Launching Your Card Program: Where To Start?

A payment card is a convenient tool for mutual settlements in retail outlets and on the World Wide Web.

Companies that want to keep up with the times and offer customers, partners, and employees a better and safer service are striving to set up card issuing themselves.

To launch a new financial product with a card component, you first need to obtain a bank identification number. And here it does not matter with which payment system you plan to carry out payment card issuing – with VISA or MasterCard. In any case, it is initially necessary to obtain a BIN.

What Is A Bin, And What Is The Difficulty In Obtaining One?

BIN is a 6-digit number identifying the organization issuing the payment card. It is required by the payment system for identification procedures during authorization and processing. The BIN is needed to track transactions, transfer payments, and document activity for regulatory purposes.

Those who plan to establish payment card issuing need help at the first stage of obtaining a BIN. They apply for a number, and then the long months of waiting begin. In case of submitting a full package of documents and the correct application, the number is issued within 3-6 months.

Further testing of the card product and its introduction to the market begins. It takes several more months. It is especially unacceptable for those with the impetus to develop a product and need to get the card program up and running as quickly as possible.

How Do You Get A Card Program Up And Running Quickly?

To not waste time waiting for BINs and not communicating with payment system representatives yourself, you can use the services of a BIN sponsor. BIN sponsorship saves a company launching its card program from complying with all the regulatory requirements of payment systems and dealing with burdensome administration. The company concentrates solely on its main task – running its own business.

One of the BIN sponsors partnering with the Visa payment system is Wallester. This organization takes responsibility for risk management, system compliance, and network settlement while providing clients access to a multi-functional platform and helping them gain a competitive advantage in the marketplace.

Advantages Of Cooperation With BIN-Sponsor

Co-brand card issuing through a platform provided by a BIN sponsor has tons of advantages:

•       There is no need to deal with the administration and compliance of the payment system;
•       Cards of all purposes and all types are issued instantly;
•       You can manage your cards yourself, replace them, block them, set limits and unblock them;
•       Cards can be tokenized to link them to e-wallets;
•       Processing and control of payments takes place in real-time;
•       The payment card issuance platform can be easily integrated with any software the company’s finance department already uses.

BIN sponsor provides White Label card issuing. Cards with individual corporate designs can become a real highlight of your company. The payment cards, the mobile application, and the platform for managing the card program will be designed in the same style. With the help of such cards, you can popularize your brand and increase the loyalty of customers, suppliers, and partners.

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