What did you need a bank card for a couple of years ago? Exclusively to get a paycheck and withdraw it from the nearest ATM. Today we can see progress and growth in the popularity of payment cards, as evidenced by the figures: non-cash payments take 60% of all payments made worldwide. With the movement and development, this figure will only grow. If we trust the opinion of financial experts, in 5 years, the share of cash will be only 10%. Looking back at the above data, any modern company should already be at the stage of development, including the possibility of launching its card project.
The first thing to do is to agree with a payment system, which will become the basis for your product cards. Supposed to speak about what international payment system is considered the most reliable and safe today so that Visa would be in the first place. It is these cards. They are accepted worldwide to pay for a wide variety of goods and services: hotel payments, grocery shopping in supermarkets, shopping, and Internet shopping. You can easily track card transactions, make payments, and make transfers; you need to get a BIN from the payment system.
Definition of BIN
The BIN is six digits, which make up the bank’s identification number. Each of the six digits carries certain information, in particular:
- the first is the payment system that services the bank card. The first number on all Visa cards is 4. In Mastercard – 5
- the second, the third, and the third digits are the card issuer number formed by the payment service the issuer is cooperating with
- the fifth and sixth are the category of bank products.
There is a number on the front side of each card, the first six figures of which are the BIN. You have to spend quite a lot of time to get the BIN. In particular, it takes 3 to 6 months to wait for the decision of the payment system. Additionally, you must remember that the design and implementation of the project are done in a period.
For any company, time is money. Therefore, the cost becomes an expense item, even if it is temporary. For those who value their resources, there is a unique offer called sponsorship BIN.
Who might need BIN sponsorship services and why?
Spending time to get a bank identification number is optional. An alternative would be a service from a company that already has a number. The sponsor gives the BIN and account numbers to use for a fee. In particular, if we talk about a sponsor represented by Wallester, you can get an additional service in the form of an intermediary between you and the payment system in addition to the BIN and the accounts. Such a solution will help speed up the launching of a card project.
Who will be interested in BIN-sponsorship service:
- Companies that are in the business of providing consumer loans – winning the competition will help your card project. Thanks to this solution, you can easily optimize your business processes and make them more efficient.
- Companies that are providing business lending services – this direction is actively developing, which has triggered a whole range of issues that must be solved to satisfy clients’ needs. BIN sponsorships will help speed up lending processes and increase client loyalty.
- Banking institutions – thanks to BIN’s sponsorship, the bank receives a fully operational investment product, saving time and money for the financial institution.
- Fintech companies – not all financial companies have access to modern solutions. BIN Sponsor becomes the best solution for developing and issuing cards with an exclusive design. The cards are adapted to all necessary business processes and are multifunctional and practical.
- P2P service providers – cards as a payment instrument will help to make quick money transfers and grant loans.
- Travel agencies – their specific activity character implies close cooperation with many partner companies. Multifunctional payment instruments will simplify and ease the financial side of cooperation.
For each of the above companies, BIN sponsorship becomes the optimal solution for any issue related to payment services. Wallester company offers not to waste time and money looking for a better solution than BIN sponsorship. We will help you get a modern payment tool as quickly as possible.
Wallester is a BIN sponsor offering turnkey Visa solutions for any business that needs its card project. Wallester has been in business for five years and is popular and trusted by customers from countries including the EU. The head office is located in Tallinn, Estonia. The company currently serves 30 customers who have launched more than 200,000 active Visa cards.
To be specific:
- 136,000 are White Lable cards. Each customer can brand according to their corporate identity. The design and layout of the card are up to the client.
- 63 thousand – Wallester business cards. A set of tools for business management. Flexible settings, the ability to monitor payments, and set limits on the amount.
Possibilities opened for the clients by Wallester:
- Unlimited issue of cards – the necessary number to ensure efficient operation of the card project. Debit, credit, virtual, prepaid, physical. Instant issuance, worldwide payments.
- High level of security – online payments are protected by cardholder authentication technology. All the cards issued on the Wallester platform support 3D security technology, so there is no need to integrate additional protocols at all.
- Tokenization – tokenized cards can be easily integrated into mobile electronic systems, so making purchases with modern smart gadgets is easy.
- KYC/AML – processes that minimize the risk of working with unscrupulous customers. Features make it safe for new customers to register in the system.
Wallester has developed a technical solution that integrates our platform as quickly and easily into the customer’s existing system. You will be able to control costs, track the status and condition of the cards, and generate statistics of transactions and other financial data. The effective financial activity of any business is possible thanks to the applications developed for Android and iOS operating systems.
Together with Wallester, each client gets the fastest possible opening of the project and obtains the necessary number of cards. With us, it is easy to start and build a company’s financial structure. We only ask the client to voice their idea and vision of the outcome, after which we begin work on the initial planning and subsequent technical integration of the result.
Wallester is a partner who provides full support throughout the whole period of cooperation. BIN sponsorship is not a one-size-fits-all structure. A team of professionals thoroughly works through all the details and nuances of the client company’s future card program. Individual approach makes it possible to get a perfect result that will precisely meet the client’s requirements. It is easy to succeed with us, more information from this website.
Author Denis Ljubimov: