Prepaid BIN Sponsorship Implementation
As an organisation you have MasterCard/Visa membership, but now wish to ‘fully utilize the asset’ by launching BIN sponsorship services.
Polymath Consulting practitioners have worked for several MasterCard/Visa members assisting them to launch BIN sponsorship programmes. The result of this work is that we now offer a two products to clients.
1. Exploratory Assessment
2. Full Launch Programme
1. Exploratory Assessment
As the name suggests the purpose of the analysis is to carry out an initial review for the client. It identifies the key areas of their business that will be affected and outlines what will need to be carried out in order to launch in BIN sponsorship. Areas of the business covered in the assessment including: IT, Operations, Regulatory, Sales/Marketing and membership relations.
Costs for this type of project are normally around £15,000 - £20,000
2. Full Launch Programme
This proprietary programme is broken into two phases.
Phase 1: Proposition
The initial phase aims to identify how the member should position itself in the BIN sponsorship market.
- Mapping you as a Member in the BIN sponsoring market place?
- What are the competitors strategies and plans?
- Which players are active in the defined markets?
- What are the key trends in customers and competitors?
- How should you position your offering to the market?
- Do you want to be more than just a ‘me to’; do you want real market differentiation?
Phase 2: Implementation
The second part creates a handbook to enable any member bank to know what all the options are in relation to becoming a BIN sponsor. It outlines what needs to be achieved and what the options are resulting in a full detailed business case and implementation plan.
- What are the requirements to develop a BIN sponsorship capability?
- What requirements should be handled in-house what could/should/might be outsourced along with pros and cons?
- What are the costs involved to put in place these resources?
- Key regulatory and compliance issues?
- Business case for launching a BIN sponsorship service (financial modeling optional)?
- What BINs should we set up and who with?
- How long will the process take us?
Costs for this type of project are generally between £50,000 – £75,000