How Much Capital is Needed To Start a Prepaid Debit Card Business?
Unlike every other provider you will speak with, we will be very transparent. The "initial" capital investment to submit your Company for "approval" from a sponsoring bank member of Visa or MasterCard will be fully disclosed to you upon completion of your complimentary consulting session and depending on what stage you are in your preparation, requirements and documentation required to apply for sponsorship with a bank..
Thereafter, you'll have costs such as bank set up fees, processing prepaid platform set up fees (3rd party processor), Visa or MasterCard ISO registration fees and EMV plastic cards with card carriers and fulfillment.
StoredValue Plus's fee to package your company and take your company directly to a sponsoring bank depends on how prepared your company currently is with a business plan, pricing model, cost analysis, P&L pro-forma, compliance documentation, red flag rules, continuity plan, compliance guidelines, program management operating guidelines and other pertinent strategies and documentation required to get approval.
Our consulting fees are based on the amount of consultation and documentation your company requires. After our first free hour of consultation, we send you a quote of how many hours/days/weeks and how many consultants will be required to successfully provide you with what's needed to meet your business requirements.
Additional marketing budgets should be considered depending on whether you are going after businesses with payroll or enterprise type payment card solutions or if you are seeking to capture the consumer market directly with a General Purpose Reloadable Prepaid Card or a Gift Card.
See different Card Types HERE.
Additional functionality such as rewards or incentive programs will also increase your revenue.
Deliverables: (Note: Discounts may apply if you possess some of the items below)
Thereafter, you'll have costs such as bank set up fees, processing prepaid platform set up fees (3rd party processor), Visa or MasterCard ISO registration fees and EMV plastic cards with card carriers and fulfillment.
StoredValue Plus's fee to package your company and take your company directly to a sponsoring bank depends on how prepared your company currently is with a business plan, pricing model, cost analysis, P&L pro-forma, compliance documentation, red flag rules, continuity plan, compliance guidelines, program management operating guidelines and other pertinent strategies and documentation required to get approval.
Our consulting fees are based on the amount of consultation and documentation your company requires. After our first free hour of consultation, we send you a quote of how many hours/days/weeks and how many consultants will be required to successfully provide you with what's needed to meet your business requirements.
Additional marketing budgets should be considered depending on whether you are going after businesses with payroll or enterprise type payment card solutions or if you are seeking to capture the consumer market directly with a General Purpose Reloadable Prepaid Card or a Gift Card.
See different Card Types HERE.
Additional functionality such as rewards or incentive programs will also increase your revenue.
Deliverables: (Note: Discounts may apply if you possess some of the items below)
The following are costs to consider:
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How To Get Bank Approval for a Visa Prepaid Debit Card Program?
Phase 1 |
Initial consulting engagement (minimum 3 consultants (e.g.former upper management of prepaid issuing bank)
Phase 2 |
Initial consulting engagement (minimum 3 consultants (e.g.former upper management of prepaid issuing bank)
- Make an initial assessment of Independent Sales Organization proposed prepaid debit card program.
- Research ISO’s specific target market, functionality requirements and competition.
- Create, Write and Deliver a “Business Plan” regarding "Your Prepaid Program" as it relates to a prepaid debit card program and presentable to a bank.
Phase 2 |
- Deliver a “Pro Forma Analysis” based on ISO’s business model & pricing which includes:
- Summary
- Summary Assumptions
- Pro Forma Profit & Loss
- Accounts Projections
- Assumptions
- Program Revenues
- Program Expenses
- Expense Assumptions
- Staffing
- Change Control
- Identify and provide Business Requirements (3rd party vendors, processors, loading stations, etc)
- Identify & provide the best Prepaid Processing Platform & Processor (issuing/acquiring prepaid platform)
- Identify & provide Integration Requirements for Independent Sales Organization, Bank, Processor and Merchants.
- Identify & provide a best bank match that will sponsor the program based on the model.
- Create & Deliver a “Product Set-up Guide” specific to Company’s prepaid debit card model, including requirements and pricing model.
- Create & Deliver a “Partner Implementation Guide” specific to Company’s prepaid debit card model, including requirements.
- Create & Deliver a “Program Set-up Guide” specific to Company’s prepaid debit card model, including requirements.
- Design, brand, consult & develop your “Card Design
- Provide assistance with the Bank Application directly with the selected bank for sponsorship approval.
Personalized Consulting By-The-Hour
Prepaid Debit Program Consultants | $150-$350 per hour (minimum 2-hours)
Methodology
Every client starts off by giving us a brief. We’ll talk, we’ll swap NDAs to protect both businesses and we’ll engage in conversation. Upon understanding where you are as a business regarding stored value, we can share ideas about how we can best assist you in the next stage of development. The first level of consultation and ‘bit of advice’ is complimentary.
After speaking to us if you think we can add value, save you money or guide you in the proper direction with some ‘insider knowledge’ then we’ll agree a day rate and how many days would be appropriate based on your specific goals. Consulting fees, based on your needs can be as low as $500 and can be as simple as a question and answer session.
We can also facilitate a company workshop covering all the main departments of product development, finance, marketing, compliance and operations. If needed we can work on a retainer basis or be hired for an extended period of time in which we will conduct a full business assessment and then run an application selection and finally stay on board to launch the product.
All decisions and control remain that of the client. Stored Value Plus aims to share best practices, advice and industry experience optimize any commercial deal.
To find out how StoredValue Plus consulting can assist your business contact us via email consulting@storedvalueplus.com or call us at +1-310-545-8355.
Methodology
Every client starts off by giving us a brief. We’ll talk, we’ll swap NDAs to protect both businesses and we’ll engage in conversation. Upon understanding where you are as a business regarding stored value, we can share ideas about how we can best assist you in the next stage of development. The first level of consultation and ‘bit of advice’ is complimentary.
After speaking to us if you think we can add value, save you money or guide you in the proper direction with some ‘insider knowledge’ then we’ll agree a day rate and how many days would be appropriate based on your specific goals. Consulting fees, based on your needs can be as low as $500 and can be as simple as a question and answer session.
We can also facilitate a company workshop covering all the main departments of product development, finance, marketing, compliance and operations. If needed we can work on a retainer basis or be hired for an extended period of time in which we will conduct a full business assessment and then run an application selection and finally stay on board to launch the product.
All decisions and control remain that of the client. Stored Value Plus aims to share best practices, advice and industry experience optimize any commercial deal.
To find out how StoredValue Plus consulting can assist your business contact us via email consulting@storedvalueplus.com or call us at +1-310-545-8355.
Compliance Consulting
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