Visa Direct is a revolutionary new payment service that Visa offers to customers (issuers, consumers, merchants and other service providers) to facilitate instant fund transfers/payments to their Visa accounts in the U.S.and around the globe using push technique, i.e., credit card users can click a mouse button to pay for their purchases online with any Visa debit or credit card. This new payment method makes it very easy for Visa debit and credit card holders to complete their everyday purchases by paying with their plastic cards, even if they don't have a Visa debit or credit card. This will benefit the millions of Americans who are still struggling to find ways to pay their invoices and meet their monthly obligations. The ease of accepting credit payments via debit and credit cards will also benefit merchants, who will be able to reduce the cost of supplies and sales as more people begin to use credit and debit cards.
This new payment option has been designed especially for the benefit of consumers and merchants to make their everyday cash payments at stores, banks, and other services along with accepting payments via debit and credit cards. Visa Direct P2P enables consumers to pay merchants for services by making purchases online or at a store. Merchants will no longer have to accept cash, checks, travelers' checks or other forms of payment. With the implementation of Visa Direct P2P, merchants have the option to charge consumers an amount of their choosing on their credit or debit card to be paid later, after the consumer's funds have been used.
It is important to note that Visa Direct does not allow credit card users to make purchases online or at a store using a Visa debit card. The process of paying with a debit card and later having the money repaid by a credit card will require the card user to provide a valid bank account address and phone number. For this type of transaction, the credit card company will typically require that a credit or debit card to be attached to an active bank account. Even then, the Visa Direct P2P merchant may choose to accept payment through one or more networks such as MasterCard, Discovery, American Express, Discover and JCB VISA.
Consumers should also be aware that Visa Direct P2P service is only available to retailers, and therefore cannot be purchased by individual consumers. Visa Direct P2P is a marketing tool for both merchants and agents. As a result, some merchants may attempt to associate themselves with a Visa direct merchant account and then charge consumers for services that they did not originally offer.
When using a Visa Direct P2P payment system, consumers will need to have an active Visa or MasterCard account to initiate the transaction. Consumers should also be aware that the fees charged for Visa Direct P2P will vary from company to company and will depend on how the merchant plans to handle payments. Some merchants plan to charge a flat fee per card, while others will charge a percentage of the balance of each card. Some companies offer the ability for customers to pay with a debit card at the time of the purchase, while others will accept all forms of payment. Merchants that use Visa Direct P2P will not have any problems with this type of payment, but those that do not may experience issues as the payment system may conflict with their current card payment processing methods.
The application process for a Visa Direct P2P program can take several days or weeks. A prospective merchant should not expect a response from the credit card company within one to two business days. There are usually multiple options to choose from when selecting a payment processor. Some merchants have the option of choosing an independent payment gateway service to integrate directly into their merchant account.
Some companies offer the ability to test out their Visa Direct P2P system before making the decision to become integrated with a full blown Visa Credit card processing system. This allows merchants to get a feel for the software and customer service experience before committing to any financial agreement. Since Visa Direct P2P is not a bank account and does not carry any interest or fees of any kind, this type of payment has a very low risk of default compared to traditional credit card transactions. Although there are no annual fees associated with a Visa Direct P2P program, the account holder still may incur some costs by paying a monthly bill for added services.
Each company that offers a Visa Direct P2P service will claim that they are the best option for eCommerce merchants. It is up to the eCommerce merchant to verify these claims by finding out exactly what each company offers and comparing the cost of joining each provider to the total cost of accepting credit cards. The majority of direct market merchant providers provide a detailed merchant account application to get started, along with detailed monthly statements and detailed monthly reports on activity. Once a merchant has decided on a particular provider and has gone through the application process, he or she can enjoy the many benefits of having a Visa Direct P2P program in direct conjunction with their existing merchant account.
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