I have been working with a small team on a platform that allows luxury brokers to do due diligence on clients, ownership transfer and receive/issue payment all in one platform. We are pretty much merging the luxury retail market with banking.

Brokers (cars, planes, houses, boats, watches, etc) never have to worry about chargebacks, they get instant payment, free deposits and payment (compared to payment processors and marketplaces charging 2-10% per transaction).

We are currently onboarding luxury buyers, brokers, and brands you can check us out and apply to be part of the ecosystem. https://nezzapp.com

I did reach out to the bank. My issues is they didn't give me the option to opt into this. I should have a choice! Their rep said even the folks at the bank location can't uncheck the box that opts me out of it.

The reality is I won't dislike it if I knew about it beforehand but I didnt.

They went on to list a lengthy process for what I should do just so it doesn't happen in the future. Not ideal.

interesting! Where are you from?

Chile, so I'm curious whether this is a local oddity or can be replicated elsewhere.

I think this only work for expense management systems like mercury and brex?

that was my thinking exactly!

We provide a banking platform with card, insurance and payments (just like your regular everyday bank account), our payment is built on real time rails that most banks have access to. What people don't know is that almost all banks can do this but don't provide the service for everyone.

Real time rails allow up to $10M in payments for almost zero dollars but banks add their premiums.

Does that answer your question?

The providers for payment rails charge a percent of transaction so how is that reduced in your service.

Based on this article https://tipalti.com/resources/learn/payment-rails/

great point. Banks operate on the fednow rail. that's one provided by the government. They are fix rates and very low

lol dude or dudette! you clicked on the bio - I never said you should. I'll educate you, they make more money from low-level people than luxury status people or people with more money in their bank accounts. The rich benefit from the payments the average make on these accounts.

this is true. makes you question why they do it for them and not for everybody

There is a certain amount of overhead in servicing an account whether it has $5 in it or $500,000 in it. A $5 account doesn't give the bank much to loan while a $500,000 gives the bank lots of money to loan out. So the bank would rather have 100 $500k accounts than 100 $5 accounts. The fees help make the bank willing to maintain the $5 accounts.

They want high tier customers and they don’t profit on low tier customers? Your bank can sell a lot of services to someone who has money to spare.

You cannot collect literally billions of dollars in overdraft fees a year if you let everyone do it.

as they should. i find it boils down to - because they can. I'm not sure if this post may have repercussions but we'll see.

cause they make way way way more money on card swipes. but that's enough sharing for today