Visa is the oldest credit card brand that dates back to 1958 when it was known as a Bank of America. The card was called BankAmericard at that time. Soon after the launch, the company started licensing its program to other banks. In 1976, the bank changed its name to Visa.
Using Visa Digital Solutions, merchants can employ tools for the coordination, management, and acceptance of digital payments online, offline, or via an app. Loyalty solutions offered by Visa help merchants to increase the volume of sales and enlarge the customer base.
Benefits of using Visa
Merchants have a great opportunity to connect to the biggest global retail electronic payments network that was created to cater to the needs of large merchants. Connection to VisaNet is especially helpful for businesses that need to process over 500,000 card payment transactions per month. Merchants Visa Direct Exchange or MDEX can decrease daily operational costs of businesses, increase the flexibility of payments and introduce innovative solutions faster.
Visa offers the Token Service, which is a unifying platform for digital and mobile payments. The platform offers numerous ways to pay securely developing such payment experiences as Bluetooth Low Energy (BLE), QR code when customers make purchases scanning QR codes on smartphone screens, and Visa payWave enabling payments with waves of hands. Visa Token Service is based on three essential tokenization tools that contain such instruments as Visa Token Vault, Visa Risk Manager, and Token Management.
The company also launched the Visa Digital Enablement Program known as VDEP that alleviates the introduction of breakthrough digital solutions. With single streamlined access to Visa Token Service, VDEP can connect fintech companies and financial organizations to different payment options such as Samsung Pay, Visa Checkout, and Android Pay.
Next-gen payments become possible due to Visa Acceleration Connection Program (ACP). The flexibility of XML API contributes to the easy connection of POS terminals/payment getaways to the VISA network. The company also provides enhanced checkout with the Visa Integration Redemption Platform.
It’s enough to integrate the system only once to connect the payment system. The scalability of the framework enables the growth of the company as it develops. The framework is not complicated and pass-through fees are not required as the company increases.
To improve the quality of mobile payment solutions, the Visa Ready Program was launched. In accordance with this program, the company delivers support to a trusted network of partners that are ready to introduce innovations to the industry. The main goal pursued by the banking system is the mass adoption of innovative solutions. With tools and resources received from a powerful payment provider, the advance in the sector is significant.
The system can boast robust protection and security. There are special solutions to empower issuers, technology partners, and merchants. The company always upgrades its operations following the innovation in the industry to accept chip cards, Visa payWave, and NFC payments. New consumer payment options help to attain easier checkout and enhance consumer experiences.
There are numerous other services. It is easy to manage cash flow with Visa Business Reporting, monitoring expenditures, and tracking transactions. If you want to avoid the hassles of checks, Visa Payment Controls help to see if you are using money effectively.
Besides, Visa offers special tailored solutions for different specialized industries such as travel, restaurants, healthcare, etc.
How to connect to the system
Merchants should study Visa Core Rules and Policy first and then file an inquiry on the website of a company. The processing fees vary from 1.15% to 2.40%.