Debit Card as a Transfer Method
US merchants have discovered that by offering more optionality for their payees upfront, they can often reduce the hassle of onerous administrative tasks associated with sending funds. The Debit Card transfer method is a perfect example of this; this fast and easy transfer method allows payees in the United States to transfer funds directly into their bank account by simply entering their Visa or Mastercard debit card information. Now, instead of remembering a routing and bank account number, payees can simply pull out their debit card, tap in the necessary details, and they’re ready to transfer funds to their bank account in no time.
How the Debit Card Transfer Method Works
Payees can quickly and easily transfer their funds and receive them to their US bank account using the Debit Card transfer method by entering the 16 to 19-digit debit card number, the expiration date, and security code. Once requested, processing times are typically between 1 to 3 business days. With the Mastercard and Visa programs, funds are quickly transferred to the payee’s bank account, often within 30 minutes. Here’s a behind-the-scenes insight into the Visa Fast Funds program, with Hyperwallet’s Senior Product Manager Willem Hersbach and CPO, Bill Crowley.
The Debit Card transfer method is also offered as an optional payout method. If you would like to enable it as part of an existing payout program, please contact your Hyperwallet Client Care Manager.
Offer Debit Card as a Transfer Method to Your Payees
If your enterprise or marketplace payout solution features a Pay Portal Payout Experience, the Debit Card transfer method Debit Card will appear as a payout option on the Transfer Center screen. In order to add the Debit Card transfer method, payees are required to enter and confirm their debit card information. Once this transfer method is added, payees can initiate payments. A notification email confirming the transfer, as well as a payment tracking email, are sent to payees upon completion. Check out the explainer video below for more details.
The Debit Card transfer method can also be offered as part of an Embedded Payout Experience using Hyperwallet’s Transfer Method Drop-in UI, or through the REST API. Check out Hyperwallet’s Debit Card transfer method documentation to learn more about integrating this fast and convenient payout method, and provide your US payees with quick, local debit functionality.
Contact a Hyperwallet Payout Solution Expert today for more information and pricing details.