Marqeta enables customers to use virtual cards in a number of creative ways. Some examples include automating e-commerce check-out by programmatic insertion of virtual card details to an e-commerce provider's payment gateway, distributing virtual-card numbers to users by way of a mobile app, and also funding users by way of integration with digital wallets such as Apple Pay and Google Pay.
To set up virtual cards:
- Add users to the Marqeta platform (users represent cardholders; see Create User).
- Generate PANs for the virtual cards (see Create Card).
Note: Virtual cards are configured to be activated upon issuance.
Marqeta provides several funding mechanisms that support traditional anywhere-spend, as well as an option that supports restricting card usage to specific merchants.
Managed JIT Funding
This option eliminates the need to load funds manually without tying up organizational funds in unused account balances by leveraging Managed Just-In-Time (JIT) Funding. User accounts (GPAs) hold a $0 balance until a swipe occurs. At the time of swipe, funds sufficient for the transaction are loaded into the user account. The user account is then immediately debited to cover the amount of the transaction.
To set up Managed JIT Funding:
- Create a Program Funding Source (see Create Program Funding Source).
- Configure a Card Product for JIT Funding (see Create Card Product).
- Create a Velocity Control for the user (see Create Velocity Control).
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.
To set up Gateway JIT Funding: