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BackFuture of Fintech
Why you should care about credit card issuing
May 29, 2023
The card issuance market used to be dominated by banks. However, now more and more financial institutions have announced to stake a claim for its piece of the pie. They launch innovative API solutions to empower business owners to create, control, and distribute physical or virtual credit cards with no need to wait for months.
The card program usually has the essential functionalities as follows:
◆ Branded credit cards on-request. By integration with the API, business owners can create customized designs for their carriers and cards directly.
◆ Instant card creation: After being empowered the capability to create their own cards online, business owners can create the cards online anytime and anywhere for their users or employees without region and time limitation. And the card can be created within several minutes.
◆ Configurable expenditure limits. If companies mainly create cards for their employees, they can take full control over card expenses through the dashboard. Consequently, you can set spending controls for every card, block business categories, and even elaborate specific combinations of rules to prevent fraud.
◆ Ability to add cards to mobile wallets. As digital wallets such as Apple Pay and Google Pay are gaining momentum, especially in the days of social distancing, people shop less with physical cards. With fintech-issuing credit cards, customers can load cards to their mobile wallets and access funds to pay in-store, in-app, or online quickly and securely.
Businesses may still hesitate to begin a card program. Here are some benefits that we have analyzed to help you better understand what card issue programs may offer to your business:
A comprehensive solution. Traditionally, to offer branded cards, companies had to engage at least two external collaborators. The card issuing process used to be not only confusing but also rather costly and time-consuming. The banks usually ask you to submit lots of material to finish the Commercial Due Diligence and prove that you are qualified to launch a card program, which will take 1-2 months.
However, those fintechs are ready to streamline this process for you, turning into a one-stop-shop. Their APIs and dashboards enable business owners to create, design, and issue cards online.
Instant kick-off. Waiting for branded cards for months is already a thing of the past. Via partnership with a platform, secure card issuance takes around two weeks, thus ensuring unprecedented agility to businesses. Recently, companies have gotten used to going online to retain customers and staying in the game, so waiting for months could turn into an existential challenge. The use of online payment solutions and digital card issuance navigate stakeholders through such tough times.
Fraud protection. Security still remains one of the weakest points for financial sector. To address that, card issuing program usually allows users to set spending limits or block specific merchant categories. Besides that, the platform adopts advanced technology to establish an anti-fraud system to monitor and analyze each authorization attempt for fraudulent activity and suspends the ones that seem suspicious. Business owners can also specify the importance of verification data during the authorization process to enhance security measures and protect customer funds.
iPeakoin card solution
Scalable
Build your own card solution using modular API to accommodate your business.
Profitable
Access to better international interchange rates than other providers.
Flexible
Empower your users to make transacting with crypto as simple as using a credit card.
Unlimited users and cards
Unlimited number of cards and users allowed. Customizable budgeting.
Extensive coverage
Can be used wherever Visa and MasterCard payments are accepted.
For more details, please visit ipeakoin.com. Also feel free to send us a note at marketing@ipeakoin.com or https://t.me/ipeakoin (Telegram).
