Setup for Single-Use Virtual Card

This guide describes your responsibilities to set up a single-use virtual card, part of Buy Now, Pay Later from SoFi Tech Solutions.

Set up a credit program

Single-use virtual cards are treated as a credit product at SoFi Tech Solutions. When you set up a credit product, you are adding a new program and a new BIN. You will need approval for the new BIN from both your bank partner and Mastercard. You can ask your SoFi Tech Solutions representative to help you with your conversation with the network to avoid misunderstandings. Refer to the Setup Secured Credit for details on credit at SoFi Tech Solutions.

Obtain a bank partner

Before you can use our Buy Now Pay Later service, you must acquire a bank partner to sponsor your program. Your issuing bank may not support credit products. If this is the case, you will need to use a separate sponsor bank.

PCI compliance

You may need to be PCI compliant if you plan to display virtual card information, like the PAN, to customers in the application and/or in their mobile wallet.

Loan underwriting process

SoFi Tech Solutions does not provide underwriting. You determine the risk of underwriting each customer and how much the customer can afford to borrow. You can choose to set up underwriting in house or partner with a third-party underwriter to determine a cardholder has the correct qualifications.

Merchant credits and refunds

You are responsible for determining how to handle merchant credits and refunds. You may decide to pay merchant credits and refunds to the cardholder, apply them to the next installment loan, or some other solution.

Disputes

You are responsible for setting up your own internal process to handle disputes. You may decide to integrate with SoFi Tech Solutions' disputes partner.

SoFi Tech Solutions setup

These internal parameters are set at SoFi Tech Solutions according to your use case.
See the Single-use virtual card parameters table for the details of the product parameters.