VISA - Best Payment Method
VISA's unmistakable logo is distributed on a global scale. With close to 2 billion clients and over 300 million service access points, VISA is truly a global player when it comes to the provision of electronic payment technology. Since 1958 when it began operations, VISA has lived up to its promise of flawless reliability and security in enabling people to pay and get paid. VISA works with governments, banks, businesses and consumers to facilitate use of digital currency in more than 200 countries across the world.
VISA enables electronic funds transfers via Visa-branded debit, gift or credit cards. At the same time, you will notice that VISA facilitates commercial payment solutions for businesses and government institutions of all shapes and sizes. The company is a provider of branded technological infrastructure that financial institutions use to offer credit, debit, prepaid or cash-access plans to their clients. VISA-enabled transactions are administered through a computer system called VisaNet located at 4 secure data centres, which are in London, Singapore and two in America.
How it Works?
The VISA business model has 4 key players: (1) The merchant - who are businesses like a restaurant, retailer, airline or hotel that provides a product or service. (2) The acquirer - which is the financial institution facilitates receipt of payment to the merchants. (3) The issuer - which is the financial institution that provides payment products and the VISA cards. (4) The cardholder - which is the client or business entity using a Visa payment solution. You will find signing up to create your VISA account extremely easy on their website.
Once you are a registered, you can access the service everywhere that you see the VISA checkout button. When you use your VISA card to make a purchase, it's actually the acquirer, in this case the retailer's bank, that refunds the merchant for the purchase. After this, the issuer, which is your bank, will reimburse the acquirer within an agreed time frame. Finally, the issuer (your bank) collects from you by either withdrawing from your debit account or billing your credit card.
Benefits with this Method
- VISA payment solutions are safer than carrying cash. This enhances your security and safety as a VISA client.
- VISA allows users to transact in any currency across the globe.
- VISA has global presence that provides great convenience and flexibility to the users.
Disadvantages with this Method
- Risk of digital fraud from hackers and other online scammers.
- Accessing cash can be expensive when using providers other than their issuing bank.
- To business owners, there may be loss of business opportunity from those who won't use VISA to make payments.
Review and Summary
VISA provides peace of mind by providing reliable and secure electronic payment platform. You will realise that VISA is to a great extent, customer focused and as a company, it has driven banking innovation. It is reassuring to find that VISA has built its operational systems with very deep understanding of the ever-evolving risks, and putting clear measures in place to guarantee transnational integrity. VISA views every transaction seriously, securing and delivering it the intended recipients with ease.
With benefits like emergency card replacement, travel emergency assistance, extended warranty time period, you can't really go wrong with choosing the VISA method of payment. If you are a a business owner, you will delighted that the VISA business model can enhance faster collections and lower your bad debts. Marketing support provided by VISA is a vital value addition that you cannot ignore. We reviewed some of the creative communication highlighting the the advantages of VISA payments solutions and can only conclude that VISA enables merchants to achieve every day ambitions.