Expert Tips for Successful Card Issuing Integration: Podcast Episode 22

Adding card issuing to your business can really make a difference, but getting it set up can be tricky. That's why we're excited to announce our latest podcast episode, where we delve into the essential strategies for a successful and problem-free card issuance implementation. We've gathered expert insights to help you avoid common pitfalls and streamline your integration process, ensuring a smooth and efficient launch of your card program.

Okay, so you're listening because you're in Fintech, right? You're building the next big thing. Maybe something that's gonna completely change how we think about money. And you're probably thinking about ways to really wow your customers. - Yeah.

- Like building a kind of loyalty that makes them stick around for years. - For sure. - One way to do that is with cards. Absolutely, cards can be huge for Fintechs.

They give your customers a tangible connection to your brand. Exactly. And they open up a whole new world of possibilities for how people interact with their money. So today we're diving deep into launching card issuing solutions, specifically for Fintech companies like yours.

- Awesome. - We've got an expert here from Verestro, a company that's helped tons of Fintechs successfully launch their card programs. - That's right. - They're gonna give us the inside scoop on what to expect and how to make sure everything goes smoothly.

- Happy to be here. - So let's jump right in. - Sounds good. - What's the first thing a Fintech should consider when they're thinking about launching a card program? - Well, one of the most important things is preparation time.

- Makes sense. - We usually need about four to eight weeks from the project kickoff to get everything set up. - Okay, what does that set up involve? - Lots of things, actually. We've got to set up your dedicated environments, integrate with Apple and Google Wallet and make sure your logo looks good with 3DS.

- Right, 3DS, that's that extra security step you see during online purchases. - Yeah, exactly. - So that all takes time. But when can the Fintechs team actually start getting their hands dirty? - Oh, the Fintechs team can start playing around much earlier.

We usually give them sandbox access and API documentation within two to three weeks. - That's great, so then get ahead and start. - Exactly, it gives them a chance to explore the system, see how everything works. - So beyond that initial setup, what's another area where Fintechs often run into trouble? - Testing, testing, testing.

- Right, you can't just launch a card program without making sure it actually works. - Definitely, I mean, it's awesome to see that first successful transaction, online or at a point of sale terminal. - Oh yeah, it's a great feeling. - But honestly, it's just the tip of the iceberg.

- So what kind of testing should Fintechs be doing? - They need to test all sorts of scenarios. Think about what happens if a transaction needs to be reversed or if someone wants a refund. - Oh yeah, those edge cases. - Yeah, and don't forget that a card payment involves a whole bunch of different players.

- Like who? - Well, there's the acquirer who processes the merchants payment. - Okay. - Then there's the issuer in the payment network. - Like Visa or MasterCard.

- Right, they set all the rules. - And sometimes there are other partners involved too. - Wow, that's a whole ecosystem. - Yeah, and if all those players aren't communicating correctly, things can go wrong, especially with refunds.

- Yikes, that sounds like a recipe for disaster. - It can be so thorough, testing is crucial. - So what else have you learned from working with all these Fintechs? - Well, knowledge transfer is super important. - What do you mean by that? - I mean, making sure that the Fintechs team understands how everything works.

- Right, they need to be able to support the card program once it's launched. - Exactly, throughout the project, we're constantly sharing our knowledge with their team. - So it's about empowering them. - Yeah, giving them the tools they need to be successful in the long run.

- Makes sense now when it comes to features. I'm guessing a lot of Fintechs want to launch with all the bells and whistles. - Oh yeah, they want the most amazing card program ever. - What is the best approach? - Not really, we always recommend starting with a minimum viable product or MVP.

- Okay, so what does that look like for a card program? - Focus on the core features first. The things you absolutely need to get started. - You give me some examples? - Sure, you need to be able to create users. - Okay.

- Manage their balances, issue cards, get those cards into digital wallets like Apple Pay and Google Pay. - Got it. - And of course, you need to be able to process transactions both online and at point of sale terminals. - Those are the essentials.

- Yeah, once you've got those nailed down, you can start adding the fancy stuff. - So don't try to do too much too soon? - Right, you'll just end up delaying your launch and potentially introducing more problems. - That's great advice. - Yeah.

- So just to recap, the key takeaways here are, thorough preparation, comprehensive testing, - Absolutely. - Internal knowledge building - Definitely. - And a focused MVP. - Couldn't have said it better myself.

- FinTechs that follow these tips are much more likely to have a successful and efficient card launch. - That's what we've seen time and time again. - So if you're listening and this all sounds like something you wanna explore further, I definitely recommend reaching out to Verestro. - Thanks.

- They could help you navigate this whole process and avoid those common pitfalls. - We'd be happy to chat. - How can people get in touch? - The easiest way is to visit our website. You'll find all our contact info there.

- Awesome. Well, this has been incredibly insightful. - Glad to hear it. - Launching a card program is clearly a big undertaking.

But with the right planning and a focus on the fundamentals, FinTechs can set themselves up for success. - For sure. - Now for all you listeners out there, I want you to think about which of these core elements we talked about today will be the most challenging for you. That's something to consider as you start planning your own card program.

- Good advice. - Until next time, happy building. - Thanks for having me. - And that's a wrap.