Standard DAO funding options

     SpringboardThis topic is related to Springboard.   |     Form Builder |    23.10This feature was updated in 23.10     Retail DAO 4.1This feature was updated in Retail DAO 4.1.      SMB DAO 1.4This feature was updated in SMB DAO 1.4.

Standard Springboard US Retail DAO and US SMB DAO offer several funding methods. The funding methods offered to the approved applicant are dependent on the funding methods defined for the chosen products. All products must be funded from the same source. The funding method along with minimum and maximum deposit amounts per funding method must be defined as part of the product catalog. For details, see the Product Specification.

The following standard DAO funding methods are available to be configured for US Retail DAO and US SMB DAO solutions.

• Credit Card / Debit Card: The processes for funding with credit card or debit card are identical. This method of funding requires an agreement to be established between the financial institution and Payroc.
• Electronic Funds Transfer: Springboard DAO uses Plaid Auth to authenticate an applicant's bank account at another financial institution. This method of funding requires an agreement to be established between the financial institution and Plaid.
• Mail a Check: This option allows the applicant to send a check to the bank directly. The page will only list one address, which may not be a local branch. If you don't want to offer this option, be sure to mark this option as false in the product configuration.
• Internal Transfer: Internal transfer is allowed for existing deposit account holders only. The applicant can choose from a list of their existing accounts at the financial institution for transfer of funds to the new accounts.

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