't I (as a customer) find myself in a position where I pay $20 wire fee for a $40 online purchase ?
I think an online demo (for like $1 Transaction) would be a good sales enabler.
Good luck 🙏
@ricardojrsousa Payments that are not initiated will be pending. Overtime, we will be able to tell you to go ahead for most of the customers.
We do not do wire transfer. We use other mechanisms to facilitate push payment. Let's talk more happy to explain the backend magic :)
It's an awesome product! Congrats on launch. I'm curious to learn more about this product and have few questions, if I may ask:
1. Do you integrate with each bank one on one?
2. How do you process refunds?
3. How do you mitigate against fraud?
4. What's the dispute resolution mechanism?
5. Is the merchant settled in real time?
6. Is the merchant settled by Dapi or Bank?
@lokeysh Hi Lokesh!
-We integrate on the top of banking infrastructure
-Refund process is managed by merchant using the merchant portal
-We authenticate the user and link the device to the payment
-Just like cash, subject to merchant policy.
- In many instances yes. but not all. However we will settle faster than your average credit card transaction.
- Dapi is a technology company the transaction is done by the end-user and the merchant. and settling will be done via the banks that are serving them or our future partner bank.
Incredible team and product. It is challenging to create a product that can scale in both developing and developed economies. Dapi is well positioned to do this. Excited to watch this service scale.
@mrcommonsenz@ronanawall When you get access you should be able to serve customers from top 20 banks. We are not integrated with all banks yet However, we will cover most if not all consumer accounts over the next 8 to 12 months.
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