We currently only accept Wire Transfers and ACH
At Boom & Bucket, it is our job to handle your money with care and operate our marketplace efficiently. One of our missions is to build trust in the marketplace and we take this responsibility very seriously. The main reasons we mainly use Wire Transfers & ACH payments:
Speed - Many payment forms can take a long time to pay out or verify. Wire transfers and ACH payments are traceable through the banking system, happen the same day, and we can provide the necessary documentation to our customers very quickly. This makes for a more efficient marketplace.
Security - Many payment methods are ideal vehicles for fraudulent activity and scams. For this reason, we only accept bank transfers and ACH, as the underlying security systems are more robust and allow us to take good care of your money!
Why only ACH & Wire Transfers?
Payment Fraud can be categorized into two categories, as outlined below. We've decided to reduce your risk by not accepting these methods.
Check Fraud - Forgery, paper hanging, theft, and counterfeiting are common issues with traditional check payments. Due to the high risk of exploitation associated with this legacy payment system, we have made the decision to completely eliminate it from our accepted methods.
Digital Payment Fraud - Like check fraud, this can take many forms as well. Identity/card theft, chargebacks, overpayments, and account fraud are chief among them. Scammers are inventing new ways to exploit this every day. Like checks, we've limited our options to wire & ACH to avoid most of these problems altogether.
What is IMAD/OMAD?
IMAD/OMAD means "Input/Output Message Accountability Data". It is a unique number given to each Fedwire payment when using the Federal Reserve Bank Service and can be used to investigate and track wire transfers. IMAD/OMAD is a combination of date, source identifier, and sequential format.
If you have questions about this or want these tracking numbers when buying or selling with Boom & Bucket, just ask our Customer Success team and we can provide you with your unique transaction IDs.
Who is Stripe?
Stripe is our payments processor. Our encrypted transactions goes through their payment gateway, keeping it secure. Because Stripe is recognized as a payments merchant, it can interface between buyer & seller accounts quickly & securely without additional administrative steps through the Federal Reserve Bank Service.
From a security perspective, Stripe has been audited and certified as a PCI Level 1 service provider. This means it has to undergo annual compliance reports and conduct routine security scans and tests. Additionally, Stripe mandates that all online transactions take place over the more secure HTTPS network.
Why is there a Wells Fargo account number?
Stripe is a payments processor, not a bank. They work directly with Wells Fargo to create unique bank account numbers for each transaction. This further helps protect your money by eliminating the same account numbers from being used multiple times.