Non-cash payments are becoming more prevalent in many places throughout the world. Only 10% of European settlements will be paid in cash by 2028. All financial product developers should consider this. They need to have a card component built into their products.
People immediately think of Visa and MasterCard when looking for a provider to handle their financial transactions. And this isn't a surprise, given the widespread usage of American payment methods across the globe. In many stores, you may use Visa or MasterCard cards to pay. You must first receive a BIN number for a new financial product to function with the Visa and MasterCard payment systems.
What exactly is a BIN?
The BIN is a bank's unique identifier. For the following reasons, it's necessary:
- To keep track of what's happening;
- To make a money transfer;
- Help facilitate the flow of regulatory documents.
Any financial technology payment solution must have these features.
A BIN can be obtained in as little as three to six months after submitting an application. It takes some time after getting the number before a new product is released to the public. If there are no obstacles to its debut, then that's what we'd expect. Impulse items, on the other hand, can't be expected to remain relevant for lengthy periods. Using BIN sponsorship will save you from standing in line and wasting time.
The website https://wallester.com/card-payment-platform/bin-sponsorship has a wealth of information on the topic.
What exactly is BIN sponsoring?
A BIN sponsor is a go-between between a new financial enterprise and a payment provider. Working with a sponsor can remove the month-long wait for a number. Because the sponsor already works with Visa, it can quickly give its partner the BIN and account information they need. It will achieve the specified goals. The customer will be much better positioned to launch their cards swiftly and effectively. This strategy enables partners to launch their products as soon as feasible rather than wasting time on unnecessary approval processes and waiting.
Sponsorship of BIN by Wallester
Those needing sponsorship services can turn to Wallester at https://wallester.com for assistance. In addition to the BIN number, the organization offers an entirely new expense management method. It’s a flexible ecosystem that may be included in an established commercial system. Strict KYC/AML regulations are in place, and it’s shielded from outside fraud.
The Benefits of Wallester's Business
The following features are provided to consumers of the business in addition to the BIN number:
- The capacity to use a user-friendly platform
- An infinite number of Visa cards, both digital and physical
- Use of a REST API, integration with the company's existing software
- Management of the company's expenditures
- Card issuance to meet payroll or other requirements
- Record of all transactions
- Tools for bookkeeping, etc.
Card handling is simplified using Wallester. It is available on the web and as a mobile app for Android and iOS-powered devices. You can monitor and adjust the status of your cards and transactions via the app.
The Wallester Business system only requires three easy steps to be completed: the entry of company information, the submission of scanned registration papers, and the completion of verification. You’ll receive a response within 24 hours.