VISA Card
Achieving principal membership status with VISA card empowers a company to directly handle and authorize payments made by customers through VISA credit and debit cards. This obviates the necessity for an intermediary payment processor and can lead to reduced transaction costs, enhanced management of the payment procedure, and the acquisition of valuable insights into customer spending behaviours through data and analytics. Furthermore, attaining principal membership signals to clients that the business is trustworthy and has satisfied VISA’s stringent criteria for excellence.
To obtain a license as a Visa issuer or acquirer, it is necessary to provide Visa with specific information. This data is crucial for the vetting process, ensuring that all licensed partners comply with regional regulatory requirements. Upon approval, you will gain access to the capabilities of Visa for issuing and acquiring.
Types Of Licenses:
There are two of kinds of license programms offered by Visa:
1. Principal Clients:
Principal clients are usually larger institutions with expertise in risk underwriting, credit management, customer billing, and payment collection.
Benefits of being a principal client include:
- Direct collaboration with Visa for product development and marketing.
- Flexibility in managing various capabilities.
- Full responsibility for all activities related to their assigned BIN.
2. Associate Clients:
Associate clients are typically smaller institutions, such as credit unions, startups, or other entities, that operate with the support and sponsorship of a principal client for certain functions like settlement, reporting, and fee payment.
Benefits of being an associate client include:
- Having ownership of their licensing program.
- Receiving sponsorship from a principal client.
Application Process:
Visa’s licensing program streamlines the application process by providing an online tool that guides applicants through a series of questionnaires. This tool also allows applicants to seek clarification from Visa at each stage of the process. Keep in mind that licensing requirements vary by country, so you’ll need a separate license for each country where you intend to operate.
1. Application:
Start by creating a Visa Partner account, then navigate to the dashboard and select “Apply for licensing”.
2. Onboarding Questionnaire:
Complete all necessary details, including:
- Copy of your banking license or regulatory credentials.
- Audited financial statements from the last three years.
3. Country-Specific Forms:
Depending on the country you are applying for, the dashboard will dynamically update with additional forms. These may include:
- An anti-money laundering questionnaire.
- A client licensing agreement.
- A sponsorship agreement (for associates only).
4. Approval:
Upon receiving approval, you can commence implementation activities to establish connectivity with the Visa network.
ABM can help you identify the most appropriate card scheme principals for your business.
Customized Card Scheme Application Services:
Through our customized card scheme application services, we can assist you in the following ways:
Payment and E-Money institutions must meet specific EPC (European Payments Council) requirements to become eligible for participation in any of the schemes. These requirements include:
- Assessing the suitability of VISA card for your specific needs.
- Estimating your initial and ongoing expenses by considering various projections.
- Providing guidance on your production needs.
- Submitting a meticulously reviewed membership application on your behalf.
- Expertly assisting you in implementing your card scheme procedures.
Applying for membership in card schemes like Mastercard can be a complex and time-consuming process, often leaving individuals with more questions than solutions. It involves extensive paperwork, adjustments to corporate policies, and intricate financial assessments. We streamline this process, eliminating the hurdles and making your card scheme application stress-free and faster.
Leveraging our knowledge and expertise, we provide comprehensive guidance at every stage, guaranteeing your successful enrollment while reducing both the time and expenses involved.
Benefits of principal member card schemes like Visa card:
1. Global Acceptance:
The major card schemes, such as Visa card, enjoy widespread acceptance at merchants and ATMs worldwide, ensuring cardholders can conveniently make purchases and access cash wherever they travel.
2. Robust Security Features:
Principal member card schemes incorporate robust security measures, including chip-and-pin technology and advanced fraud detection systems, providing cardholders with strong protection against unauthorized transactions.
3. Added Perks:
Many of these principal member card schemes offer additional advantages, such as reward points and cashback, to incentivize cardholders who use their cards for transactions.
4. Enhanced Protection:
Some principal member card schemes extend additional safeguards to cardholders, such as purchase protection and travel insurance, offering added security and peace of mind during transactions and journeys.
Applying for membership in card schemes like Visa card can be a complex and time-consuming process, often leaving individuals with more questions than solutions. It involves extensive paperwork, adjustments to corporate policies, and intricate financial assessments. We streamline this process, eliminating the hurdles and making your card scheme application stress-free and faster.
Leveraging our knowledge and expertise, we provide comprehensive guidance at every stage, guaranteeing your successful enrollment while reducing both the time and expenses involved.
ABM Assistance In VISA Card Membership:
If you operate as a regulated entity with a payment institution or e-money license, ABM can assist you in obtaining your own principal membership with VISA card scheme. We specialize in preparing applications for card scheme memberships, regardless of your target markets. Whether you’re interested in issuing cards, acquiring them, or both, it’s crucial to collaborate with experts who have extensive experience in card scheme license consultancy.
We have cultivated strong relationships and connections to facilitate principal card scheme memberships with VISA card. Our goal is to ensure that your issuing or acquiring business receives the necessary support and solutions to thrive, often within tight timelines. Many businesses initially start with VISA card before exploring more specialized schemes, and ABM can assist you in determining the most suitable card scheme principals for your business and program.
