Payment Methods Overview

An outline of the different payment methods Wyre enables

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Payment Method APIs still on v2

Please note that we are currently working on upgrading our Payment Method APIs. The APIs laid out in this document still have API v2 URLs. Our new APIs will include the functionality outlined here as well as additional functionality.

Payment Method resources are generic resources that represent a payment method connected to the financial system.

A Payment Method, as returned by the Wyre API, looks like this:

{
    "id": "PA-W7YN28ABCHT",
    "owner": "account:AC-XX38VYXUA84",
    "createdAt": 1542771684392,
    "name": "Plaid Checking 0000",
    "defaultCurrency": "USD",
    "status": "PENDING",
    "statusMessage": null,
    "waitingPrompts": [],
    "linkType": "LOCAL_TRANSFER",
    "beneficiaryType": "UNKNOWN",
    "supportsDeposit": true,
    "nameOnMethod": null,
    "last4Digits": "0000",
    "brand": null,
    "expirationDisplay": null,
    "countryCode": "US",
    "nickname": null,
    "rejectionMessage": null,
    "disabled": false,
    "supportsPayment": true,
    "chargeableCurrencies": [
        "USD"
    ],
    "depositableCurrencies": [
        "USD"
    ],
    "chargeFeeSchedule": null,
    "depositFeeSchedule": null,
    "minCharge": null,
    "maxCharge": null,
    "minDeposit": null,
    "maxDeposit": null,
    "documents": [],
    "srn": "paymentmethod:PA-W7YN28ABCHT",
    "blockchains": {
      "BTC": "1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2",
      "ETH": "0x32Be343B94f860124dC4fEe278FDCBD38C102D88"
    }
}

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Payment Method Owner

The owner property of the payment method will normally be an account SRN belonging to a user, but it can also be a transfer SRN.

Blockchain Attachment & Liquidation

The blockchains object as shown above, is made available through Attaching Blockchain to Payment Methods.

Payment methods may be connected to any of blockchains we support. This means that any transactions in supported currencies sent to that address will have their totals converted and liquidated to the payment method.

You may attach blockchain when creating payment methods by supplying a request parameter attachBlockchains as an array of currencies, or ALL for all presently available.

You may also attach the blockchains to existing payment methods with this endpoint.

"blockchains": {
      "BTC": "1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2",
      "ETH": "0x32Be343B94f860124dC4fEe278FDCBD38C102D88"
    }

Payment Method Statuses

Status

Description

PENDING

Payment Method has not been activated and is PENDING review on Wyre's side. No user action is required.

AWAITING_FOLLOWUP

Payment Method requires additional information from the user before being useful. The case where you would see this is on WIRE_TRANSFER payment methods when the bank statement is still required.

ACTIVE

Payment Method is active and ready for use.

REJECTED

Payment Method has been rejected by Wyre and cannot be used.

Payment Method Types

Type

LinkType value

Description

WIRE_TRANSFER

INTERNATIONAL_TRANSFER

Wire transfer

LOCAL_TRANSFER

LOCAL_TRANSFER

Transfer using the local banking system. In the case of US, this would be an ACH payment.

Lifecycle and Exceptions

There are four edge cases that would trigger a user into a non approved state after submitting KYC information and connecting a bank account.

  1. A user needs to re-submit a piece of initial account information.
  2. User needs to re-submit an ID image
  3. A user needs to submit a Proof of Address
  4. A user needs to submit an ACH authorization form.

Balance Requirements

Wyre requires that the bank account of the user has a remaining balance of at least $150 after their transfer from the bank to Wyre is executed.

Example - If you want to transfer $20 from a user's bank account into Wyre, the user will need to have at least $170 in the bank account prior to the transfer.

ACH Funds Delivery Timeline

ACH transfers should be delivered 5 business days after the date of initiation. The expected delivery date of funds can be impacted due to bank holidays and weekends.

See also: Payment Method Edge Cases