The PayBright Virtual Card solution is a non-integrated, instant financing option. This solution requires no integration at the point of sale.
How it Works
Your customers will apply for a payment plan by completing PayBright’s simple application. Once approved, they will be issued a single-use Virtual Card via SMS and email. This card can then be used as a Card-Not-Present (CNP) transaction.
Virtual Card Limits & Uses
- The amount pre-loaded on the card will vary by customer depending on their credit approval limit.
- The Virtual Card is a one-time use card and can only be used for a single transaction.
- The card will automatically expire 24 hours from the time it is issued. A customer can generate a new card by clicking the “Generate New Card” button in the link sent to them through text and email when they applied for the card. This won't require a new application if they've already been approved.
Using the Virtual Card as a Card-Not-Present (CNP) Transaction
Select Visa as a payment option and opt for the Card-Not-Present option. You can then manually enter the customer’s Virtual Card number. You will also need to enter the CVV number displayed on the card.
Please note that the terminal must be configured to accept CNP through your acquirer or payment processor.
PayBright has a robust fraud model enabled to detect fraud when a customer applies for a Virtual Card through our flow.
There are additional measures you can take in-store. Since CNP transactions are less secure than chip transactions with PIN entry, we highly recommend that you check your customer’s identification (i.e. drivers license) to make sure the name on the Virtual Card matches their ID.
Issuing Refunds through Virtual Card
A refund can be processed in store as a Card-Not-Present transaction. Ask the customer for the expired card number and CVV which they can access through the links sent to them through text or email.
- Full Refunds: If the customer returns their entire purchase or receives a full refund, their PayBright loan will be canceled and they will no longer owe anything for the purchase. If they have already made a payment on their purchase, the payment will be returned to the same account the customer used to make the payment.
- Partial Refunds: If the customer returns only a part of their purchase or receive a partial refund, the refunded portion of their PayBright loan will be canceled and they will continue to owe the balance. Their installment payments will remain the same, but the loan will be paid off sooner as a result of the refund.
In the event of any refund, the customer will receive an email from PayBright confirming the transaction and the amount they still owe, if any.
Frequently Asked Questions
Q: How many times can a Virtual Card be used?
A: The Virtual Card is a one-time use card and can only be used for a single transaction.
Q: When does the Virtual Card expire?
A: The card will automatically expire 24 hours from the time it is issued. A customer can generate a new card by clicking the “Generate New Card” button in the link sent to them through text and email when they applied for the card. This won't require a new application if they've already been approved.
Q: Why was the customer's Virtual Card declined?
A: Here are a few reasons for Virtual Card declines:
- The card has expired: In this case, please make sure that the card in use is still valid. A customer can always generate a new card without submitting a new application.
- Declined due to insufficient funds: The purchase amount might be higher than the approval amount loaded on the customer's Virtual Card. If possible, a customer can remove an item from their cart, but they are unable to complete a transaction with a purchase amount higher than the amount loaded on their card.
- Invalid Merchant ID (MID): A transaction can be declined because it came from an unknown MID. PayBright only accepts card transactions with MIDs that have been white-listed as part of your merchant setup. If your MID has changed or you updated your terminals, please contact us at firstname.lastname@example.org to setup new MIDs.
Q: How will the customer view their loan agreement?
A: When the customer applies for a PayBright Virtual Card, PayBright will show them a notional loan agreement based on an example purchase amount. This is just an example agreement for the customer.
The customer does not have a final payment plan with PayBright until they take their Virtual Card and make a purchase. A new loan agreement will be automatically emailed to them based on the final purchase amount.