PayCertify, a payment processing services provider, has partnered with fintech services firm Quatrro Processing Services (QPS) to introduce a virtual credit card issuing platform called INCENTAPAY.
Intended for merchants, the customisable platform will be accompanied by various backend analytics for card issuers, such as a fee rebate programme which is said to be capable of saving millions in annual processing costs for large retailers.
The platform is also suitable for travel and hospitality businesses that usually require a bank to issue a credit card, followed by issuers sending a card to the customers in the mail.
PayCertify president and CEO Chase Harmer said: “INCENTAPAY will be ideal for large e-commerce merchants who have customers, who may be either budgeting to pay for a high ticket product online, or are looking for an incentive or subsidy on their purchase, and offer those customers a reward to take advantage of an immediate offer at the point-of-sale.
“Now, merchants will be able to work with issuers, to be able to immediately issue a virtual credit card to their customer that is ready to be immediately used, and the issuing card will be made immediately available as the payment source of choice in the customer’s mobile wallet.
“The virtual credit card issued will be the payment method of choice on the cardholder’s phone, instantly making the issuer the most accessible and prominent payment option for that customer, ready for instant use.”
The platform is available for PayCertify merchant processing and fraud prevention ecosystem users. It can also be used by merchants to provide branded cards and incentives.