Marqeta’s modern card issuing platform empowers banks and FinTech BNPL providers to build flexible payment card programs to help offer and scale BNPL offerings to their consumers and merchants. Once a consumer is approved for a loan for a specific purchase, a virtual card is instantly created and the exact loan amount is disbursed on the card to pay the merchant. This card is used to pay the merchant directly or provided to a consumer to pay through their standard point-of-sale system. Using virtual cards, merchants can leverage their existing payment settlement processes to get paid for BNPL purchases made by the consumer thereby reducing the effort and time to launch this offering to their consumers.
Instant issuance of virtual cards
Marqeta enables BNPL providers to provide virtual cards to facilitate a seamless, swift online checkout at the merchants’ website or store location. Virtual cards with the loan amount can also be issued to users’ digital wallets to pay for purchases in-store.
Immediate transfer of funds
Instead of waiting for batch ACH or electronic funds transfers to be processed, transactions made through virtual cards are completed in seconds, leading to improved cash flow.
Mitigate fraud through dynamic spend controls and JIT Funding
Help ensure that transactions are made for an approved loan by creating custom spend controls such as limiting transactions to a specified merchant or amount. With JIT Funding, virtual cards start with a $0 balance and get funded in real-time when a transaction is approved.
Faster transaction reconciliation
Injecting custom metadata into each transaction provides a greater level of insight into areas of interest, such as loan ID, to speed up transaction reconciliation.
Scale point-of-sale financing with global acceptance
Integrate with merchants around the world more easily by leveraging cards that can be used anywhere Visa is accepted.
Ecosystem of partners
Leverage Marqeta’s BNPL capabilities through its partner banks and ecosystem of integrated POS platforms and providers which includes underwriting/decisioning engines, ledger management/system of record, fraud verification etc.