This community has been super helpful lately.
Now I’m thinking of developing an e-wallet for my marketplace app. In which users can add funds and use those funds at checkout. I’m thinking of doing this to lower Stripe transaction fees and processing refunds faster.
The Workflow in my mind is this :
User clicks on add funds - > Input how much he/she want to add - > User will be charged through Stripe - > Funds will be added to his account(amount stored in datatype)
Whenever he/she purchases something, that amount will be deducted from their wallet.
Am I thinking in the right direction?
Sure, that’s common only how accounting is done in app, you usually have an accounts ledger and transactions table. Adding and removing funds from the platform requires a cash deposit/payment account. Processing payments requires you to debit one account, and credit another, the account balances change and there is a record of the transaction.