BIN Sponsorship solution for your business

Acquiring Visa or Mastercard principal membership involves a detailed and lengthy process that, with expert assistance, takes between nine and twelve months. Even then, you could spend another two to three months in implementing and physically rolling out your debit or prepaid card service. This is why companies that are eager to make their market debut will opt to collaborate with a BIN sponsor – like Walletto.

Partnering with Walletto to sponsor your offering can bring you multiple benefits: Firstly, you get the opportunity to dip into the market ‘waters’ without incurring hefty costs; Secondly BIN sponsorship is an efficient, time-saving strategy that our customers at Walletto often describe as a perfect stepping stone in their card-issuing journey.

This tried-and-tested method has paved the way to success for numerous well-known businesses in the financial sector.

As a Principal Member of Visa and Mastercard, Walletto is positioned to offer you top-notch service. Our range of products includes branded prepaid, debit and credit cards, both physical and virtual, all seamlessly compatible with leading contactless payment services like Google Pay and Apple Pay. In addition to our existing lineup, we're excited to introduce our latest offerings: the Business World Debit and Business Prepaid cards. These products are designed to cater specifically to the needs of businesses, providing convenience, flexibility, and security in managing finances.

With Walletto, you can trust that you're getting the best in payment solutions, backed by industry-leading technology and a commitment to exceptional service.

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Defining the rationale and methods for transitioning to Walletto BIN sponsorship – Q&A.

Do I need to change BINs when I switch sponsor financial institution (issuer) or processor?

BINs are allotted exclusively by a bank, financial institution or credit union (referred to as the issuer), so fintech program managers will need to adopt new BINs when moving to a new issuer, unless their current issuer agrees to assign the BIN to the new financial organization. On the other hand, if you are only changing the processor and not the issuer, you might not need to change your BINs, providing that the new processor is already engaged with your sponsor (issuer). In these circumstances, BIN migration can be effected – or you might want to introduce a new BIN and undertake a card replacement program.

What is the approximate timescale for switching BINs?

Swapping BINs does not happen overnight – it can take six months or more if the program is managed independently. However, if you come onboard with a suitable partner issuer, such as Walletto, that is already firmly established within the issuing processor's financial services network, we can help you to streamline the process, potentially bringing the time frame within a comfortable two months.

How challenging is it to switch BIN issuer?

It can be a daunting task to switch BIN issuers – especially if you are considering going it alone. You will need to consider regulatory adherence, technological integration, transferring your data, addressing your processing agreements, the creation of trial runs and the need to manage all your business stakeholders. The complexity of the task is also dependent on the scale of the fintech involved, the nature of the card options on offer, and of course, the demands and expectations of the chosen financial institution.

What should I know before I switch BINs?

If you choose Walletto to partner with there a few things that you need to consider before you make a switch., It is always a good idea to consider these preliminary tasks:

  • Present documentation underlining your current regulatory conformity and risk strategies, so that these can be adjusted to match the requirements of the new financial institution;
  • Negotiate new transaction limits and anti-fraud measures;
  • Check that your current customer base has cleared KYC or be prepared to verify your customers again;
  • Set up and commission new accounts in line with your contractual terms.

You can be assured that we will be there to help navigate you through the fine print.

What does BIN migration entail?

BIN migration is the process of switching a set of BINs across from one payment processor or provider to another. Migration will consist of transferring BINs and their associated customer accounts, and transferring transaction data and processing functions from your current framework to your new provision. Collaborate with a highly qualified partner like Walletto, and you will immediately benefit from our expertise and knowledge: we will make sure that the entire process is executed with precision and efficiency. As competent processors, we have a thorough understanding of the whole process, meaning that we have the ability to foresee potential obstacles and also identify new opportunities as well as guiding you through each phase of the process.

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Ready to get started with BIN sponsorship?

Then please tell us a bit about your business and about your planned card project.