So You Want To Launch A Credit Card
Credit cards can unlock a world of opportunities to build your brand and create additional profits, but until now, launching your own credit card was notoriously time-consuming and complex.
We changed that.
But first, why would you want to launch a credit card?
From universities to wine clubs to hotels, the world of credit cards has permeated a wide range of industries. What makes proprietary credit cards so compelling to businesses?
There are lots of reasons for creating a credit card. They include:
1. Revenue Generation
When you make a credit card, you’ll be able to generate revenue through interest charges and fees charged to consumers and merchants.
2. Increased Loyalty
Proprietary credit cards help supercharge established or new loyalty programs by extending them beyond the store so customers earn points anywhere they shop with their card. These perks encourage cardholders to come back and generate positive reinforcement for your brand.
3. Customer Data Insights
In today’s world, data is king. Credit cards provide a wealth of valuable customer data points, including where and how much they are spending, their demand for new products and services and the optimal pricing structure for your business.
4. Better Branding
Having a branded credit card can make your company a more significant part of a customer’s life. Being the top-of-the-wallet card is the holy grail for a brand. Customers love included perks and savings and will be incentivized to use your card. Add unique benefits to your card, and you may even get free press. A credit card can give your branding an instant boost and help build your marketing buzz.
How does it work?
How does one even go about creating a credit card for their company? There are many logistics to consider and a number of moving pieces that must align to make a credit card work.
It’s complicated, to say the least.
We’ll throw a quick analogy at you that’s similar in complexity. Let’s say you want to build a house. Could you do it all by yourself? Maybe, if you had a high tolerance for migraines, but probably not. You’ll most likely need a construction loan to start. Then you’ll need to purchase a lot, have plans drawn up, dig a foundation, order materials, hire construction workers, get permits, connect to local power, water, and sewer, schedule inspections, purchase interior fixtures and furniture, and organize landscaping. Finally, you’ll have to coordinate everything so the build happens one step at a time and in the right order.
Building a house on your own can be done, but it’s guaranteed to be rife with headaches, missteps, blown budgets, and bloated timelines.
The complexities of building a house are not unlike those of creating a credit card. Here’s a rough step-by-step of what’s involved. First, you need to secure bank partners and connect with a credit card network such as Visa or MasterCard. Next, you need to get your processor integration set up, establish underwriting (KYC, risk assessment approval), and source both design and development. You’ll have to set up compliance and risk management, pass security tests and financial certifications, set up credit facilities, and make a plan to go to market.
Finally, after all of that, you can launch your card. Piece of cake, right? And how long do you think all of this will take? If you guessed around two years, you’re in the right ballpark.
What’s the better solution? Deserve!
If you wanted to build a home, then you’d probably hire a professional to coordinate everything. You would tell them what you wanted, and they would use their knowledge and experience to build you the home of your dreams as efficiently as possible.
If you want to create a credit card, Deserve makes it a breeze. In a nutshell, Deserve removes the complexity of launching a credit card. Think of us as your credit card construction contractor who builds you the credit card of your dreams at rocket speed, (in as little as six months)!
Here’s our business model:
What about the money?
Deserve is backed by some of the leading financial institutions and venture capital firms in the world.
Wondering about financial infrastructure partners?
Deserve works with top providers.
Now, let’s talk tech.
Deserve is Digital First
Most of the credit card industry still runs on 1970s-era technology that utilizes mainframes and outdated programming languages like COBOL. They’re stuck on a plastic-only model that is quickly being replaced by a mobile-first shopping experience. In contrast, Deserve has a modern, mobile-centric, digital-first solution.
Deserve is an end-to-end omni-channel platform that does the magic behind the scenes, so your customers get a seamless experience. Instant credit card decisioning and wallet provisioning are built into the offering so you can deliver the best service with minimal buffer time. With world-class security standards and behind-the-scenes support, the digital experience has never been better.
Deserve’s customizable tech stack gives you the ability to quickly and easily personalize credit card offerings. Key customer features include:
- A highly-customizable rewards and benefits experience
- Real-time fraud detection and prevention
- Self-service account management tools
- Interactive spending analytics and transaction history for users
Deserve has Open APIs
With Deserve’s Open API framework, you can customize the experience to feel like an extension of your brand. The fully-integrated developer suite offers APIs, SDKs, and detailed documentation so your developers can spin up the perfect product offerings for your business. The platform is iterative, scalable, and on-demand with tools for most every stack.
Deserve is Secure & Scalable
Deserve’s security, privacy, and compliance programs enable partners to efficiently and confidently meet their obligations. We maintain the highest standards in security and compliance, including PCI-DSS and SOC2 Type2. Additionally, our cloud-based platform is elastic and equipped to handle hyper-growth and scale as you grow.
All About the Details
If you’re wondering about the nitty-gritty of running a credit card (and there’s a lot of it), here are just some of the key features Deserve can automate for you.
The Best Solution
If you’re considering launching your own credit card, look no further than Deserve. Our cloud-based, mobile-centric business model revolutionizes the long and involved task of building a credit card from scratch—reducing build timelines from two years to just a few months. Our talented team can even whip up a proof-of-concept program in as little as 90 days.
It’s time to rethink how to build a better credit card.
It’s time for Deserve—the future of credit cards as a service.