Payments solution provider Checkout.com has introduced a card issuing service, enabling businesses to go live with their branded card programmes, issuing both physical and virtual cards
The new Issuing feature offered by Checkout.com empowers partner businesses to provide financial services products to their end customers through customisable physical or virtual cards.
As announced at Checkout.com’s annual customer event Trive, the global payments solution provider is launching the card issuing service to help businesses “create purpose-built card programmes, enhance cash flow and unlock new revenue opportunities”.
Issuing platform differs from the legacy systems, as it removes patchwork integrations. Therefore, it enables businesses to unlock new revenue streams by receiving a percentage of card interchange fees.
In addition, business owners may customise their branded cards to reflect their vision and values. For instance, brands can differentiate their card from the rest by using eco-friendly or recycled materials, unique styles and colour combinations.
Besides, Issuing integrates with Checkout.com’s wider payment product stack like acquiring, which enables businesses to unlock cash flow and reduce pre-funding requirements. Businesses can now easily transfer their funds to either physical or virtual one-time or multi-use cards. Moreover, they can automate spending outcomes with custom rules.
One of the early users of the new feature is the grocery shopping and meal planning app Jow. The company uses single-use virtual cards with specific value limits and expiry dates. That is another way for customers to get their groceries with fewer fraud threats. For Jow, integrating card issuing with the wider payments value chain brings new revenue streams and optimized cash flow.