BIN sponsorship is more than sponsoring clients to use card scheme BINs and account ranges. We explain how the right BIN sponsor helps speed up launches, cuts cost and operational headaches.
You’ve got a great idea. But in a complicated, regulated industry like finance, you could quickly find yourself overwhelmed by operations. That’s where BIN sponsors come in.
BIN sponsors join the card schemes as members and sponsor clients to use assigned BINs and account ranges. By skipping the form filling, registration fees, collateral requirements and so on, using a BIN sponsor is quicker and more convenient than joining the schemes direct.
BIN sponsorship speeds up card issuing in other ways, too. But – and it’s a fairly big ‘but’ – you need to pick the right partner. So, what else can your BIN sponsor offer beyond connection to the card schemes?
Simplifying complexity to save time, effort, money and more
Time, resource, budget and patience are finite. At Monavate, we understand that you may not have the time – or appetite – to get into the intricacies of back-office set-up and compliance. Nor should you, if it’s not your core business.
We offer BIN sponsorship as a fully managed end-to-end service. It’s our job to get your programme from idea to implementation, so you can focus on growing your business.
Our expert team have unparalleled collective experience and expertise in everything from navigating regulations, scheme rules and partnership contracts, to launching card programme after programme.
They work alongside you throughout a project. And their tried and tested methodologies help you cut time-to-market, pre-launch pain and hassle – and frequently budget and resource, too.
Access to a full and dynamic partner network
Card issuing today involves a complex network of relationships involving card schemes, processors, card manufacturers, fulfilment houses among others.
This may mean conducting RFPs, doing due diligence, drawing up contracts, managing performance and so on for each supplier. That’s a lot of work.
Monavate helps you navigate this with our network of trusted partners. Name a major global card scheme, chances are we’ve worked with them. We’re principal members of Mastercard, Visa and Discover, but we also have the ability to serve JCB, UnionPay and more.
We pride ourselves on having worked with many of the world’s most trusted processors. If you have a preference, we’re processor-agnostic so just let us know. It’s the same with bureaus, we work with the best and can help you choose.
Access to our full and dynamic partner network is available through one contract and one dedicated Monavate contact. That’s how we can take you from contract signing to live cards in market in a few months or less.
BIN sponsorship is so much more than a functional connection to the card schemes. Monavate adds value through our experts, approach and tech, meaning quicker, happier paths to market for our customers.
To find out more about issuing BIN sponsorship and the Monavate difference, contact us today.