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 (Wallet), and (TBD)the ability to link a new or use existing bank account. (TBD)Users can also load funds into their wallet during this step.
• Full payment methods list for KYC verified users:
  • 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 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.
• Upon successful submission, the Investment status is updated to ESCROW, and the user proceeds to the next step.
• 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.

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, (TBD)a popup to load funds will appear upon submission, 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:

• 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.

Investment payment processing #

See more here.