Relay does a good job of automatically partitioning money, though you still need to manually execute external payments. Gives you a little extra interest on money allocated for taxes too
A smart contract with a stablecoin (or a wrapped stabblecoin) would probably solve for this use case.
You want to avoid leaving a bank password in clear text for the process running in cron; so it would really be best for the bank to support Read-Only and Read-Write access tokens
Good point on smart contracts: that's one approach I'm exploring.
Trying to figure out if this should be:
- Crypto-native from day 1 (smart contracts + stablecoins)
- Fiat-first with crypto as backend (abstract the blockchain)
- Pure fiat (traditional banking APIs)
Would be interesting to have a way for each recipient to opt-in for their preferred currency. Am thinking about recent headline: "Crypto payment cards surge 22x in daily transactions since late 2024."
Just curious, if you didn't have smart contracts, you would have 20 destination addresses, and then a spreadsheet that you'd use each month and then run a local wallet to do the sending to the different parties, right? That's pretty easy.
Could that be automated on the client-side with macros or a custom program (ie no smart contracts?)
Multisig with no smart contract is the simplest escrow.
It's probably simple to find a validated smart contract that splits its inputs to multiple outputs?
If there is transaction privacy for the smart contracts, then how to verify that the contract actually still sends to the correct - initially configured - parties?
And then logging. Task accounting implies logging, but logs are bytes that cost money in a blockchain so is the transaction log sufficient
I used Zapier a lot, including for Stripe integrations (though I don’t remember if it was for doing payments). It required many zaps, came with a lot of limitations too.
In the end, I wrote a custom API, which saved a lot of money. I’m also not sure it’s easy to properly implement a Stripe connection (using the Stripe library) inside a custom code action in automation tools.
This should be available in your bank or other treasury management provider automation. Does your bank not support this? If you're not getting this from your current biz bank, I would shop around. I recommend Mercury (no affiliation, just a happy customer), but others provide some level of this too.
(workflow automation providers do not want this liability, as you note in Zapier's ToS, which is totally fair)
I am faling to understand how do you spend 3 hours distributing money across ~20 accounts. That's normally like 30 mins altogether with coffee, cigarettes and chitchat in between.
Relay does a good job of automatically partitioning money, though you still need to manually execute external payments. Gives you a little extra interest on money allocated for taxes too
https://relayfi.com/
Isn’t this just something the bank should do?
My bank account lets me set up recurring transfers. I assume it’s a standard feature for most banks.
This is what smart contracts do.
A smart contract with a stablecoin (or a wrapped stabblecoin) would probably solve for this use case.
You want to avoid leaving a bank password in clear text for the process running in cron; so it would really be best for the bank to support Read-Only and Read-Write access tokens
Good point on smart contracts: that's one approach I'm exploring.
Trying to figure out if this should be: - Crypto-native from day 1 (smart contracts + stablecoins) - Fiat-first with crypto as backend (abstract the blockchain) - Pure fiat (traditional banking APIs)
What would you actually use?
Would be interesting to have a way for each recipient to opt-in for their preferred currency. Am thinking about recent headline: "Crypto payment cards surge 22x in daily transactions since late 2024."
Just curious, if you didn't have smart contracts, you would have 20 destination addresses, and then a spreadsheet that you'd use each month and then run a local wallet to do the sending to the different parties, right? That's pretty easy.
Could that be automated on the client-side with macros or a custom program (ie no smart contracts?)
Multisig with no smart contract is the simplest escrow.
It's probably simple to find a validated smart contract that splits its inputs to multiple outputs?
If there is transaction privacy for the smart contracts, then how to verify that the contract actually still sends to the correct - initially configured - parties?
And then logging. Task accounting implies logging, but logs are bytes that cost money in a blockchain so is the transaction log sufficient
I used Zapier a lot, including for Stripe integrations (though I don’t remember if it was for doing payments). It required many zaps, came with a lot of limitations too.
In the end, I wrote a custom API, which saved a lot of money. I’m also not sure it’s easy to properly implement a Stripe connection (using the Stripe library) inside a custom code action in automation tools.
I think sequence fulfills this requirement? https://www.getsequence.io/
This should be available in your bank or other treasury management provider automation. Does your bank not support this? If you're not getting this from your current biz bank, I would shop around. I recommend Mercury (no affiliation, just a happy customer), but others provide some level of this too.
(workflow automation providers do not want this liability, as you note in Zapier's ToS, which is totally fair)
Does Mercury actually support this? Or are you describing scheduled payments (which still require manual setup each time)?
I'm looking for: - Dynamic rules based on revenue amount - Multiple variable destinations - Percentage-based splits - One-time setup, runs forever
Maybe I'm missing a Mercury feature? What's the workflow you use?
Im a Brex user and interested by this
You could hire someone and buy back your time.
I am faling to understand how do you spend 3 hours distributing money across ~20 accounts. That's normally like 30 mins altogether with coffee, cigarettes and chitchat in between.
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