The Marqeta LEND solution supports the use of both physical and virtual cards. These two options may be leveraged in parallel.
Customers obtain physical cards using the Marqeta API by placing an order and having the cards mailed directly to users.
To set up each card:
- Add a user to the Marqeta platform (see Create User).
- Create a card (see Create Card).
- Activate the card upon receipt (see Create Card Transition).
Marqeta's LEND solution enables customers to use virtual cards in a number of creative ways. Some examples include distributing virtual-card numbers to end users by way of a mobile app or funding end users by way of tokenization and integration with digital wallets such as Apple Pay and Google Pay.
To set up virtual cards:
- Add users to the Marqeta platform (see Create User).
- Generate PANs for the virtual cards (see Create Card).
Note: Virtual cards are configured to be activated upon issuance.
Funds can be loaded into user accounts by way of Gateway Just-In-Time (JIT) Funding.
Gateway JIT Funding
Gateway JIT Funding eliminates the need to load funds manually while also providing the greatest amount of control over funding decisions and reducing bookkeeping tasks. User accounts hold a $0 balance until a swipe occurs. In response to a swipe, the Marqeta platform sends a request for funding to a customer-hosted endpoint (the gateway). The customer's own personalized algorithms decide whether or not to fund the purchase. If approved, funds sufficient for the transaction are loaded into the user account, which is then immediately debited to cover the amount of the transaction. If the funding is not approved, the original authorization is declined. This mechanism effectively enables customers to decline authorizations by declining funding. The loan amount can be specified either within the customer's custom algorithms or by way of a Marqeta Velocity Control.
To set up Gateway JIT Funding:
- Create a Program Gateway Funding Source (see Create Program Gateway Funding Source).
- Configure a Card Product for JIT Funding (see Create Card Product).
- Set up a JIT Funding gateway and custom algorithms in your environment (see JIT Funding Overview).
- Complete Marqeta's JIT Funding certification.
- Optional – Configure a Velocity Control to specify the loan amount (see Create Velocity Control).