Funding Step #
General Behavior #
- Investor can shoose payment method they woud like to use for funding.
- If the user does not have a verified Dwolla wallet, the payment selector includes wire and ACH options only.
- If the user has a verified Dwolla wallet, options will include wire, ACH, Balance ( Dwolla wallet), and the ability to link a new or use existing Bank Account. Users can also load funds into their wallet during this step.
- Full
payment method list for
KYC verified users:
- [Wallet]/docs/functionality/profile/wallet/ (provided by Dwolla)
- One of the previously linked bank accounts TBD (in dev/stage only 1 is allowed)
- Link another bank account (TBD)
- Wire
- ACH
- Users can change their selected payment method before and after step’s submission.
- The submitted payment method can be changed before the investment is CONFIRMED by the investor on the Review step.
- Users can cancel an investment, which will set its investment status to CANCELED DURING INVESTMENT BY INVESTOR and erase all progress made up to this point.
- Users are permitted to return to any previous step and make modifications, even if those steps were already completed.
- if the user changes profile to another one during investment - funding step is reset if was previously submitted.
- funding step shows dwolla wallet and bank account options that correspons to profile that selected on ownership step.
- there are few edge cases validated on
Review step submission, when funding step should be updated:
- the investor changes N of shares and wallet option previously submitted becomes insuficient funds;
- the investor changes N of shares and ACH option previously submitted becomes unable to use because investment amount exceeds $100K.
- Upon successful submission, the information is saved in investment object, and the user is taken to the next step.
Wallet #
- The option to pay with a Dwolla wallet is available if the user has a verified Dwolla wallet.
- If the user opts to invest using wallet balance but lacks sufficient funds, a popup to load funds will appear upon submission (TBD), displaying the required amount to complete the investment. Users can adjust the amount, submit, or close the popup. If a bank account is not linked, a link bank account popup will open first.
- sufficient funds are displayed next to wallet label in payment method selector.
- sufficient funds that could be used for the investment are calculated as
current balance + pending incoming balance - pending outcoming balance - if wallet balance does not cover the investment size - error message appears on the step submit saying that wallet does not have enough funds.
Linked Bank Accounts TBD #
- The option is powered by dwolla, they manage funding source and transactions. Linking provider is Plaid.
- Up to 6 bank accounts can be linked via Plaid in the live environment (1 on dev/stage instances).
- This option is hidden for users without a verified Dwolla wallet and linked bank account.
Link Bank Account TBD #
- The option is powered by dwolla, they manage funding source and transactions. Linking provider is Plaid.
- This option is available if the user has a verified Dwolla wallet.
Wire #
- This option displays bank details for making a Wire Transfer to send money to the NC account.
- The option is powered by North Capital. They update trade to Funded status once WIRE transfer is settled on the escrow account.
ACH #
- This option presents a blank ACH transfer form with the following fields:
| Field | Required? | Type | Validation Rules |
|---|---|---|---|
| Account Nick Name | Yes | Text input | Cannot be filled with a sequence of spaces ONLY and must contain at least 4 letters |
| Account Type | Yes | Selectbox | Options: saving/checking |
| Routing Number | Yes | Text input | Must be a 9-digit number, digits ONLY |
| Account Number | Yes | Text input | Must be a 6-17 digit number, digits ONLY |
| Checkbox permitting the platform to debit my bank account for this investment | Yes | Checkbox | - |
- The option is powered by North Capital. They update trade to Funded status once ACH transfer is settled on the escrow account.
- After investment with ACH is submitted, external account is created for investment profile on North Capital end according to data provided in ACH form. One external account = one investment profile. If during the future investments the user provides another data for ACH under the same invesmtn profile - data is changed for external account on NC end.
- Limit for this payment method is $100K per investment.
- Along with trade status - there is funding status for ACH payments returned by NC:
- pending - for created transfer
- submitted - for transfer being processed
- settled - for processed transfer
- returned - for failed transfer because of insuficient funds/wrong funding source and etc. See more here
- voided - transfer has been voided and will not be processed
- declined - this means that NC operations team has declined to process this transaction.
- For testing purposes, to emulate settled/failed transactions, special nicknames should be used as a value for the Account Nick Name field.