Using prepaid cards is a great way to control business expenses, improve efficiencies and generate revenue streams. However, the time and effort involved in card issuance in-house are super crazy.
If you want to hit the market with prepaid cards quickly within weeks, you need APIs.
Yes, Application Programming Interfaces (APIs).
Accelerates access and speed
APIs speed up and democratize the card issuance and management process for businesses. Teams need not divert CAPEX or resources into building in-house prepaid card applications, compliance, partnerships, and support systems. Instead, an API call is all that it takes to create prepaid cards within weeks and onboard customers in a seamless manner.
APIs help customize onboarding and shopping experiences without diluting brand expectations and manage card usage and security. Though card networks like VISA, Mastercard, American Express, and Discover issue cards, API-providing fintech firms are the ones that facilitate card access, operations, and management.
Empowers diverse ecosystems
It doesn’t matter whichever part of the globe you are operating from or whatever industry you belong to. APIs can be tailored to specific geographics, industry use cases, and needs.
Fintech firms factor in diverse demographics, currencies, regulatory and compliance challenges, digital payment standards, and infrastructures before getting started with card issuance. They nullify entry barriers and provide opportunities for every business to gain from the benefits of prepaid cards. Customized APIs cater to multiple industries and serve multiple purposes such as payroll, gifting, cross-border payments, intercity-transit, international travel, government benefit disbursal, insurance, health savings, and incentivizing employees.
Delivers top-notch user experience
The card issuing APIs take a human-first approach while aligning data, processes, and consumer platforms. They prioritize experience design and enable hyper-personalized card issuance in an instant.
Both physical and virtual cards can be customized and built for ultimate customer experience and personalized seamless transactions. As APIs prioritize security, businesses and end-consumers can be confident about not having to deal with data theft or loss of money. This drives greater customer experience, retention, and conversion.
Stringent security management
Strongly encrypted with stringent security controls in place, it is next to impossible to hack into the physical or virtual card ecosystems that APIs create. Right from enabling e-KYC to countering processor breach, identity theft, to ‘friendly fraud’ (intentionally shared password) and false disputes, fintech APIs can manage all without hassles.
Program managers nip risks in the bud with strict red flag compliance, identity validation, and PCI DSS compliance programs. Artificial intelligence modules identify fraud trends and track transactions to block vulnerabilities early in the lifecycle.
So, in a nutshell, APIs can make it quick, easy, and secure for you to issue cards to your customers and employees. They also help businesses track and control expenses while improving customer experience and accessibility.
But, hey wait. Don’t go yet.
If you are at this part of the article. We understand you are looking to issue cards.
And we have a pro tip for you!
Pro Tip: Align business objectives, focus on core competencies
Issuing prepaid cards can be done in-house or by partnering with a licensed fintech. Whichever direction you choose to move, remember to align business objectives with the card program. You also need to sort out legacy infrastructure issues, regulatory risks, fraud monitoring, compliance, and points of authorization. And if you are launching prepaid cards on a global scale, you’ll have to manage country-specific licenses, contracts, and integrations to keep the card program alive. So, before proceeding, remember to brainstorm about the time, effort, and resource allocation.
Or you can just focus on your core competencies and leave card issuance, compliance, and program management to PPI licensed card issuance experts.
Need help in issuing prepaid cards?
Get in touch with us at business@m2pfintech.com
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