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Greetings,
I am trying to work out a mobile payment solution for a new service that I would like to start.
In a nutshell, I need to figure out if it is possible to get some type of line of credit that would allow me to front capital for thousands of transactions on a daily basis and then which will be paid back on a daily basis. I don’t know what type of institution I could partner with that could provide me that type of liquidity. Would it be a bank or a credit card company? If it is a credit card company, does anyone also know if credit card companies can generate one-time use credit card codes for each transaction? I’m almost thinking the service would be more like a partnership with a credit card company that would generate single use gift cards for each transaction. Thank you in advance.
Greetings!
The question is not an easy one and not exactly within the scope of our company’s operations.
Anyway. A closed-loop gift card network might work for you. You will need an acquiring bank partnership, though. Direct partnership with a credit card association/network is very expensive. Even companies with 10-digit annual turnover prefer to operate through acquirers and not integrate directly with card associations.
Here are some articles from our blog, which you might find helpful:
1) Processing of Closed Loop Gift Cards.
2) Mobile and In-app Payment Handling.
3) Mobile Payment Processing Techniques.
