One-stop shop for card issuing and payment processing

Many types of companies can benefit from creating a payment card for their customers. For example, a service station chain looking to provide an easy payment method and user specific bonuses for its customers or, a major bank with an established card platform wanting to outsource the launch of a specific card product for a targeted customer group.

The problem however arises when you look at the complex chain of events that takes place between a company’s desire to launch a payment card and the first successful transaction by the user.

1. Licenses and regulations

The payment industry is highly regulated, as handling people’s money and data is a delicate business. When issuing cards, you need a license so that you can handle electronic money. You also need to be a member of a card scheme like VISA or Mastercard, or obtain a BIN sponsorship from a provider, to allow the transfer of data between the parties in a transaction, such as the bank of the payer and the bank of the recipient. And all the how, who, and what of handling cardholder data standards are dictated by the Payment Card Industry Data Security Standard (PCI DSS).

2. Card setup

Once the nitty-gritty of compliance and regulations is in place, you need to build the specifications of the card. The actual card features, the card issuing process and how customers will apply for the card all need to be defined. You’ll also need to decide on a number of different parameters for how customers use the card including: 

• Where can the card be used? 
• Is it credit, debit, or pre-paid? 
• Are there limits like transaction value or something else? 
• Can the user set up or change their own PIN code? 

And to bring it all together, you’ll need a mobile or web app.  

3. Payment processing

Once you have the card, you then need a payments process. The card payment, or transaction, is essentially movement of data through the payment infrastructure between the seller’s bank (acquiring bank) and the buyer’s bank (issuing bank). The transaction information moves from the issuing bank to the acquiring bank, and the confirmation of the transaction is transferred back to the issuing bank. As a result of this transfer of data, the money leaves one account and enters another.

Quite a complex process, yes? That’s where Enfuce comes in. We can help companies launch a payment card quickly and easily. 

Card as a Service 

Enfuce Card as a Service is a turn-key solution, meaning that our experts and technology cover every element and phase of launching a card and processing the payments. Our customers don’t need to have the tech or the capabilities in-house, as we provide everything from license and regulations to card set-up and 24/7 payment processing.

What our customers get:

• Our compliance knowledge and expertise in building a payment card
• The widest card feature portfolio on the market
• The use of our platform and APIs for transferring payment and cardholder data
• Access to an EMI license and a card scheme through a BIN sponsorship, if needed
• Fraud detection and management of refunds in case of disputes between seller and buyer