Launching a new financial product with a card component is becoming more convenient
Every year the use of cash as a means of mutual settlement is losing popularity. Presumably, by 2028, only 10% of financial transactions in Europe will be made in cash. All companies that offer financial products to customers should take this trend into account.
Competition in consumer and business credit, P2P, or travel services is getting more challenging every year. To differentiate yourself from other companies in these industries, you need to optimize your work with customers, and suppliers, making their service faster and of higher quality. The usage of new multifunctional payment instruments can help to solve this problem. Issuing own payment cards will speed up services, increase client loyalty, save time, and improve the company's performance.
To launch your own financial product with a payment card component, you need to sign a contract with a payment service in advance. Visa is the most commonly chosen system. It is reliable, safe, and used worldwide. VISA cards are accepted in any points of sale and hotels, and cardholders always receive additional discounts and cash-backs.
The obligatory condition of cooperation with the payment service is BIN number. This is a bank identification number without which you cannot track card transactions, transfer funds and organize document flow. For more details on what BIN is and what it is required for, please visit http://wallester.com/card-payment-platform/bin-sponsorship .
How to get BIN and save time?
To connect to the Visa payment network and fully manage the life cycle of cards and payment processing, you must become a licensed Visa Principal Member. It takes at least 3-6 months from the time you submit your request to the payment service to receive it, on average. Some more time is needed to launch a new product on the market. Not every company will be able to wait so long for a card program launch, and some products may lose their relevance in such conditions.
Not to waste time, use the services of a BIN sponsor. This is basically an intermediary between the company launching the card program and the payment system. A BIN sponsor already has a BIN number and will give it to the company for a fee. The BIN sponsor takes care of all issues concerning risk management, compliance with payment system rules, and the current legislation.
Wallester is your reliable BIN sponsor
Wallester has been a BIN sponsor for more than 5 years. Wallester offers turnkey Visa solutions. More than 60 companies all over Europe are already clients of Wallester. More than 160,000 active Visa cards have been issued by Wallester. Here are just the main advantages of cooperation with BIN-sponsor Wallester:
- Provides access to a unique platform for card issuance, configuration, and management;
- allows you to issue an unlimited number of physical, virtual, debit, credit, and other cards to meet the business objectives of the company;
- guarantees a high level of protection of all payments through the use of modern 3D secure authentication technology;
- the platform is available in a web version and as a mobile application for Android and iOS;
- REST API allows quick and easy integration of the platform into the company's existing software.
If you would like Wallester to become your BIN sponsor, fill out an application form on the company's website, attach scanned copies of your registration documents, and undergo verification. The answer to the application is expected within 24 hours.
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