Access Faster Payouts: VoPay x Visa Direct API

Jul 12, 2022

Payments and how they are processed are the underpinnings of a strong economy, job growth, and maintaining economic stability. And in today’s world, the faster, the better.

With the uptick in businesses leaning on faster payment processing, it’s no wonder Visa Direct is so popular. In fact, in the U.S. alone, faster payments are a $10 trillion opportunity. 

Real-Time Payment Solutions Powered By Visa Direct

Visa Direct is behind several real-time payment services, such as Square. It’s successful and preferred by small businesses because the transaction is done instantly—no waiting for financial institutions or time spent processing the payment. 

The real-time Canadian bonus. A standout Canadian feature is that Visa Direct enables real-time push payments across Canada. This means any funds sent directly to any Visa cardholder across Canada can access their funds in real-time.

Faster Disbursements are Big Business

As a world leader in digital payments, Visa is known for facilitating transactions between consumers, merchants, financial institutions and government entities worldwide. And Visa Direct has become a global top payment solution for every industry, regardless of the business. 

It started with peer-to-peer (P2P) payments, and it’s starting to make a big splash in various business disbursements. Think insurance reimbursements, gig economy payments, or lending payouts. Visa Direct solves the challenges surrounding disbursements by replacing slow cheques with secure, fast payments. All one needs to do is consider the traditional insurance or lending disbursement process.  Forget about the time processing a cheque for a payout. Or direct debit tying up resources sourcing the right checking account and routing number.

How Does Visa Direct Work?

It is a push instead of a pull. In a typical Visa card transaction, funds are “pulled” from the cardholder to a merchant. Visa Direct reverses this transaction flow by allowing businesses to push funds to bank accounts using the card number. And it is as easy as A, B, C or 1, 2, 3.

Simply send money instantly to a Visa debit cardholder, and the recipient receives the funds in near real-time. No bank account numbers or financial information is required, and no action needs to be taken by the recipient.

Use Cases for Businesses

There are several use cases for the payment service, including:

Earned Wage Access: Employers can send real-time payouts (visa direct payouts) of earned wages to workers’ eligible debit cards.

Lending: Lenders can offer a real-time loan funding option and exceed customer expectations when they need money quickly.

Insurance: Optimize the insurance claim payout process and maximize customer satisfaction.

Gig Economy: Companies can give gig workers the option to receive speedy visa direct payment payouts for their work 24/7/365.

The Visa Direct Payment Advantage 

Visa Direct payments work for every business, regardless of size. From small shops and medium-sized lenders to large corporations, it is a payment solution that actually is a one size fits all. A worldwide recognized payment solution can be adopted suiting multiple currencies allowing businesses to scale with one easy step.

Security

All Visa Direct transactions are processed on VisaNet and protected by Visa’s multi-layered security. With a network of approved partners with strict rules and regulations to ensure compliance standards. VisaNet is a powerful payment network that ensures security for businesses and customers using Visa Direct.

Moreover, Visa uses tokenization to deliver the most secure payment transactions available. Tokenization replaces sensitive data (such as names, addresses and bank information) with a unique token to make digital payments as safe as possible.

Tokenization reduces fraud and empowers banks, merchants and the broader payments ecosystem to boost authorization, drive innovation and create new digital commerce experiences for everyone.

The Key Benefits

Easy Signup Process: No recipient banking information is required.

Real-Time Funding: Deposit funds within 30 minutes, 24 hours a day, 7 days a week.

Quick Reconciliation: Real-time acknowledgement and daily status reports.

Market Presence: Leverage Visa’s extensive cardholder network

Seamless Integration: Access the service through VoPay’s developer-friendly API

How To Get Started with Push-to-Card  Payouts Today

Improve customer experience and streamline operations with real-time payments with Visa Direct.

Through VoPay’s single API integration or online portal, businesses can access Visa Direct. VoPay Instant sends money directly to any Visa cardholder in real-time, 24/7/365.  

Visa Direct provides multi-rail access to 5 billion cards and accounts combined across more than 200 geographies. It supports 160 currencies, connected to sixteen card-based networks for sixty-five domestic Automated Clearing House (ACH) schemes, seven Real-Time Payment (RTP) networks and five payment gateways. For Visa Direct transactions, Visa offers value-added services, including security and tokenization, bringing peace of mind for SMBs and consumers as they pay and get paid and move money internationally.

Contact one of our payment partner specialists today to watch your business grow.

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