We explain exactly what BIN sponsorship is, and how Monavate is doing things differently…
BIN sponsorship is the fastest way to gain direct access to the major card schemes, such as Visa, Mastercard, or Discover; which makes it the quickest way to launch a financial product with a debit, credit or prepaid card attached.
Very little in the cards world can happen without a BIN, or bank identification number.
It’s how Visa and Mastercard and everyone participating in these and other schemes knows who’s doing what, and where to settle the funds.
Who issued the card used to make a payment? You can tell via the BIN.
Who acquired the transaction in a shop, online or in a whole host of other scenarios? You can tell via the BIN.
And how do funds get into the right accounts at the end of the day? You’ve guessed it, it’s via the BIN.
Why BIN sponsorship makes sense
It’s no surprise that as they’re so important, BINs are hard to get. Schemes only assign them to members.
And that’s where BIN sponsors come in. They join the card schemes as members and can sponsor clients to use assigned BINs and account ranges.
That’s why BIN sponsorship is quicker, cheaper and a lot less hassle than scheme membership. It’s card issuance without the onerous form filling, registration fees, collateral requirements and so on.
It probably won’t surprise you either that not all BIN sponsors are the same. They may look similar at first glance. But look under the hood and you’ll soon see how different they are.
What makes Monavate different?
Firstly, the features.
At Monavate, we offer BIN sponsorship as a fully managed end-to-end service. You get features that you’d expect alongside those that you perhaps wouldn’t.
For example, you get fast set-up as well as fast settlement of funds.
Our reports to you make it easy to reconcile payments (down to individual card level, if you wish). We also handle reporting to the schemes for you for clearing, settlement and compliance purposes.
That’s what we mean by a fully managed end-to-end service. It’s about human-engineered solutions. They’re engineered by people for people, whether that’s programme managers or end-users.
Secondly, the service.
We’re BIN sponsorship specialists and are committed to keeping it that way.
We’re a team of experts. We know payments – everything from navigating regulations, scheme rules and partnership contracts, to launching more than 50 card programmes.
Sometimes there’s just no substitute for experience. We help you navigate what can often be a hard process the easy way. Not only does this cut uncertainty, it also shortcuts time and cost-to-market.
But it doesn’t end there. Once your programme is live, your account manager remains personally committed to its success and long-term profitability. We conduct regular strategic and operational reviews with you. Which is a win-win for everyone.
Thirdly, the tech.
Monavate integrates with you, your processor and the card schemes. We have partnerships in place with processors to speed things up. But we’re processor agnostic, so whoever you use, we’ll integrate with them.
We’re also working on MonavateOne, our portal with everything to set up, launch, scale and manage a card programme at your fingertips. This is all part of our aim to demystify finance, making it accessible to all.
Launching a card programme isn’t easy. Which is why we exist. It’s our job to get your programme from idea to implementation, so you can focus on yours.
To find out more about issuing BIN sponsorship and the Monavate difference, contact us today.