Installments enabled by Visa allows eligible cardholders to pay for a qualifying Purchase or Preauthorization in fixed, equal installments made over a defined period of time without an additional line of credit, credit check, or a new account. Installments enabled by Visa is offered by participating banks and facilitated by Visa’s payment technology for Visa and non-Visa cards.
The cardholder shops in-store or on your Website and initiates checkout as usual. At the checkout (terminal or ecommerce integration), the cardholder enters their card information. If their card is eligible for Installments enabled by Visa, and if the Purchase or Preauthorization qualifies, the available Installments enabled by Visa plans will display at the checkout. The cardholder then chooses a plan and reviews the plan terms (set by their issuing bank). Once the cardholder accepts the terms, they can complete their order. The cardholder's card-issuing bank will bill them in fixed equal installment payments over a defined period of time per the terms of the plan they selected and per their cardholder agreement (see Installment enabled by Visa line items in Receipt example: debit/credit).
If the cardholder's card or Purchase/Preauthorization is not eligible for an Installments enabled by Visa plan, then no Installments enabled by Visa plan will be displayed at the checkout.
Note: If the cardholder wants more information, they must contact their card-issuing bank or review their cardholder agreement. Depending on the installment plan(s) that you configure, installment plan funding fees will be paid to the card issuer by the cardholder (consumer-funded installment plan) or you (merchant-funded installment plan).
To enable/disable one or more Installments enabled by Visa plans on all terminals that are synched to your store, see Terminal settings: Installments by Visa.
To enable/disable Installments enabled by Visa plans in your Moneris Checkout integration, see Configuring the checkout's "Visa Installments" settings.