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