It’s finally here. Your customers no longer have to wait until the next business day to receive money in their bank account.
Now you can fund loans almost instantly to virtually any debit card in the United States. This service, referred to as direct-to- debit payouts, uses the debit “rails” on the major debit card networks allowing you to disburse loans 24 hours a day.
Disbursements are sent in “near real-time”. Meaning customers could withdraw funds at an ATM within minutes of you initiating the transaction.
This domestic merchant account solution also gives you the standard ability to debit your customers, via a PINless debit card transaction, for the repayment of loans. It’s the ultimate push/pull tool in your payments arsenal.
The service comes with PINless BIN check. This will allow you to check the eligibility of the card number for PINless debit and credit transactions. You can incorporate this up front check as part of the loan process via API.