How does Octet compare to the likes of VISA, MasterCard and the American Express Plum Card?
Like VISA, MasterCard and Amex Plum Cards, Octet:
- Is a communication system that allows non-consumer Buyers and Sellers to transact/trade and at the same time obtain finance.
- Provides finance for purchases.
- Offers a Rewards/Loyalty program.
Unlike VISA, MasterCard and Amex Plum Cards, Octet:
- Incorporates document tracking of purchase orders, pro forma invoices, letters of credit, invoices, inspection certificates, bills of lading, etc.
- Includes a unique matching, approval and authentication system requiring a series of interactions from both sides of the transaction.
- Progresses through a series of authorising steps using: Digital certificates stored on smart cards for user authentication, and Digital signatures for documenting transaction authorisation.
- The merchant fee is customised for each Buyer based on the Buyer company’s credit risk. Just as in Visa, MasterCard and Amex, the merchant fee should be borne by your supplier.
- Allows the merchant fee to be split however buyer and seller agree.