Visa has developed instalment solutions
Introduction to instalment payments
Common instalment payments models
API for issuers to create instalment plans. Issuers to define plan attributes such as:
- Duration of instalment loan
- Participating merchant and cards
- Interest and fees
API for acquirers, technology platforms and merchant to look up eligible instalment plan(s) for an instalment transaction. Merchant can display eligible instalment plans and costs to a cardholder during purchases.
API for merchant to confirm the cardholder selected instalment plan for a given transaction.
API for issuers to convert the original transaction into an instalment plan.
API for issuers to schedule payments of instalment transactions. The service will look up cardholder status and calculate monthly instalment payments due, so that issuers can manage general ledger and post to cardholder statement correctly.