It’s no secret that banking institutions do not treat all clients equally favorably. To get a loan or open a card, you should collect many documents and spend a lot of time and effort. Some people even refuse to open an account at a bank not to pay different commissions and overdraft fees every year.
With the appearance of fintech companies, the possibility to become a holder of a payment card quickly and with minimal financial expenses appeared even for those who previously could not even dream about it. The fintech company is a new generation card issuer. It operates as an intermediate link between a bank institution and a client willing to start his own card program.
Advantages of payment cards from fintech companies
Fintech companies offer not just payment cards, but a comprehensive solution that uses innovative technology to implement. Their offerings have the following advantages:
- a modern and user-friendly API allows for effective integration with almost any software. It allows for optimizing the existing payment system and implementing new possibilities;
- platform approach. Card program management and card issuance are carried out within the framework of an integrated payment platform;
- physical and virtual cards. Virtual cards allow instant access to funds and the ability to make purchases online. Physical cards will be delivered later for convenient payments at retailers.
How do I use cards from fintech companies?
Payment cards from fintech companies can be used for the following purposes:
- digital banking. For online payments, it is sufficient to launch a project with virtual cards, for example, a virtual bank. Such projects are less expensive in launching and much faster than organizing classic financial institutions;
- trade payments. Retail chains can issue branded payment cards. They can be part of a loyalty program or a means of mutual settlement with customers and smaller merchants;
- expense management. Card programs from fintech companies are managed through the platform. It allows to control expenses, keep statistics and analyze the financial state of the company;
- encouragement of employees. The staff can be rewarded with a payment card with accrued bonuses.
How to modernize your business with the help of payment cards?
You can integrate a card program into an existing business or create a new product based on a fintech solution. Wallester has extensive experience in issuing cards and providing payment services. The company provides a ready-made platform for issuing its own multifunctional virtual and physical cards with an exclusive design. Wallester’s fintech solution https://wallester.com/card-solutions/fintech-companies can give any business the leading position on the market and, at the same time, help to save resources by receiving not a single service but the whole complex.