BIN Sponsorship – Free Expert Advice
Applying for Visa or Mastercard principal membership yourself can take 3-6 months, even with the help of experts. Then launching your new card issuing or acquiring product can take another 2-3 months. Companies who are impatient to reach the market will often find that working with an existing BIN Sponsor is the answer. Having decided that BIN Sponsorship is your chosen route, how do you know which is the ideal partner for your new card issuing program? Do they cover your intended territories, should you focus on Visa or Mastercard or one of the more exotic schemes? Do they handle the card manufacture and the processing? Do you need to be regulated by the FCA before you launch?
We have answers to all these questions and a long list of BIN Sponsors so we can recommend the right partner to perfectly match your business. A BIN sponsor is an established, licensed entity with a card scheme principal membership, typically Mastercard or Visa but perhaps JCB, Discover or China Union Pay etc. They have all the technical and regulatory setup needed to run your product until you are ready to bring it in-house.
By allowing an established principal member to sponsor your product, you get to launch your product whilst you grow your business to the place it needs to be for your own principal membership. This is a great time saving method which allows you to develop a proof of concept product perfect for your own license application. It’s a well-established method proven successful by many of the strongest players in the market.
BIN sponsors can vary in speciality, with some having a product focus on consumer or corporate spending, and others breaking away from a UK presence to issue across the full European Economic Area. Whatever your product, AuthoriPay can outline the pros and cons of various partners allowing you to choose the ideal fit your business needs.
So, whether you’re starting from scratch or already a regulated firm, AuthoriPay can help you find the ideal BIN Sponsor or help you to build your own license application. You can read more on related topics at the links below or simply give us a call and tell us what you want to acheive and let the experts guide you.