Existing Debt

'Debt Pay', officially the "Visa US Debt Repayment Incentive Interchange Program", is a Visa only program that allows merchants who issue loans or mortgages to receive a reduced or waived interchange fee when customers use a Visa branded debit card to repay their debt. The basic requirements are as follows:

  • The merchant must be registered with Visa
  • The customer must use a debit card, not a credit card, and the debit card must be Visa branded
  • The merchant's category code (MCC) must be 6012 (Financial Institution) or 6051 (non-Financial Institution, Currency related)
  • The merchant cannot be a debt collection agency

A merchant can run debt pay transactions in one of two ways: 1. Set the merchant industry to "Existing Debt" and then all transactions will be attempted as debt pay 2. In the transaction api set UMisDebt=true, regardless of merchant industry, to send that particular transaction as debt pay 

If a merchant attempts a debt pay transaction but the correct conditions are not met, the transaction will still be processed but will be sent as a regular debit or credit transaction.