Is Stuypend Safe to Use?

Absolutely. We take many steps to protect you while making purchases in your favorite local stores. See our Security Page for more details on the measures Stuypend takes to keep you safe.

 

Does Stuypend Receive My Banking Information?

Stuypend does not receive or store your banking information. To connect a bank account to your Stuypend account you will securely sign into your bank using your online banking sign in. During this process, you are connected via a secure and private channel with your bank, who verify your credentials. 

Once you have been authenticated by your bank, they provide a randomized token to Stuypend which allows you to initiate transactions from our app. Only the token is stored on your phone, not any banking information. The token can be revoked at any time by you simply by logging out of the app or disconnecting your bank account in the app's settings. 

The secure and private sign in with your bank, together with the token system, allow Stuypend to avoid receiving or storing any of your bank info.

Stuypend can also be locked with a PIN or Fingerprint (on devices that support it) to make sure no one can use your phone to initiate transfers other than you. For more information, see our Security Page

 

What About Other Information?

Stuypend requests additional information from you during registration in accordance with our Privacy Policy. We are required to collect this information to register you with our ACH partner Dwolla, Inc. Dwolla requires this information to access the ACH network to make bank transfers on your behalf.

All of the information stored on Stuypend's servers is secured using strong encryption algorithms.

Stuypend does not use your personal information for any other purpose than enabling the services of our application and does not share your information with any other 3rd party. For additional information you can review Dwolla's Terms of Service and Privacy Policy.

 

How Does Stuypend Work with Dwolla?

Dwolla is a payments platform that securely connects to bank or credit union accounts to enable the transfer of money for any individual or organization in the U.S. and is the ACH technology provider for Stuypend. Dwolla's platform and partnerships with financial institutions allow Stuypend users to create transfers and send payments to merchants over the ACH network.

To access the ACH network, Dwolla requires certain information be obtained from users. The information you provide during registration is sent to Dwolla to verify and create your account.

Dwolla is used by many financial apps and businesses, and is the backbone of multiple large e-commerce platforms. Dwolla maintains compliance with the SOC 2 framework. This framework provides an independent, third-party assurance that they are taking the appropriate steps to protect your data. Dwolla has a track record of service, security, and reliability and that is why Stuypend relies on Dwolla. 

 

What is the ACH Network?

ACH stands for Automated Clearing House. It is an electronic network that banks use to send and receive money transfers for their customers.

If you have ever entered your banking information to pay a utility bill online, your payment was likely processed over the ACH network.

The ACH network is governed by a consortium of financial institutions known as NACHA.

 

How Do I Use the NFC or Tap to Pay Function?

In addition to scanning a QR code displayed by the merchant to receive your bill, it is also possible to press your phone to the merchant device and receive the bill via Near-field Communication (NFC). In some cases NFC can be quicker than scanning a QR code and potentially more secure.

To use the NFC method you must have an Android device that supports NFC, and have NFC turned on. You can look in your phone's settings or use a Google search to determine if your phone has an NFC chip. While iPhones starting with the iPhone 6 contain an NFC chip, Apple does not yet allow app developers to access it.

Accessing NFC settings varies by device, but can usually be found in the "Networks" section of your phone's settings. On many devices you may find it by going to Settings>Wireless and Networks>More Networks>NFC.

Once NFC is on, we recommend disabling Android Beam if this feature is available on your device. Give your phone a few seconds if you plan to turn NFC on right before making a transaction.

To ensure a quick and seamless connection with the merchant device, you should press the back of your phone flat against the back of the merchant device and hold it there until the merchant bill appears on your screen. The top of your phone should be close to level with the top of the merchant device. Make sure that you have the Stuypend app open and unlocked prior to initiating NFC contact.

Once you see the bill on your screen you can remove your phone and finalize the bill just as you do after the QR code method.

Because different phones place the NFC chip in different places, it may take some practice to find your phone's "sweet spot." If you don't get a connection right away with your phone level to the top of the merchant device as instructed above, try slowly sliding your phone along the back of the merchant device until you get the NFC connection. It may be a good idea to try using NFC for the first time with a merchant when the store is not particularly busy.

If you can't get an NFC connection right away, remember that you can always just scan a QR code instead to quickly finish a purchase.