Please recommend the right product

[NitinN]

Hi,

Just curious to know... Which Visa product would be ideal for the following use cases?

Use Case 1:

The payments in a particular currency received by a Merchant can be held in a Visa account for say 10-15 days before it gets auto or manually transferred to the Merchant's bank account post currency conversion to Merchant's local currency. This is so that the transactions can be reverted in case the customer has to be refunded in the customer's currency (i.e. the currency used by the customer to make the payment) and in the process avoid currency conversion charges.

Use Case 2:

Split payments received in a tripartite transaction wherein the Merchant takes a commission before passing on the balance to a third party seller using Merchant's marketplace. However, the split payment released to third party should get transferred only after 10-15 days of receipt of payment by the Merchant.

Looking forward to your response.

Best,

Nitin

[API_Products]

Hey @Nitin 
 
I'm happy to help find an API product that will be a good fit for your project. To get started, please check our website for APIs relevant to your business case. https://developer.visa.com/apibrowser 
 
Per your use case on payments, Visa’s Payment Methods APIs help process payments securely, safely, and quickly. Please let us know the Payment Methods API product you'd like to use for your project - https://developer.visa.com/site/payment-methods

In particular, Visa Direct offers splitting bill payments. Please visit the Visa Direct documentation links below.

Visa Direct Overview - https://developer.visa.com/capabilities/visa_direct 

Visa Direct Documentation - https://developer.visa.com/capabilities/visa_direct/docs-getting-started 

Besides that, for additional information on split payments and how works with the Visa Checkout API, you can also refer to this community forum post - https://community.developer.visa.com/t5/General/MarketPlace-API/m-p/5905#M187 

Please let us know if you have other questions, someone will be happy to help. 

[NitinN]

Hi @API_Products 

Thank you for your response. Appreciate all your help.

Ideally, I 'd like to use one product for both Use Cases and Visa Direct seems like a good fit. However, to use Visa Direct you've got to become a licensed Visa acquirer or be sponsored by a licensed Visa acquirer.

I was told by a Visa employee last year or so that only banks are licensed Visa acquirers in India.

- Is there anyway to know who are existing licensed Visa acquirers in India so that we can approach them to sponsor us?

- And, what is the process to become a Visa acquirer as a non-banking company?

Thanks & regards,

Nitin

[API_Products]

Hey @NitinN,

I'm happy to answer your query and my apologies for the delayed response. If you're not able to find an acquirer please go to this page - https://usa.visa.com/run-your-business/accept-visa-payments.html. When contacting a Visa licensed acquirer, it's important to tell the acquirer that you're looking for a Visa Direct acquirer, because not all Visa licensed acquirers are enabled to sponsor Visa Direct programs. 

To become a Visa licensed Acquirer you will have to visit your national/state bank and you'll have to go through a bank license application process. Please contact your local bank to learn more about how to become a Visa licensed acquirer.

Please let us know if you have other questions. Someone will be happy to help.