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Who are 10 companies who offer services to do disbursements to debit cards through an API
Hello! Thanks for your request for a list of companies which offer disbursement to debit cards (not credit cards) through an API. In short, you'll find a list below along with a short description of each company. You will also find an explanation of how I chose these companies and difficulties encountered.
METHODOLOGY
First, I pulled up a list of payment processing services. I eliminated major network providers (Visa, Mastercard, Discover) and any companies that weren't API-based (for example, those which refill via charge-up cards like MoneyPak). I next determined whether disbursements are being sent to an existing debit card or whether having a card created was the goal. Careful reading of the request showed that what is wanted is the service that transfers the money, not the card itself, and that small companies are preferred. With that in mind, I narrowed the list down to the smallest established companies on my list that met all other criteria.
The companies are listed in order of usefulness- the ones listed first are the best fits that exceed expectations while those listed last meet the bare requirements. It is useful to note that there were once more companies that offered these services, but many have merged with other companies or failed because of the rise in mobile banking.
LIST OF COMPANIES
1. Stripe: In 2014, this San Francisco-based company added the capability to send funds to a debit card using only the debit card number. This service costs $0.25 per transaction and arrives in the payee's account within 1-2 business days.
2. AccuLynk Payzur: This US-Backed company uses custom APIs to route money to payees' debit cards in near-real time. They offer tiered pricing for merchants of varying sizes.
3. Payout: Payout is specially designed for merchants who regularly need to disburse funds to customers, such as insurers and lenders. Their fee structure is simple, with a 1% fee for disbursing to debit cards. This company can also disburse via other methods.
4. InGo: This US-based company can push payments to nearly any kind of debit card, as well as credit cards. Money is guaranteed within up to 24 hours, but InGo reports that many merchants release funds in near-real time.
5. Marqueta: Marqueta disburses funds to either a physical or a virtual debit card. Physical cards can be designed by the merchant and used anywhere. The virtual debit card can be converted to a physical one. This is a useful service if a customer doesn't have an existing debit card to receive funds. Companies such as Uber use Marqueta for advances/payment.
6. PopMoney: PopMoney is most well known for the capability to send money to people using an email address or phone number, but you can also send money to their debit card using the number. Most transactions cost $0.95 and there is a limit on what can be sent per day based on whether you send from a credit card or debit card. The biggest drawback is that the recipient will have to make a PopMoney account the first time they receive funds, though afterwards they can elect to have it directly deposited.
7. Envestnet Yodlee: The global headquarters for this company is in Redwood, CA. Yodlee offers API capabilities of directing funds to prepaid debit cards, which can then be sent to customers. Note: the website does not list a capability to pay to existing debit cards, though when I phoned the office the customer service representative informed me that was possible as a custom solution.
8. Square: Square is most known for enabling people to accept credit card through its popular SquareUp app, but it also offers a very flexible method for payees to transfer money to their accounts via debit card.
9. Yapstone: Yapstone boasts an end-to-end payment processing system inclusive of debit cards able to both receive and send payment to debit cards. Their core competency is in regularly scheduled payments.
10. Load Debit Card. This company allows you to load nearly any kind of currency onto a reloadable debit card which can then be spent in the outside world. There is an impressive list of currencies and types of debit cards accepted, though right now it can only pay out in USD, British Pounds, and Euros. The transaction fees are high but this is one of the best solutions if you want to transfer cryptocurrencies to real money for customers.
NOTES
There are companies which offer similar services that may work, but since they don't strictly meet the requirements I chose to list them separately for consideration.
CONCLUSION
These ten companies have the capability to process payouts to debit cards using API.
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