Bounty proposal: get one more card issuing option with API #26
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Excuse me, I forgot that the bounty needs to be approved first |
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Status on 11/13/2023 After the calls with Unlimit and Striga I got information that they require an entity in the EU. They are fine that we are a crypto startup with a small number of users. Both of them have API. They are interested in continuing communication. |
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Disrupttech API |
@pavlovcik Can you please review this API? |
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Potentially, it will be possible to use a solution with immediate issuing prepaid cards with really lightweight KYC. |
You claim that you're fully saturated with this project and perhaps I underestimate the work involved, but my hesitation is that I am a bit skeptical that meetings, reading etc will take 80-120 hours. Perhaps you can confirm a time estimate in hours, of time that you will be actively working on the project? Waiting for replies from them etc I would not consider as part of the "active work time" estimate on the project.
This seems like a suitable API. I think that it is essential from a UX perspective to allow us to modify the user's balance on the card. Then, in the near future, we should be able to figure a flow that will automatically collect payment permits on behalf of users, and topping up their card balance) making the earning-to-spending pipeline seamless. Do prepaid cards allow this? If so, then this can be a practical solution. I do not fully understand the technical differences as they relate to end-user experience between prepaid, debit, and credit cards. But it surely appears that there are different levels of requirements with these (pre-paid apparently being the most lax for rules, while credit seems to be the most difficult to issue.) |
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Establishing contact with providers and obtaining offers is a non-standard and sometimes not straightforward task. Time spent on experience with Paymentology and Vault ist:
The providers I talk to in the scope of this task have already led to unexpected time spending
Sometimes an unexpected time spent is necessary simply to communicate with a provider
I did not include in the estimate for this task time spent waiting for answers from providers, and also significant unexpected time spent. |
Very cool. |
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PST White Label is offered only for teams and businesses from 200K cards or with a card turnover of 1M USD per year. If we want to test not white-label card issuing via API then the subscription starts from 179 USD per month. |
Disrupttech terms are not attractive for us. |
Insane how greedy card issuers are. |
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Vault ist added the API info to the offer @Hodlatoor Can you please review the offer from a legal standpoint? |
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Hi Ser-
I would definitely suggest negotiating the onboarding and ongoing / minimum
fees as those can become prohibitive rather quickly especially in the early
stages When there is not a lot of volume / users. I think there is quite a
bit of room to negotiate down on most of their proposed numbers.
…On Fri, Nov 24, 2023, 10:23 AM Ser Feldman ***@***.***> wrote:
Vault ist added the API info to the offer
<https://drive.google.com/file/d/1iJS1rF-ZAKmCk7cfK8AV6Q_Regybugb6/view>
@Hodlatoor <https://github.com/Hodlatoor> Can you please review the offer
from a legal standpoint?
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@Hodlatoor Thank you for the input! |
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Per information obtained on the calls, the initial setup costs with Unlimit will be about 100K, so there is no point in continuing communication for now. |
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Due to costs, do you think it makes sense to focus on launching with (reloadable) prepaid cards? This seems like the most straightforward answer, particularly if we do not plan to immediate support traditional fiat bank accounts. The "bank accounts" instead would be in the form of holding Ubiquity Dollars. These represent the "checking account balance" Behind the scenes of course, we can make money on the underlying collateral. |
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It's important to have a bridge to real world utility. as long as the costs
are not prohibitive and can be swallowed I think it can be considered a
significant milestone.
…On Sun, Nov 26, 2023, 2:45 AM アレクサンダー.eth ***@***.***> wrote:
Due to costs, do you think it makes sense to focus on launching with
(reloadable) prepaid cards?
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As far as I know, we have long-term plans to develop a Metaverse Bank. For the initial launch of cards, I am focused on finding an option with the lowest cost. |
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During the previous rounds, HyperBC was not selected due to the very high initial fee. They proposed to download their app and try the USD preferred card (details in the doc below). https://doc-api.hyperpay.io/en/ API Docs How_to_add_HyperPay_USD_Preferred_Card_to_Apple_Pay_and_Google_Pay.pdf |
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The term "Metaverse bank" can be an issue in the future, because it meets the high-risk definition in the financial industry:
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@pavlovcik Can you please check whether this API meets the requirements for the testing of prepaid cards. |
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I think again, just check if we can manipulate the card balance |
Seems very sketchy. They have a lot of typos on their website which also seems pretty sketchy. Check out their KYC/AML policy regarding the Unity States of America https://combo.cards/privacy/ I think my primary concern with these types of businesses is that they are intended for a team to give spending cards to team members. I think this all runs through the business KYC. Although this may be appropriate for a prototype, we certainly would not be able to assume responsibility of every user of our platform. They should probably need to KYC. |
# Comment event received without a recognized user command. |
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Can credit for the research but I think we will stick with reloadly. I guess we will need to regenerate when we migrate to the new architecture that supports private repos. I always forget. |
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@pavlovcik This task was aimed at finding additional options in accordance with the requirements for white-label global crypto card issuance. As part of this task, negotiations were held and offers were received from a number of providers, the offers can be found in the same folder. The task is not yet closed, because I am still negotiating with some providers in order to get lower prices for launching a white-label global crypto card. |
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Yes but its already been a year without results so I think we should just focus on launching the prepaid cards and then eventually go "fully legit" post Series A, which means paying a crazy amount of money to launch a card program. We can get our initial customers with the prepaid cards so I think its fine. |
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1 similar comment
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I'm happy that a solution with gift prepaid cards is acceptable for the start. Yes, the prices for launching a card program are high. As this task is closed, please clarify whether it will be paid or not. |
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Yes for all the closed as complete tasks, when we migrate over to the new bot architecture, we can regenerate all the permits in this private repo. |
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@0x4007 Hey, the project of the cards integration is completed, and this bounty was done several months ago. If the issue is that permits are not generated in private repositories, you might be able to temporarily make this repository open, generate permits, and then make the repository private again. |
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| View | Contribution | Count | Reward |
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| Issue | Task | 1 | 1800 |
| Issue | Specification | 1 | 3.64 |
| Issue | Comment | 19 | 210.08 |
Conversation Incentives
| Comment | Formatting | Relevance | Reward |
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### Intro At the moment, we have 1 offer on card issuing from Pa… | 18.2content:
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| 0.2 | 3.64 |
Excuse me, I forgot that the bounty needs to be approved first | 2.4content:
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| 0.2 | 0.48 |
Status on 11/13/2023 After the calls with Unlimit and Striga I g… | 13.2content:
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Disrupttech API https://cefi.disrupttech.io/about/api | 0.6content:
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| 0.8 | 0.48 |
@pavlovcik Can you please review this API? | 1.4content:
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| 0.5 | 0.7 |
Potentially, it will be possible to use a solution with immediat… | 10.6content:
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| 0.3 | 3.18 |
Establishing contact with providers and obtaining offers is a no… | 70.4content:
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| 1 | 70.4 |
PST White Label is offered only for teams and businesses from 20… | 9content:
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| 0.7 | 6.3 |
Disrupttech [terms](https://drive.google.com/file/d/1hhveSolBz-J… | 1.6content:
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Vault ist added the API info to the [offer](https://drive.google… | 4.2content:
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| 0.8 | 3.36 |
@Hodlatoor Thank you for the input! I've already tried to reduce… | 5.8content:
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| 0.4 | 2.32 |
Per information obtained on the calls, the initial setup costs w… | 5.2content:
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| 0.6 | 3.12 |
As far as I know, we have long-term plans to develop a Metaverse… | 15.6content:
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| 0.9 | 14.04 |
During the previous rounds, HyperBC was not selected due to the … | 18.6content:
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score: 1
a:
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wordValue: 0.2
formattingMultiplier: 1
| 0.8 | 14.88 |
The term "Metaverse bank" can be an issue in the future, because… | 4.2content:
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| 1 | 4.2 |
@pavlovcik Can you please check whether this API meets the requi… | 3.4content:
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| 0.7 | 2.38 |
@pavlovcik **pst.net Support confirmed that the following operat… | 35.6content:
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| 1 | 35.6 |
@pavlovcik This task was aimed at finding additional options in … | 33.6content:
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| 0.5 | 16.8 |
I'm happy that a solution with gift prepaid cards is acceptable … | 11.2content:
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| 1 | 11.2 |
@0x4007 Hey, the project of the cards integration is completed, … | 11.6content:
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| 0.6 | 6.96 |
[ 31.3 WXDAI ]
@0x4007
Contributions Overview
| View | Contribution | Count | Reward |
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| Issue | Comment | 9 | 31.3 |
Conversation Incentives
| Comment | Formatting | Relevance | Reward |
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You claim that you're fully saturated with this project and perh… | 26.8content:
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score: 1
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| 0.8 | 21.44 |
Very cool. | 0.2content:
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| 0.7 | 0.14 |
Insane how greedy card issuers are. | 0.6content:
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| 0.1 | 0.06 |
Due to costs, do you think it makes sense to focus on launching … | 6.9content:
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| 0.4 | 2.76 |
I think again, just check if we can manipulate the card balance | 1.2content:
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| 0.5 | 0.6 |
Seems very sketchy. They have a lot of typos on their website wh… | 9.2content:
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score: 1
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| 0.3 | 2.76 |
Can credit for the research but I think we will stick with reloa… | 3.4content:
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| 0.2 | 0.68 |
Yes but its already been a year without results so I think we sh… | 5.8content:
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| 0.4 | 2.32 |
Yes for all the closed as complete tasks, when we migrate over t… | 2.7content:
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| 0.2 | 0.54 |
[ 1.12 WXDAI ]
@Hodlatoor
Contributions Overview
| View | Contribution | Count | Reward |
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| Issue | Comment | 2 | 1.12 |
Conversation Incentives
| Comment | Formatting | Relevance | Reward |
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Hi Ser- I would definitely suggest negotiating the onboarding an… | 1.625content:
p:
count: 65
score: 1
em:
count: 1
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strong:
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| 0.5 | 0.8125 |
It's important to have a bridge to real world utility. as long a… | 1.025content:
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| 0.3 | 0.3075 |
! action has an uncaught error |
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@0x4007 Hey, it is not enough funds in the wallet. |
I just topped the wallet up |
Intro
At the moment, we have 1 offer on card issuing from Paymentology that has an API.
There are chances that we will get a relevant offer from Vault ist which is building its API.
We need at least 1 more offer with API to compare prices and conditions.
Also, I hope to find a more technology-driven provider with lower prices.
Currently, I`m negotiating with providers that claim to have an API
Unlimit
Striga
Mercuryo
Disrupttech
Pst.net
And looking for more
@pavlovcik Please, review this bounty.
Goal
Get one more card issuing option with API in addition to Paymentology and Vault ist.
Activity
And so on
Time estimate
Based on experience with Paymentology and Vault ist, it takes 4-6 weeks to get an offer from a provider.
As I already started, I estimate the pure time spent for 1 new provider as 2-3 weeks.
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