Card solutions options for business

For a business to be successful, the activities of its personnel must be aimed exclusively at generating profits and performing tasks that lead to income. All the bureaucratic procedures related to financing specific production costs only slow down the process and distract employees from their immediate tasks.

Any company that now wants to become successful and be a leader in its field should simplify the work of its employees to the maximum and free them from the need to go through a lot of long and fruitless procedures on each financial issue. To do this, it is enough to launch your corporate card program. Multifunctional card issuance platforms have made this possible.

Thanks to such platforms, companies can become payment card issuers and quickly launch card products for their employees, suppliers, and customers. Previously, one had to wait many months to get an ID number from a payment system to be able to launch their card solutions. A service such as BIN sponsorship now allows you to launch your financial product with a card component much faster, and it saves not only corporate clients but also banking institutions a lot of trouble. Let’s list some more advantages of the proprietary card program launch platform, which help increase employee productivity and thus make the business more successful.

High speed

It takes 5 minutes to issue a corporate debit card through a unique online platform. Such speed makes it possible to solve many work issues and not lose profits quickly. Fast card issuance will help in such situations:

  • An employee needs to go on a business trip urgently or needs funds for hospitality expenses;
  • An employee needs to purchase advertising on international sites quickly;
  • A courier needs to pay for goods at a retail outlet or pay cash at the end of the working day;
  • A driver needs money to pay for fuel.

You could enumerate the list of such work situations in which money is needed urgently to infinity. Every minute or even a day of delay costs the company a severe loss in the form of lost profits or the inability to earn them.

The procedure for obtaining a corporate payment card is also getting simpler. Previously, the requirements for card issuance procedures were imposed by the regulator. According to these requirements, a corporate client had to gather a packet of documents virtually by hand. It had to include the following:

  • a list of employees;
  • scanned copies of the passports of all personnel;
  • completed application forms.

If the company is large, it could take several weeks to fill out, scan, and collect the documents. It took another couple of days for the banking institution to process the managed package of papers and check each holder against various databases. It used to take at least a week from filing to issuing the card.

Now, to submit a corporate card request, you have to submit an electronic application through a specialized online platform. The platform quickly integrates with existing company programs, so there is no need to select employee data. The system will pull them automatically from the general database. With the new software, there is no need to make scans or manually fill out any applications.

The cardholder is checked by the payment system automatically, so the card is fully activated and ready for use in a few minutes. Another 1-2 days are spent personally delivering the card to the holder.

Open API

The online card issuing platform with an open API can be easily integrated with the company’s other solutions already in use. It saves significantly on reworking the software to work correctly together.

Thanks to the REST API, the processes on the bank side are automatic, and there is no need to waste time waiting for approval. The API allows you to send requests for card issuance and status. If all data about the cardholder is correct, the request is immediately sent to the bank, and the status of the form for receiving data from the user is directly confirmed.

When this happens, the payment system begins to check information about the cardholder in the available databases. It is done automatically due to the built-in microservices. Depending on the server load, it takes 3-15 minutes to process the data.

Instant notification of operations

Thanks to the online card issuing platform, the company is always aware of every corporate user’s activity. All transactions made on the company’s account are displayed in the system and in the form of notifications, which come after each transaction to the cardholder. Firstly, it is convenient. Secondly, it is necessary for accounting, and thirdly, it allows each user to control their expenses.

Online platforms have particular analytical functions that allow you to track employee spending online or build and view reports for specific periods. Information can be produced by card, by point of payment, by date, or based on any other parameters.

The online card-issuing platform saves time in setting up a card program and implement it. It gives company employees more time to perform their direct duties. Instead of going through bureaucratic procedures and waiting, they can earn profits for the company and make it more successful.

BIN Sponsorship partner

More than payment cards, more information online . It’s unlimited possibilities for any payment solution. Unique products that integrate quickly and efficiently into your business solution. Special offers based on the requirements and wishes of the card and its capabilities. :

  • WhiteLabel cards are a blank canvas for building your own brand. With White-Label solutions, you get a unique opportunity to make your employees, partners, and contractors into a unified corporate culture
  • Adherence to KYC and AML principles – any payment solution is created concerning guidelines, regulations, and business standards
  • Tokenization of any card – tokenize and add your cards to Apple Pay, Google Pay, and Samsung Pay payment services
  • Virtual card at your service is a modern solution that makes the payment for services, transfers, and online purchases even more accessible, faster and safer
  • Particular service for monitoring all card transactions allows timely detection and prevention of fraudulent schemes and reduces the risk of financial losses.

You can forget about wasting time and effort on the long-term integration of various payment functions into your business strategy. Involve your technical specialists in studying API. You will see how easy it is to get the highest level of service and realize all your expectations from the payment solution. Compatiable with absolutely any business: consumer loans, peer-to-peer, and business loans, banks, fintech companies, travel agencies, and many others. Regardless of the business area, your company will get a unique payment offer.

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Joanna Fletcher
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