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PaidYET is a debt repayment certified gateway. This means that we have certified to provide a lower interchange for eligible merchants.
Visa Debt Repayment Program
The Visa Debt Repayment Program, officially known as the Visa U.S. Debt Repayment Incentive Interchange Program, is designed to facilitate the repayment of consumer debts—such as loans, mortgages, and overdue receivables—using Visa-branded debit cards. This program offers reduced interchange fees to eligible merchants, promoting cost-effective and compliant debt repayment processing.
Eligibility
- Merchants must be registered with Visa
- Only Visa-branded debit cards are permitted for debt repayments; credit cards are excluded.
- Applicable Merchant Category Codes (MCC) include:
- 6012: Financial Institutions
- 6051: Non-Financial Institutions (Currency-related)
Benefits for Merchants
- Cost Savings: Reduced interchange fees lower the cost of processing debt repayments.
- Enhanced Compliance: Aligns with Visa's regulatory standards, ensuring secure and transparent transactions.
Why PaidYET Participates
PaidYET integrates the Visa Debt Repayment Program to offer merchants:
- Seamless Integration: Easily process debt repayments within the existing payment infrastructure.
- Cost Efficiency: Benefit from reduced interchange fees, lowering operational costs.
- Regulatory Compliance: Ensure all transactions meet Visa's updated standards, reducing legal risks.
- Enhanced Customer Trust: Provide a secure and transparent payment experience, fostering customer confidence.
How do I process Debt Repayment Transactions
Processing Debt Repayment transactions in PaidYET does not require any additional code changes. Merchants need to meet the above criteria and your merchant account will need to be set up as a debt repayment merchant. You can simply run transactions normally through our fast and secure REST API.
Updated about 1 month ago