The Steps To Start A Card Programme With Crunch
04th January 2024
So, you are looking to start a card programme, but you’re not sure where to start.
The Prepaid Card Market size was valued at USD 1.8 trillion in 2022 and is anticipated to register a CAGR of over 15.5% between 2023 and 2032 (Global Market Insights). The market for prepaid card programmes is growing at a rapid pace, creating an exciting space in FinTech for innovation. Because of the growth of the sector, it is important to prepare for success accordingly.
By choosing Crunch, a large proportion of the steps you must undertake to start a card programme are covered as part of our innovative service!
Start a card programme: knowing your audience.
Knowing your audience and their needs is the most important step in the card programme process. Almost 20% of businesses fail within their first year (Luisa Zhou), so ensuring your customers will have a positive response to your newest product is paramount.
Therefore, in order to understand your audience, be sure to get opinions using surveys, polls and comments. For existing customers, this is a simple and effective way to gauge their views, whilst engaging with them in a positive way. By acting on customers’ choices, they will be more inclined to purchase or use your prepaid cards. Increasing customer retention rates by 5% can increase profits by 25-95% (Survey Sparrow), so providing a product that they have asked for is a surefire way to grow your business.
When opening discussions with customers, consider some of the following questions:
- Will customers use prepaid cards in-store, online or both?
- What colours do customers associate with your brand?
- Will customers give away their card purchase, or use it themselves?
- Will customers purchase gift cards online, in-store or both?
- Do customers care about eco-friendly packaging and materials?
- What card totals will customers be most likely to purchase, or will they use a top-up card?
Issuing and processors.
Without Crunch as your partner, starting your card programme would involve navigating the card ecosystem to find the following services independently:
- Find a Card Issuer
- Find a Card Processor
- Select a Card Scheme
- Set up a BIN
- Find a Payments Clearing Partner
- Choose a Card Manufacturer
- Find a 3D Secure Provider
- Integrate Tokenisation Providers
- Design your cards and packaging
The good news? When you start your card programme with Crunch, we handle these decisions on your behalf with our full-stack solution!
Partnering with Mastercard, we provide a fully integrated solution to suit your needs, meaning your card programme could be up and running in a couple of months. By handling the complexities of starting your card programme, you can focus on running your business and planning your strategy.
By choosing to start a Crunch card programme, you can benefit from the following features:
- UK-based customer support team
- Management portal
- Customer interface
- Card restriction settings
- Instant card issuing when required
- Your own account manager
- Card loading automations
Interested in learning more? Crunch the numbers with us by speaking to our passionate team today.
Crunch provides all of the components you need to launch your own bespoke card programme.Learn more
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