Merchant’s can now have their own branded store payment card.
A unique "real time" loan installment payment solution that allows customers to purchase goods and services which they may not have been able to in the past due to lack of funds. This merchant sales tool has a direct impact on the sales floor by increasing sales and reducing walk away customers. The combination of your own branded-card, our technology and a bank underwriting the credit creates a new opportunity to increase sales and promote your company as an innovator.
For Merchants, the fee for this product is lower than Payment Cards and for Banks, the risk is limited as it is collateralized, a win/win for both parties.
Essentially, this merchant branded installment payment card helps maximize revenue potential and also generates customer loyalty through your brand.
The Merchant Installment Card chip uses Master Card’s MChip/4 preauthorized debit technology or the Visa open platform(s) products available to store the information needed for offline authorisation of cardholder installments. The most important of these variables are the MRL, MAL, and CRA :
We do not have to store any additional information on the card chip which greatly simplifies implementation. The chip on the WL (White Label) card and the back-end system is kept in synchronisation by :
In some cases we want to force a card to go online to update its chip data. In such cases the card can be added to a stop list which gets downloaded to all terminals on our POS network. A terminal will automatically go online for account maintenance if it finds the card being used in its internal stop list.
A unique "real time" loan installment payment solution that allows customers to purchase goods and services which they may not have been able to in the past due to lack of funds. This merchant sales tool has a direct impact on the sales floor by increasing sales and reducing walk away customers. The combination of your own branded-card, our technology and a bank underwriting the credit creates a new opportunity to increase sales and promote your company as an innovator.
For Merchants, the fee for this product is lower than Payment Cards and for Banks, the risk is limited as it is collateralized, a win/win for both parties.
Essentially, this merchant branded installment payment card helps maximize revenue potential and also generates customer loyalty through your brand.
The Merchant Installment Card chip uses Master Card’s MChip/4 preauthorized debit technology or the Visa open platform(s) products available to store the information needed for offline authorisation of cardholder installments. The most important of these variables are the MRL, MAL, and CRA :
- MRL : Maximum Repayment Limit
- MAL : Monthly Available Limit
- CRA : Cumulative Repayment Amount
We do not have to store any additional information on the card chip which greatly simplifies implementation. The chip on the WL (White Label) card and the back-end system is kept in synchronisation by :
- The POS terminals doing a daily data upload to the back end system for recent offline transactions to take effect.
- The WL card doing account maintenance by going online and requesting new chip information from the back end system.
In some cases we want to force a card to go online to update its chip data. In such cases the card can be added to a stop list which gets downloaded to all terminals on our POS network. A terminal will automatically go online for account maintenance if it finds the card being used in its internal stop list.
- Merchant : Customer Base and willing to offer installment payment card to customers and marketing.
- Bank : Credit Scoring, funding the loans, collections, call center.
- Procco : Enrollment of merchants.
- Procco : Administration of merchant accounts and payment switch.
- Merchant : Increased sales volume, track customer spending patterns, own branded card.
- Bank : Grow customer base with no cost of acquisition and acquire good assets. (Islamic Divisions particularly interested.)