When launching a business project with a financial component, you need to choose in advance a payment system with which you plan to work. The most reliable and well-known are Visa and MasterCard. To be able to issue your own card product working with these systems, you need to apply for a BIN in advance.
BIN is a bank identification number that you need to track transactions, transfer payments, and provide document management. Obtaining a number is a long and complicated process, for which not every company has time and money. Not to waste these resources and launch your project as quickly as possible, you can use such a service as BIN-sponsorship. You can find more information about this service at https://wallester.com/card-payment-platform/bin-sponsorship.
Benefits of BIN Sponsorship
When you apply for a BIN, be prepared for it to take 3 to 6 months to be processed. After that, it will still be a long time before you can bring your project to market. It’s good when you have enough resources to spend the time waiting, but that’s very rare. In today’s business, he who adapts to new realities quicker and does not waste his time makes a profit. That is what BIN sponsorship allows you to do in the shortest possible time.
A BIN sponsor is a company that already has a BIN number and is willing to share it with partners. Cooperation with a sponsor has the following advantages:
- there is no need to wait 3-6 months for a BIN number. The card product is launched much faster;
- there is no need to invest in infrastructure, technical facilities, and certification. Also, no need to invest in financial licenses;
- BIN-sponsor acts as an intermediary between a client and a payment network and undertakes all the issues related to risk management, compliance with current legislation, and payment system rules.
BIN-sponsorship services are offered by Wallester.
Benefits of Wallester BIN Sponsorship
Wallester Business doesn’t just provide its partners with a bank identification number. It gives them access to an open-ended ecosystem. The service takes the process of managing business expenses to a whole new level. Wallester Business has the following advantages:
– provides access to the Visa payment system, whose cards are serviced in all hotels and stores and offer substantial discounts for their holders;
- integrates quickly and easily into the company’s existing system via REST API;
- works under KYC/AML requirements;
- reliably protected against fraudulent actions of third parties;
- provides the ability to issue an unlimited number of bank virtual and physical cards for payroll projects, expenses, and any other company purposes;
- a convenient and intuitive platform is provided for expense accounting and maintaining statistics;
- the platform is available in a web version as well as in an application format for mobile devices. The mobile application is designed for gadgets that run on Android and iOS systems.
Wallester Business is used by customers in 12 countries around the world. We have 30 large companies cooperating with us, which have already opened more than 50 thousand active Visa cards.
If you want Wallester to become your BIN sponsor, take just 3 simple steps. Fill out an application with your company information, send the scanned copies of your documents, and go through the verification process.