Visa Direct is a leading payment service which Visa offers to customers (issuers, processors, brokers, service providers and merchants) to facilitate fast fund transfers/transfers to their Visa accounts in the U.S. & around the globe using electronic check payment technology, i.e., e-check. E-Check is a revolution in e-commerce. It enables authorized parties to transact directly via the Internet for small, medium and large business. It offers a safe, convenient, flexible and secure payment processing for both the issuer and the customer. The benefits of e-commerce are evident. With the advent of e-commerce, the need for a bank or a third-party payment processor dried up.
Banks, including branches of foreign banks, have been given authority to transact through e-commerce. E-Commerce websites have developed interfaces to facilitate payments between the buyers and sellers as well as between buyers and sellers and credit card issuers. Various fees are levied on these transactions by the buyers and sellers and these fees vary from one product and/or service provider to another. Customers can pay for goods or services by credit or debit card and many financial institutions provide e-commerce accounts for cardholders who want to start e-commerce transactions immediately.
Visa Direct facilitates e-commerce transaction for both the cardholders and the merchants. Visa Direct includes a variety of services for both the sides to facilitate smooth business transactions. This enables the merchants to offer his products and services directly to the cardholders who make purchases with these cards. The merchant need not carry out the whole transaction process over the phone or by other means of electronic communication. With Visa Direct, all the steps of the payment process between the merchant and the cardholder are taken online.
Merchants can also use the Payment Gateway software to charge cardholders through e-commerce websites. The software comes with a set of tools which allow the processing of card transactions. The tools include Visa Direct processor, Visa merchant account and gateway service among others. The processing fees are directly passed on to the cardholder, so there is no need for the merchant to pay any extra administrative fees.
This enables the growth of the e-commerce industry worldwide. Many countries such as Ireland, Italy, Spain, Greece, Korea, Russia, Brazil and many others have taken the initiative to open their market to e-commerce. Many nations still have a very small e-commerce industry. However, with the introduction of Visa Direct, this sector can grow very fast.
For example, suppose a company in Ireland wanted to sell its product to consumers in Korea. It would have to incur travel expenses and pay a large amount of taxes to local authorities in order to process payments. But, with Visa Direct International e-commerce processing, it can reduce these costs. The company can now process payments from any part of the world and consumers will not have to worry about paying exorbitant amounts to government authorities.
As another example, suppose a company in Italy wanted to expand into Russia. With direct pricing it is possible to offer the product or service at a lower price than it could be offered at another location. The new location might be located in a different country than the original one, or it might not be in that country at all. In either case, the consumer will get the product or service from an entirely different source.
Visa Direct Pricing is particularly useful for companies that have a presence in one country but services and/or products are offered through other countries. For example, if you have a distribution center in Canada but services are offered out of the U.S., then you can offer your products or services through an international distributor. This type of e-commerce makes it possible for companies to expand into new markets by purchasing goods or services from an international seller at a reduced price.
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