Studies show that Americans spend upwards up $4 trillion per year paying bills! These bills include: mortgage, rent, auto loan, utilities, cell phone, internet, insurance, and much more. The funds held in a Hydrogen debit card wallet can be used for bill payments in two ways:
- Bill payment pushed by the cardholder over the Visa/Mastercard network (eligible for interchange revenue)
- Bill payment pulled by the merchant over the ACH network (not eligible for interchange revenue)
Most merchants now accept debit cards for one-time or recurring payments. This is the easiest and fastest way to make payments using the Hydrogen debit cards. In this instance, cardholders will simply type in their debit card number (PAN), expiration date, and CVV, to the card checkout form provided by the merchant. The debit card transaction will process immediately, and you will earn interchange revenue on the transaction!
If the merchant does not accept debit cards, in most cases, your cardholders will still be able to add their debit card's Demand Deposit Account (DDA) routing number and account number to the payment screen. In this instance, your cardholder will enter the routing number of the sponsor bank, and the account number tied to their debit card (both securely shown on the Hydrogen no-code applications). This is the same process a cardholder would undertake to pull funds from a bank account at Chase, Wells Fargo, Citi, etc. The ACH pull from their DDA account will normally take 3-7 business days to process. You will not earn any interchange revenue on this transaction, because it is not processed over the Visa/Mastercard network.