Visa, Inc. is a multinational financial service company located in Foster City, CA in the United States. Visa processes electronic payments around the world, primarily those made using Visa credit cards, debit cards, and prepaid cards. Visa does not actually extend credit, issue cards, or set rates. Rather, Visa provides Visa products to companies who extend credit to their customers by issuing the cards. The issuing companies set the fees and rates for their cards, depending on each customer’s credit worthiness. Each issuing company is also free to offer credit card rewards, such as cash back or airline miles.
Visa is the second largest such company in the world after China’s UnionPay based on the value of payments processed each year, as well as number of cards. Outside of China, Visa dominates the financial world with half the total market share of card payments.
Visa operates everywhere in the world except for Antarctica, though most transactions are processed at one of two facilities, both in the United States, The Operation Center Central, located in Colorado, and Operations Center East, located in Virginia. Both centers are very high security and protected against crime, disasters, and terrorism. Each facility is capable of functioning independently of any other facility and without external utilities if needed. Each can handle up to 30,000 transaction simultaneously and each transaction is checked against 500 variable and a fraud detection framework that involves 100 criteria before being accepted and processed. Visa is the most widely used credit facility and an essential for any merchant service agreement, ensure Visa is an allowed facility on your merchant account.