With the dog days of summer winding down and back-to-school top of mind for many, it feels like the right time to share with you the latest offerings from Marqeta that are powering embedded finance.
Here at Marqeta, our product managers have been bringing the heat when it comes to new releases and enhancements. In this quarterly series, we highlight a few so you can get a quick look into some of our newest offerings.
Cheers to summer and innovation.
Marqeta Fleet Card: Bring the power of Marqeta’s platform to your fleet with Marqeta’s Fleet Card, available through Mastercard and Visa.
Marqeta’s Fleet Card is an unsecured, non-revolving card to manage spend specific to transportation and fleet management.
With this card, fleet managers can have security and control over driver expenses with custom spending categories, limits and rewards. The card can be used for more than just fuel, with the ability to set up categories for maintenance, repairs, or anything else that drivers may need on the road.
Docs AI: Quickly and easily find answers to questions with our Docs AI.
Marqeta’s Docs AI is an AI-powered question and answer tool that helps users navigate our extensive docs site, learn about our payment offerings and integrate with our APIs more efficiently.
With this tool, customers can embed payment solutions in their products more easily and ultimately, reach time to value faster by getting the information that they need.
To learn more, check out our resources here:
EU Data Residency: In Europe, personal data is protected by EU law and can only be processed by organizations if specific safeguards are in place.
In order to address these requirements, Marqeta has built local infrastructure at EU data centers and hosted multiple services locally. For European cardholders, personal data like name, address, phone number and email are stored within the EU geographical area.
With our latest enhancement, Marqeta is able to provide a Data Residency offering for both physical and virtual card programs.
Jeff Parker, our Managing Director International, shares his thoughts on the impact of data residency here
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To learn more, check out our resources here:
Merchant ID Dictionary: “Keep it simple” is a favorite adage of mine. The Merchant ID Dictionary is exactly that when it comes to tracking MIDs in a card program.
The Merchant ID Dictionary deciphers all MID variations and then rolls it up into a single name. To illustrate, let’s take Sproutify. Sproutify is a hypothetical grocery chain that has multiple locations and an online storefront. Transactions at Sproutify have different MIDs and appear as follows:
- SPROUTIFY #0982
- PP*SPRTFY
- SPROUTIFY F17984 SAN F MKT
- Online Payment 99374585676 To Sprou
With the Merchant ID Dictionary, all Sproutify MIDs are rolled up to a single, clean merchant name, “SPROUTIFY.”
The Merchant ID dictionary can reduce fraud, improve authorization rates, and streamline reporting and analytics.
To learn more, check out our resources here:
Card Program Fees: Fees are a necessary part of any card program. With our latest beta release, customers can more seamlessly charge any type of fee from day one of launch.
Some examples of card program fees are:
- Standalone fees unrelated to any transactions from the network can be assigned via an API, such as an annual fee.
- Fees that are triggered off of network transactions, such as an ATM withdrawal fee
- Automated charging of some standalone fees, such as a monthly fee
- Additional fee attributes to apply fees based on the transaction details, such as on only declined transactions, international, etc.
ACH Origination (ACHO): With this release, consumer and commercial cardholders can initiate the movement of funds in and out of their embedded account via ACH.
This feature is particularly useful when a cardholder has to fund their embedded Marqeta account, as it encourages quicker activation of card spend.
To learn more, check out our resources here:
Thank you for taking the time to learn more about what we’re up to here at Marqeta. If you want to dig deeper or speak to an expert, reach out to your Customer Success Rep or follow the below links:
