In today’s digital age, customers expect quick, real time payments. It’s the same story when it comes to refunds, disbursements and payouts. However, with credit cards becoming increasingly popular payment mechanisms, making payouts can be quite challenging for online businesses. Well, this is where Original Credit Transaction (OCT) comes in.
OCT provides online merchants a quick and convenient way to make payouts, without having to touch any sensitive data. The only thing they require is a payment gateway that provides OCT services.
Over the course of this blog post, we’ll discuss what OCT is, and how it works.
OCT: What Is It?
To put it in a nutshell, OCT is a payment mechanism that allows the user to directly transfer funds to credit card users. MasterCard Moneysend and Visa Direct are two examples of OCT. They enable convenient and quick transfer of funds so money can directly be sent to the beneficiaries’ cards. These two services cater to over 200 countries and are accessible to over a billion MasterCard and Visa card holders.
OCT was primarily developed to expedite payouts by using card numbers to route transactions. This means enterprises can make real-time payments directly to the bank account the beneficiary’s credit card is linked to.
With OCT, you can send payouts to prepaid, debit, and credit cards. However, it’s important to note that OCT only works for cards which have fast funds enabled.
OCT: How does it Work?
Looking at it from the user’s point of view, an OCT is as straightforward as entering in the CVV and the card data; so basically, it’s similar to the conventional payment process in many aspects. Once data has been entered and saved by the customer, payouts can be processed and sent automatically.
The Notable Advantages if Using ICT payments
The most prominent benefit of utilizing OCT payments is unquestionably the expedited processing time—which is shortened from multiple days to just a few minutes. Other notable advantages include:
- Enhanced customer experience
- High payment security
- Better control over the flow of payout
An OCT is definitely one of the easiest ways to transfer funds as it allows enterprises to make direct push payments to cardholders all over the globe.
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