Installment Payments

Accepting installment payments can lead to increased sales, but it presents its own set of risks and challenges. Applying Vesta’s fraud protection to installment payments minimizes fraud risk and the costs associated with fraud by assessing the entire series of payments up-front. Along with Vesta’s Payment Guarantee (Enterprise Acquiring) solution, our installment payment add-on covers all costs associated with chargebacks due to fraud for all approved installment payments transactions.

Our Installment Payment add-on now works with our Magento extension to add our industry-leading fraud protection to installment plans offered through your Magento storefront.

The installment payment add-on currently supports installment plans that do not charge interest and that break payments into either 3, 6, or 9 monthly payments. To begin using the installment payments add-on, you must first set up your website to display an installment payment option to your customers. Then, at checkout, Vesta obtains the information needed to assess the transaction, and returns an approve or decline decision.

Requirements

The installment payments add-on is only available in Latin American markets for Payment Guarantee (Enterprise Acquiring) subscribers. You must either directly integrate our services into your website or use Magento for your storefront with our Magento eCommerce Extension.

The table below identifies the Vesta products that support the installment payment add-on:

  Payment Guarantee
(Enterprise Acquiring)
Payment Guarantee Payment Protect
Installment Payments    

When you sign up for Payment Guarantee (Enterprise Acquiring), you must tell your contact at Vesta that you intend to accept installment payments.

Setup

The section below describes how to set up the installment payments add-on for Vesta customers that use a direct integration.

Direct Integration

Setting up the installment payments add-on is easy once you have integrated Vesta’s Device Fingerprinting and Behavioral Analytics scripts into your website. The steps below describe how to set up your website to begin accepting installment payments:

  1. Add the Device Fingerprinting and Behavioral Analytics scripts to your website as described in the onboarding guide.
  2. Add an installment payment option to your checkout form. The installment payment option should include the following details:

    • Terms - The frequency of payments (monthly) and the duration of the plan (3, 6, or 9 months). Vesta does not support plans that charge interest at this time.

    • Amount - The amount of each payment and the total amount of the transaction. The amount of each payment is equal to the total amount of the purchase divided by the number of payments.

      Note: Your acquiring bank manages collecting the payments from your customer. You do not have to manage recurring payments to accept installment payments.

At checkout, the installment payments option should add the installment payments attributes to the body of your request to the ChargePaymentRequest endpoint when you submit the transaction to Vesta for review. The Use section below includes details about the request attributes.

Use

To use the add-on include the installment payment attributes in the body of your request to the ChargePaymentRequest endpoint when you request a risk assessment of a transaction during checkout. The ChargePaymentRequest resource is defined in detail in the developer documentation. The steps below describe how to use the installment payments add-on when a customer selects the installment payment option at checkout:

  1. Create the request to the ChargePaymentRequest endpoint as described in the onboarding guide, and include the following installment payments attributes in the body of the request:
    • NumberOfPayments - An integer that defines how many payments your customer will make. The number of payments should correspond to the duration in months of the installment plan.
    • PlanType - A string that identifies the terms of the payment plans. Currently, “1” , which corresponds to a monthly payment of principal, is the only valid option.
  2. Submit a POST request to the ChargePaymentRequest endpoint as described in the onboarding guide. Vesta returns a response that includes an approve or decline decision. Vesta’s Payment Guarantee (Enterprise Acquiring) solution covers all costs associated with chargebacks due to fraud for all approved installment payment transactions.
  3. If the transaction is approved, decide whether to accept it based on Vesta’s response, and notify your customer of the order status.
  4. For approved transactions that you decide to accept, and if you do not use the auto-disposition feature of the ChargePaymentRequest resource, send a POST request to the Disposition endpoint to notify Vesta of the transaction’s settlement status. See our developer documentation for details about the auto-disposition feature and the Disposition endpoint.