First of all, lets define what type of Prepaid debit card companies there are?

1. Prepaid consultants:
   1. Prepaid consultants are the type of prepaid debit card company that will give you advise and can be used as a bridge to take you directly to sponsoring banks so that you can get an agreement directly with the bank.
2. Prepaid resellers:
   1. Prepaid resellers are typically an ISO (independent sales organziation) that has obtained a prepaid Visa or MasterCard program and is looking for another company to resell the already exisiting product.  A prepaid reseller may allow you to co-brand under a sub-bin, but your contract will not be directly with the sponsoring bank and therefore, you will not be getting the bottom line profitability as you would going directly to the bank.
3. Prepaid retailers:
   1. Prepaid retailers and the tyep of prepaid debit card company that sells prepaid debit cards at thier location(s) and/or may load funds at their location(s). Prepaid retailers typically do not co-brand or do not allow for resellers as they are going directly to the consumer.

It is important to understand the different type of prepaid debit card companies, whether it's a prepaid debit card business, or they sell prepaid debit cards, or called a prepaid card company, or branded credit cards,or  bank card company, or prepaid debit card program.  

If the prepaid debit card companies selected do not take you directly to the bank you will not be getting the flexibility, control, and profit that you would get from using a prepaid debit card company such as consultants that can take you directly to the bank.

 This blog explains how to start your own Prepaid Debit Card Reseller Program with a Customized Co-Branded Solution with Visa or MasterCard Prepaid Reseller Programs.  Co-Branded Customized prepaid debit card programs are tailored to meet the needs of the your selected market or for your clients that require payment solutions or Independent Sales Organizations that wish to enter the open loop debit card industry as resellers.  Open-loop prepaid card is defined as a prepaid debit card which is globally accepted using one of the associations such as the example of Visa or MasterCard.

New innovative prepaid payment solutions are being developed through intellectual property to streamline technology with the current prepaid models. It is highly recommended to partner with a program management team that has executed and implemented co-branded “Open Loop” prepaid debit cards for a minimum of 10 years. If they don't have that history they won't know the trade secrets of the industry. 

These cards are to be used for various purposes such as disbursement, remittance, loyalty and commercial use.  The Global market is primed to receive an accessible payment solution, whether for enterprise, rewards, rebates, payroll, under-banked or simply for a banking instrument solution that can be trusted!  

On the “Your Company Name” programs, it allows you to set the fees (some restrictions apply) on each transaction such as ATM, POS, Card to Card transfers and Monthly fees.

Benefits:

1. You can create and design your own brand on the prepaid Visa or MasterCard
2. You can set pricing on the schedule cardholder fees (some restrictions apply)
3. You can deposit funds into the card for FREE via the EFT platform
4. Your cardholders are able to use the card at any Visa or MasterCard locations including signature based transactions, PIN based and ecommerce.

Benefits - Prepaid Debit Card Programs

Competitive Set Up and Maintenance Fees
The programs have competitive start up fees and low monthly application service fees, making your card program cost-efficient and easy to launch.

Global Access to International Networks
The programs give your Cardholders instant access to the international networks for ATM, POS and Internet purchases and withdrawals.

Residual Income Opportunities
ISO’s can profit from ALL Cardholder transactions, including monthly fee, point of sale, ATM and loading transactions. The more transactions they make - the more you make!

Order what you need, when you need it
The program allows you to purchase anywhere between 1000- 100,000+ debit cards for instant use, with the opportunity to upgrade your program to other association debit cards in the future.

Secure Access to Real-Time Information
Each card program comes ready with a secure login to the Merchant Interface, allowing you to track all Cardholder activation, transaction and activity online in real-time.

​Card Management System
Your company will have access to a card management online system, which provides access to their cardholders, ordering history, I.D. verification, reporting and direct Bank Support, including the creation of customer service support tickets.

Cardholder Interface
Each one of your Cardholders will have access to online banking provided by the consumer-facing platform, the processor and the bank, which provides access to their personal account including real time transaction history, balance, support and other related functions.

Full Merchant Support
Each program comes with full support to help you start your program quickly and easily.  Each program comes with a branded Buy Page, with your company logo.  Simply embed or link the buy page to your existing website.  Each applicant you take in will automatically populate into your card management online system.
 
Virtual Load Options
Virtual load options allow users to fund their cards regardless of physical location. Some of the available options are:

• Direct Deposit
• EFT Transfers (within Nigeria)
• Card-to-card Transfers
• PSMS\Mobile Payments
• Direct Bank Transfers in.

In-Person Load Options
In-person load options bridge the gap for users who cannot load funds online, or who prefer in-person loading. The convenience of loading real cash to cards is essential for specific markets. Some of the available options are:

• retail
• government
• financial institutions

Benefits to PROGRAM OWNER’S Cardholders

• Global Acceptance – With the Visa or MasterCard co-branded card, the cardholder will be able to use the card to make purchases at millions of merchant locations (PIN/POS ) and  Maestro/ Cirrus/ Plus ATM locations worldwide.
• Accessible – A card is easily obtained as no bank account or previous credit history is required. Verification of I.D. is as easy as government issued I.D., bank verification number or a Government Issued Passport with copy of a utility bill.
• Security – By using our cards for ‘card not present’ transactions, the cardholder is not divulging bank details or sensitive information over the internet or by phone to the company.
• Ease of Loading –Payroll or pay out loads can be achieved by batch file loads, or real time loads at designated locations. In addition EFT direct deposit from a bank account in the card is enabled. International loading may also be available if needed.
• Ease of Balance & Transaction Checking–Cardholder can check balance through IVR,SMS, or Web
• Anonymity – There is no physical statement sent to the cardholder’s address.

Benefits of Prepaid Debit Products

Attract new customers. Reach consumers who may not currently qualify for, or may not yet desire, traditional banking services. Tap into new markets, including the underserved and unbanked.
Develop new commercial relationships. Create new co-branding and retail partnerships, while expanding distribution channels. Use supermarkets, merchants, and other retail channels for account acquisition.
Expand relationships. Use Open Loop debit cards to create cross-selling opportunities and strengthen customer relationships.
Create new revenue streams. Generate incremental revenue by tapping into this new consumer and corporate product category.
 
Online Banking
The online banking interface helps your cardholders manage their money and keeps your cardholders loyal to your site and to your brand.

Card Program should meets the needs of today’s avid online banking users. Key features include:

• Card History Retrieval: Cardholders can review their recent transactions, money transfers or received funds
• Statistical Information: The site maintains “stats” for each cardholder allowing them to access and manage their cards
• Recurring billing: Cardholders can make EFT payments and set up recurring billing to eliminate paper billing, postage and manage all payments made
• Direct Deposit: A direct deposit feature is made available to all cardholders.  Employers can simply make direct deposits and help employees manage their money and eliminate the need for high fee check cashing locations and payroll cost
• Card to Card Transfer: A cardholder can transfer funds from a bank account into a debit card and thereafter transfer from card to card online.

Customer Support
With thousands of transactions and emails per month by the customer support department alone, a solid system is not only necessary but places the programs in a position to provide far superior service than other competitors in the industry.
While other sites struggle to compete using outdated and inadequate tracking management software, the platform should have the ability to provide Card Program Owners with not only timely, educated responses but also with an integrated support correspondence history browser and a searchable knowledge base to help resolve frequently asked questions.
Security
By carefully benchmarking top online providers, the platform should have implemented fraud detection measures to protect both the business and the cardholder. In addition, transaction processing through additional software incorporates strict policies and procedures that further ensure security and fraud control while maintaining the highest possible acceptance rates for transactions.

Project Activities to Launch

1. Card Program Agreement Signoff-  Required for QuickLaunch & Customized Programs

• Completion of Requirements Gathering Process
• Provision of completed Bank Due Diligence Application Form
• Provision of required Bank Due Diligence Company Documentation
• Contractual Agreement 

2. Marketing & Technical Requirements- Required for BRANDED Program Only

• Card marketing material agreed (only for co-branded programs)
• Card Art and marketing material submitted to Open Loop®
• Card art approved by Issuing Bank & Visa or MasterCard™
• Scope out technical interface requirements and API requirement
• Daily balance and reconciliation requirements agreed

3. Testing

• Card testing begins
• Client receives test cards and test at POS, Online, ATM, etc
• API and integration testing commences
• Testing complete

4. Production Testing

• Complete API testing from staging and move to production environment
• All code moved to production

5. Finalize Requirements

• KYC procedures finalized and signed off by issuing bank
• Fulfillment instructions completed, fulfillment ready to commence upon receipt of cards
• All training completed
• All financial settlement completed, including direct debit for fees to client etc

 
6. Card Production- Manufacturing for Customized Program Only
Quick Launch & Customized will both require “fulfillment”.

• Debit Card Manufacturer begins production of your customized brand card program.
• Card Stock is held at a licensed and bonded Open Loop approved fulfillment house for embossing, sticker, card carrier, envelope, postage and/or shipping of instant retail issue cards.

7. Accounting & Reporting – Post Launch

• PROGRAM OWNERS will have reporting available online on a secure server.
• Payments to PROGRAM OWNERS for transaction revenue are made on a monthly basis.

 APPENDIX A 
StoredValue Plus, LTD
 
Our Mission is to be the leading provider of delivering and executing debit card programs, commercial cards, corporate, payroll, loyalty and general reloadable card programs.
StoredValue Plus is comprised of financiers, business professionals and expert marketers in the Stored Value and prepaid card industry. StoredValue Plus has partnered with tier 1 Banks and processors to provide direct service and efficiency executing, administrating and implementing prepaid debit card programs.

StoredValue Plus’s upper management has been in the area of debit implementation strategies since 2003 specifically across the U.S., Europe and Latin American region. By developing relationships with issuing banks and transaction processors, StoredValue Plus guides its corporate clientele to the most appropriate product offering based on a detailed analysis of the clients’ requirements through an internal assessment process.
 
 
The Bank & Transaction Processing
Our sponsoring banks globally along with our card complaint issuing/acquiring partnering processors manage all financial transactions for our prepaid debit card programs including cardholder accounts, payment processing and settlement and cardholder withdrawals. 
 
To find out the most appropriate bank which will be issuing the prepaid debit cards for your company claim a free consulting session.