In discussing the possibility of using bank payment cards online with the help of a processing company, we touched on a service that is offered where outpayments can be made directly to bank settlement cards. This easy-to-use tool provides several key advantages. First of all, this is speed, in addition to the ease and, of course, security of transactions. Because of this, Bilderlings Pay decided to devote a separate article to this service.
Speaking in detail about processing, we recalled that initially this kind of activity arose as a form of information support for transactions via card. The evolution of the general algorithm of the processing center’s actions, which was also discussed in the above-linked article gradually brought to life the service of online outpayments to bank cards. First, the possibility of so-called OCT payments in the VISA payment system appeared and, a bit later – Money Send by MasterCard. In fact, they are identical. But how do they fundamentally differ from a traditional bank transfer?
In short: a normal bank payment is made to a bank account through the SWIFT system. You have to enter your internet bank, make a payment order and then authorize it. The money eventually arrives in the respondent’s account. In the case of OCT payments, for example, funds are transferred directly to a bank card. You only need the card’s number to do this. For example, the winning percentage will be credited by default to the same card with which the bet was made.
In this case the card is primary, and the bank account to which it is linked – and to which the money is eventually transferred – is secondary. To make this totally clear: it’s like replenishing the account offline, when the owner of the payment card visits the bank office, or through an ATM.
The speed of transactions with direct outpayments to the card depends on the acquiring bank, but in any event it will be much faster than the standard bank transfer.
Necessary conditions
What you need to know about how this works:
1. An online resource – for example, an online merchant – must be connected to the service of the merchant’s account.
You can find more information in the already mentioned article on processing or in the “step-by-step instructions” on how to get connected. Here we will briefly recall that the merchant panel is a private account, where you have all the tools you need to manage online payments.
The practice of using outpayments to a payment card may differ depending on the processing company the business client cooperates with. So, for example, Bilderlings Pay offers two options for this type of payment. First, the funds can be sent manually, simply by selecting the recipient in the merchant panel. It takes less than a minute.
Second, payments can be automated by setting up OCT transactions on your site and interacting with the payment system through the API. In this case, not only the e-tailer, but also the client can initiate the payment. Bilderlings Pay supports any algorithm of automated payments by API, including regular ones.
2. The bank card must comply with the standards of one of the above payment systems (VISA or MasterCard).
Similarly, the site itself must be aligned with the requirements of these international payment systems.
3. The acquiring bank should support operations of this kind. With banks in the Eurozone, this is never a problem.
For its part, Bilderlings Pay offers its customers the opportunity to make multi-currency payments to any country of the world. This, in addition to our other proposals concerning outpayments to payment cards, allows us to create an individual package of services that is tailored to the needs of each client.
Who needs this?
Who will find the opportunity to make direct outpayments to a payment card most useful and in what kind of situations?
– Forex brokers
We’ve already written in detail about processing solutions which can be useful in this area of activity. Here we simply add that the opportunity for direct outpayments to a bank card is very convenient, first of all, in the mutual settlements of a broker with numerous merchants.
– Similarly, the service in question will be indispensable for binary options brokers, bookmakers, gaming industry representatives (online casinos), including owners of online gaming websites and also for many others, for whom quick and easy mutual settlements are a daily professional necessity.
– The expanding category of freelancers and individual entrepreneurs, who communicate with the world primarily through the Internet.
Today, this category of workers often has to deal with counterparties from different cities, countries and even from different continents. Dynamic and experienced in his business, a freelancer often acts both as performer and as customer, depending on the situation. On top of this the wide range of professional contacts a freelancer deals with magnifies the issue of counterparties’ reliability. Therefore, the opportunity for quick and frequent mutual settlements will be most welcome here.
So, the possibility of direct outpayments to a bank payment card is one of the fastest and most convenient tools within the world of processing solutions. As with other processing tools, this is primarily a time saver, which, in any business, also means money.
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