Re:VISA Api: The Power of Visa Network Delivered as an API
by jesseangell on Thursday February 04, 2016 @10:09PM
(#11039141)
This product is essentially a gateway. The same that Stripe or Braintree are gateways. They just do a much better job of abstracting the confusion that is payments.
You will still need a merchant account and a processor. A processor is the party that actually handles authorization/settlements between the issuing bank and acquiring banks.
Re:VISA Api: The Power of Visa Network Delivered as an API
by bri3d on Thursday February 04, 2016 @10:22PM
(#11039189)
Right - but Square/Stripe/Braintree supply the merchant account and the processor for me, so I can sign up, pay a transparent/upfront fee schedule, and get payments delivered to my (standard checking) account.
Re:VISA Api: The Power of Visa Network Delivered as an API
by jesseangell on Thursday February 04, 2016 @10:28PM
(#11039205)
Correct. They're definitely not targeting people that are just beginning to process payments.
Their intention is to likely attract really large merchants/platforms, one way or another.
Re:VISA Api: The Power of Visa Network Delivered as an API
by f3llowtraveler on Saturday February 06, 2016 @12:32PM
(#11048687)
VISA is still living in the 20th century.
Re:VISA Api: The Power of Visa Network Delivered as an API
by cissou on Thursday February 04, 2016 @07:30PM
(#11038446)
> To use Visa Checkout in production, you must apply and be approved for a Visa Checkout Merchant Services account. (Contact [email protected] for more information or to begin the production on-boarding process.)
I guess it will depend on this "on-boarding process" and their ability to make it as seamless as possible.
Re:VISA Api: The Power of Visa Network Delivered as an API
by lowglow on Thursday February 04, 2016 @07:54PM
(#11038588)
Visa invested in Stripe. Just FYI: http://fortune.com/2015/07/28/stripe-visa/
Re:VISA Api: The Power of Visa Network Delivered as an API
by alanh on Friday February 05, 2016 @07:36PM
(#11045848)
Checkout is a product looking for a reason to exist and crippled with Visa-specific branding.
Re:VISA Api: The Power of Visa Network Delivered as an API
by pfarnsworth on Thursday February 04, 2016 @08:07PM
(#11038659)
Cybersource is the payment processor.
Checkout:
> "Depending on your configuration, you will process the actual payment through your own system, a payment processor, or an e-commerce partner as you normally do."
( https://developer.visa.com/products/visa_checkout/guides )
CyberSource:
> Before moving to production and running real transactions, you must have a merchant account from an acquiring (merchant) bank that can process the credit card payments.
( https://developer.visa.com/products/cybersource/thingstoknow )
Visa Direct APIs:
> However, in order to use the Visa Direct APIs in production, the Originator must either be a Visa client financial institution (issuer or acquirer), a third-party Originator that has been granted a Visa acquirer POS license (geographical restrictions apply), or a third-party Originator that has established an acquiring relationship for that purpose with a Visa client financial institution.
( https://developer.visa.com/products/visa_direct/thingstoknow )
The token and transaction services are very interesting and it's cool to see Visa jumping into decent modern payment UX, but I don't think they're gunning for Stripe just yet...