Accepting Payments with Visa

[cashon]

Hello. I am creating a fintech solution, and I want people to add Card payments as a payment option. With this, I want to be able to let users deposit money to our company bank account, using their card then see their balances from the dashboard. Or they can save their card and be charged for automated topups and maybe give them a scenario of a virtual card where they can make payments from from the app. How can I do this, and which apis should I use and what parties should I get in touch with? Thank you.

[API_Managers · Accepted solution]

Hi @cashon, 

For the virtual card use case, the Visa Token Service API will be a good fit. Here's the link to Visa Token Service: https://developer.visa.com/capabilities/vts 

Secondly, we do not handle topping up through the APIs.

Lastly, you can Browse All Product Documentation and choose a Payments API product that will be a good fit for your use case here: https://developer.visa.com/apibrowser 

On the left of the page you can filter your search by check marking the appropriate checkboxes that fit your use case (refer to screenshots below).

For example, since your use case is on payments, under the Capabilities section you can check the boxes that say Digital Payments, Payment Methods, and Push Payments (first screenshot). 

You can filter your search more by check marking the box that indicates what type of client you are (second screenshot).

[AarifAkhter]

Payment Gateway Integration: You'll need to integrate with a payment gateway that allows you to securely process card payments. Popular payment gateways include Stripe, PayPal, and Braintree. These gateways provide APIs that allow you to handle payment processing.

Bank Account Integration: To facilitate deposits from users' cards to your company bank account, you might need to integrate with a banking API. Some banks offer APIs that enable you to initiate transfers and access account information programmatically.

Card Storage and Top-Up: You can save users' card information securely for future transactions. PCI DSS compliant services like Stripe provide a way to securely tokenize and store card details. For automated top-ups, you can schedule periodic transactions using the saved card details.

Balances and Dashboard: You'll need a backend system to manage user balances and integrate it with your dashboard. Every successful deposit or transaction will update the user's balance accordingly.

Virtual Cards: Offering virtual cards involves more complex setup. You might need to partner with a card issuer or use services like Marqeta or Galileo to create and manage virtual cards for your users.

Security and Compliance: Security is paramount when dealing with financial transactions. Ensure that you follow industry standards like PCI DSS for card data security. You might also need to comply with local financial regulations.

Parties to Get in Touch With:

Payment Gateway Provider: Contact the payment gateway you choose (e.g., Stripe, PayPal) to discuss your requirements and access their API documentation.

Bank: If you plan to integrate with a bank for direct deposits, get in touch with your bank to understand their APIs and processes.

Card Issuers (for Virtual Cards): If you plan to issue virtual cards, you'll need to get in touch with card issuers like Marqeta, Galileo, or others that provide virtual card services.

Legal and Compliance Advisors: Depending on your region and the nature of your fintech solution, you might need legal counsel to ensure compliance with financial regulations.

Remember that fintech solutions involve sensitive financial data, so security and compliance should be top priorities. Always ensure that you're following best practices and working with reputable partners.