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Why It Is Not The Best Time For Visa Direct Oct | visa direct oct

Visa Direct Octagon is a credit card application from Citibank that offers its customers the option of making payments with their MasterCard or Visa debit card online. Customers can pay for purchases at selected restaurants, drugstores, supercenters and gas stations with this credit card. The process is very simple: the customer chooses the product he wants to buy, clicks on “buy now”, enters the product information and selects a payment mode. This process takes just a few seconds and the customer can shop in peace knowing his purchases are secure.

Citibank, one of the six national banks, along with its many regional banks, participate in Visa and MasterCard's TransUnion merchant account network. The network features Visa and MasterCard credit and debit card brands that provide secure remote access to millions of merchant accounts that accept electronic checks and traditional credit cards. These companies benefit from low cost payment solutions through reduced transaction fees and fraud protection. Merchants have the choice of accessing the network directly or through one of the six participating issuers that act as the clearing house for the Visa and MasterCard networks. Each issuer has its own set of benefits and fees.

Visa Direct Octagon allows customers to pay with their Visa or MasterCard debit card online by making a credit transaction. This service does not require a pre-authorization from the customer and eliminates the need for a paper check. The lack of a paper check means that there is no possibility of a customer providing false information when applying for a visa debit card or a master card. The elimination of paper check transactions reduces risk for both the customer and the merchant and is a positive for the credit card industry.

One of the most important benefits of Visa Direct Octagon is the ability to make purchases without using a credit card. This account funding solution enables the customer to conduct his everyday and all-occasion retail business needs without using his or her debit or credit cards. Whether the customer plans to make weekly, bi-weekly or monthly purchases Visa Direct Octagon allows him or her to do so easily. He or she will still need a merchant account to process credit card transactions after he or she has paid for items using the Visa or MasterCard debit card provided during checkout. The customer simply authorizes the payment processor to debit the customer's account for the amount of the purchase.

The Visa Direct Octagon platform provides merchants with a payment gateway, which acts like a credit card payment terminal. Once the transaction is made the customer's money goes into his or her account. The platform further enables the merchant to deposit funds available in the account using any electronic banking service including PayPal and eCheck among others. This ensures that funds are available to the merchant even if he or she decides not to carry out the transaction that was made.

The new Express Pay feature in Visa Direct Octagon provides another example of how the bank implements its technology and enables it to provide the customer with real-time services. Express Pay enables a customer to send a payment directly from his or her bank account to the merchant's bank account. Once the transaction is made the customer's funds are automatically deducted from the merchant's account. The process is completed within seconds giving the customer instant access to his or her account for payment. The use of this new payment flow use case by Visa Direct Octagon shows just how a bank can use its technology to simplify its customers' transactions and improve their financial returns.

The use of the API token service by Visa Direct Octagon is another example of how the bank implements its cutting-edge technology and uses it to provide its customers with real-time payments. The bank used the API token service to implement two new payment flows. The first flow enabled customers to make direct instant payments from their bank accounts to their purchases via an embedded processing terminal while the second flow enabled customers to use their credit cards to enter product information into a website and enter the relevant credit card number for real-time purchase authorization and total sale execution.

To facilitate these two new payment flows and to provide its customers with real-time payment experiences Visa Direct used its unique Visa Network Hub platform. The Visa Network Hub is a digital asset consisting of four high speed internet connection points. Customers can have access to their account details from any location using a laptop, smart phone, tablet or computer. This eliminates the need for clients to visit a branch where they can make transactions or monitor their balance. Furthermore, using the Visa Network hub, merchants can make a one-time or recurring deposit using their credit cards. Visa has also developed its own issuer software that is based on the Visa token API.


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