Own Card Program: A Business Necessity or a Waste of Money?

The benefits of using payment cards can hardly be overestimated. They can pay salaries, make mutual settlements with suppliers, partners or clients, or pay for goods and services in retail outlets and online. Cards can be debit or credit, physical or virtual. Each of these types has its features and benefits for businesses.

Previously, you had to go to a bank to get payment cards at your disposal or issue them for your company. Now, with the advent of a card-issuing platform, any organization can launch its card program. Now, there is no need to find a point of contact with a payment system or a banking institution.

Functionality of the Card Issuing Platform

Functionality of the card issuing platform

With the help of the Wallester multifunctional platform, any company can launch its card project and manage it at its discretion. It is facilitated by the following functionality of the platform:

  • Card issuing: Both physical and virtual cards can be issued. They can be debit, credit and prepaid;
  • White Label: This solution allows issuing cards with an exclusive design. Not only the means of payment but also the self-service portal and mobile application will have a unique look;
  • KYC/AML: The card program works to comply with all KYC and AML requirements that may affect your business. Compliance with these regulations is the responsibility of the provider providing access to the platform;
  • Tokenization: The platform allows you to tokenize any payment card. It helps to make online transactions more secure. Such cards can be linked to any digital wallet;
  • 3D Secure: Thanks to the use of a modern security protocol, there is a new step of verifying the card issuer during any transactions;
  • Fast payment processing: Since there is no need to request information from banking institutions, any number of transactions can be processed simultaneously, wherever they occur;
  • Card program management: Through the platform, it is possible to issue cards and set limits on them, re-issue, block, and unblock them if necessary.

The platform monitors payments to detect and prevent fraudulent payment card actions. The use of modern platforms allows you to minimize financial losses.

Advantages of the Card Issuance Platform

Issuing your cards through a multifunctional platform has a lot of advantages:

  • There is no need to cooperate directly with the payment system and fulfil all its requirements. To issue cards, it is enough to conclude a contract with the BIN-sponsor, which takes care of all administrative and organizational issues;
  • The card product is launched on the market in the shortest possible time. When it is necessary to obtain a BIN number independently, it takes up to 6 months to approve this stage of the program launch. With BIN-sponsor it takes no more than 1-1.5 months to launch the project;
  • Minimal project implementation costs. The company does not need IT staff to develop software to issue and manage the cards. Also, the business does not need to keep an employee responsible for the maintenance and modernization of the software. These issues are handled by the provider that provides access to the multifunctional platform;
  • Platforms can be easily integrated with the company’s existing software. It saves money on their implementation and customization for an existing project. This software is very flexible and easily scalable in case of rapid business development.

The platforms allow issuing Visa cards that are accepted in retail outlets all over the world. They can be used to pay for goods and services offline and online. Along with anonymized cards with a standard design, White Label solutions can be used to popularize one’s brand. Cards with a unique design and company logo on a plastic carrier can attract the attention of others and increase brand recognition.

If launching your own card project earlier was considered a privilege of large holdings, now it is an affordable solution for any small business. With the help of multifunctional platforms, a company of any size can bring its card product to the market, spending a minimum of effort, money and time.

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