In most countries of the world, the share of non-cash payments increases every year. Presumably, by 2028, only 10% of settlements in European countries will be made in cash. Everyone who is planning to launch financial products should take this into account. You should include a card component in their development.
When it comes to choosing a company providing services for payment transactions, the first thing people remember is Visa and MasterCard. And this is not surprising because these American payment systems are used almost all over the world. You can pay with Visa and MasterCard cards in many stores, withdraw money from any ATMs and safely keep funds in your account. You need to obtain a BIN in advance for a new financial product to work with Visa and MasterCard payment systems.
What is a BIN?
BIN is a bank identification number. It is needed for the following purposes:
- to track transactions;
- to transfer payments;
- to provide document flow for regulatory purposes.
These are mandatory functions for any payment service in the financial technology field.
On average, it takes 3-6 months from the time of application to obtaining a BIN. And after receiving the number, some more time passes before a new product is put on the market. And that’s assuming that there are no barriers to its launch. Not every product can stay relevant for that long, especially when it comes to impulse products. To avoid wasting time waiting, you can use BIN sponsorship. There is a lot of information about what it is and how it works at https://wallester.com/card-payment-platform/bin-sponsorship .
What is BIN sponsorship?
A BIN sponsor is essentially an intermediary between a new financial project and a payment service. The advantage of working with a sponsor is that you do not have to wait months for a number. The sponsor already cooperates with Visa and can provide its partner with BIN and account numbers in the shortest terms. It will meet the stated objectives. The customer will be able to launch their cards much more quickly and efficiently. This approach allows partners not to waste time getting approval and trivial awaiting but to implement their product as quickly as possible.
BIN Sponsorship by Wallester
Wallester https://wallester.com provides sponsorship services for customers from all over the world. The company provides not just a BIN number but a whole new approach to cost management. It is an open ecosystem that can integrate into an existing business system. It works under KYC/AML requirements and is securely protected from fraudulent outside activities.
Wallester Business Benefits
In addition to the BIN number, the following features are available to the company’s customers:
- the ability to use a simple and intuitive platform;
- to issue an unlimited number of virtual and physical Visa cards;
- to integrate the solution with the company’s existing software through REST API;
- control and manage company expenses;
- issue cards for payroll or other needs;
- track transaction history;
- use accounting tools, etc.
Wallester provides a special platform for card management. It is available in a web version and as a mobile application for gadgets running on Android or iOS. In the app, you can track the status of cards and transactions, and change it if necessary.
To access the Wallester Business system, it is enough to make 3 simple steps: fill in the information about the company, provide scanned copies of the registration documents and go through verification. You will receive an answer in a maximum of 24 hours.
