If a bank card was previously used only to get a salary and withdraw it from the nearest ATM, now the share of non-cash payments accounts for at least 60%. According to experts, in 5-6 years more, and in European countries, only 10% of transactions will be made in cash. Companies, which plan to launch financial products, should necessarily count such tendency. They should make provision for bank card usage in their development stage.
First of all, you need to conclude an agreement with a payment system to implement a card component in your product. Probably, the most reliable and secure is Visa today. Cards of this system are accepted worldwide. You can use them to pay at hotels, and stores, pay for online purchases, and receive additional bonuses. You should obtain a BIN from the payment system to be able to track transactions on cards, make payments and provide document flow. What it is and what it is for you can find out more at.
What is a BIN?
The BIN is a bank identification number that consists of 6 digits. These figures contain all the information about the issuing company and the payment system it is collaborating with. Each of the 6 digits has its own meaning:
- The first indicates the payment system type, servicing the bank card. The first digit on Visa cards is 4, and on MasterCard – 5.
- The second to fourth digits indicate the number of the card-issuing institution. These figures are formed by the payment service the issuing company works with.
- The fifth through sixth are additional digits, indicating the category of the bank product.
To see these 6 digits, just look at the front of the bank card. The first 6 digits of the number are the BIN. It takes at least 3-6 months to get the BIN. This is just the time it takes to wait for the payment system to make a decision . You also need to consider that it takes some time to organize the project and implement it.
If you have unlimited time resources, no problem, but why waste so much time if the project can be launched much faster. It is enough to use the services of a BIN sponsor to do this.
BIN Sponsorship: what is it, and who is interested in its services?
To avoid wasting time getting a bank identification number, you can use the services of a company that already has a BIN. A BIN sponsor will provide you with BIN and account numbers for a surprisingly modest fee. In addition, the BIN sponsor https://wallester.com/card-payment-platform/bin-sponsorship will mediate between you and the payment system, which will allow you to launch a card project much faster. This opportunity will be interesting for the following types of companies:
- Consumer Credit Providers. There is huge competition in this area now. Availability of its own card products will allow a company to improve customer service, optimize it and make business more efficient.
- Providers of business loans. This area of lending has begun to actively develop. The development has led to the need for effective solutions to meet the customers’ needs. Thanks to BIN sponsorship, it will be possible to speed up the lending process and thereby increase the customers’ loyalty to the company.
- Banks. BIN Sponsor provides a ready-to-use investment product, saving time and money for the institution.
- Fintech companies. Not all of today’s financial companies have state-of-the-art solutions. Most of them still do not have a reliable and convenient payment service. BIN-sponsor helps such companies to produce their own multifunctional cards. They will have an exclusive design and are fully adapted to the business processes of the company.
- P2P service providers. Having modern payment tools at their disposal, such companies can transfer money and give loans much faster.
- Travel agencies. Travel agencies work with many companies. For this cooperation to be successful, they need to have multifunctional payment tools that allow them to optimize work with clients and suppliers.
If your company is engaged in one of the above-mentioned activities, a BIN sponsor will help you to become more efficient and save time and money at the same time. The company Wallester promises to increase the speed of financial product output for everyone.
Wallester is a BIN sponsor that offers turnkey Visa solutions for your business. The company has been in existence for more than 5 years. Its platform is widely used by clients based in the EEA area. The company is headquartered in Tallinn, Estonia. Wallester already has more than 3 dozens of clients who have launched more than 200 thousand active Visa cards. As for today, we have:
136K – White Label Cards
63K – Wallester Business Cards.
Wallester provides the following opportunities to all their customers:
- Card issuance. An unlimited number of Visa cards may be issued. Cards can be debit, credit, prepaid, virtual, or physical;
- 3D secure. The company guarantees a high level of online payment protection provided by state-of-the-art cardholder authentication technology. All cards issued with the Wallester platform support this technology, and there is no need to integrate additional security protocols;
- Tokenization. Tokenized cards can be integrated with mobile electronic systems to pay for their purchases with modern smart gadgets that support contactless payment;
- KYC/AML. Thanks to the company’s KYC processes, the risks of cooperation with untrustworthy customers are reduced to minimal, as the identification of individuals and companies is carried out under international AML rules. This feature allows for the safe registration of new users in the system.
The Wallester platform can integrate quickly and easily into a customer’s existing system. With its help, you can control costs for each corporate card and the company card spend as a whole, keep statistics, and monitor the status and condition of the cards. The platform can be installed on a computer or a mobile device based on Android or iOS operating systems. It has all the functionality needed for the efficient financial activity of any type of business.