Visa Checkout Opening Its Platform To Integrate With Digital Wallets

Jan 06, 2017

Visa Checkout is opening its platform to integrate with digital wallets. Google’s Android Pay will use this new platform to offer Visa Checkout to its consumers for making online purchases.

This new platform will enable issuers, digital wallets and payment app providers to access a streamlined set of APIs. They will be able to integrate with the Visa Checkout open platform without difficulty and offer payments to customers shopping via their mobile devices.

When it comes to merchants who integrate Visa Checkout open platform, they will be able to access the 3-D Secure specification and EMVCo Token Services (VTS) standard. VTS is a security technology that is used to replace cardholder information with a unique digital identifier or a token. A cardholder’s sensitive account information won’t be exposed when making payments.

To open a secure and reliable merchant account, consider turning to EMB is voted the #1 high risk payment processor in the US and boasts an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.

According to Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa Inc., more and more devices are appearing across the market and becoming part of people’s everyday life. So Visa aims to provide easy and secure payments that can fit into any environment.

Pali Bhat, global head of payments products for Google notes Android Pay and Visa Checkout will offer a frictionless purchase experience that will be a success. As he mentions, they focus on expanding the reach of Android Pay by providing online shoppers with more opportunities to use Android Pay.

Tom Poole, Managing VP of Digital at Capital One believes offering Visa Checkout that uses Capital One credentials and data security can help them extend online payments to their customers.

According to Dominic Venturo, chief innovation officer at US Bank, this new open platform will enable their consumers to make more secure payments across the web and via mobile devices.

Ed Kadletz, executive vice president, head of the deposit products group at Wells Fargo notes they are looking forward to this new partnership with Visa. They think of Visa’s new open platform as a way to provide their customers with a streamlined way to make payments.

Visa Checkout open platform will be available to issuers, digital wallets and payment app providers in the first half of 2017.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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