How to obtain a credit card license
Companies that engage in financial activity and offer banking services often choose to offer card issuing services to their clients. Obtaining a credit card license is a vital tool for banks that are looking to specialize in deposit taking and lending, as well as debit and credit card services.
EFSAG has many years of experience in assisting with obtaining banking licenses in jurisdictions across the globe. For information, please visit our Bank License service page.
The process of obtaining a credit card license
There are a number of obligatory services that you must offer to your clients in order to obtain a credit card license. Starting the credit card licensing process involves a similar process to obtaining an offshore banking license.
Before you can apply for a credit card license, you must first be the holder of a bank license. The type of bank license that you hold is not important, as even with
a restricted bank license, you will still be able to issue debit or credit cards to your clients.
Once you hold a bank license you will then need to approach a number of major card issuers, in order to apply for a license to issue their brand of cards. It is advisable to approach the card issuers that will suit your clientele, rather than approaching all of them.
Upon obtaining your credit card license, you will be connected to the processing systems of the major card issuers as a card issuer, so that when acquiring banks process payments from these cards, they will be able to connect to the account information in your bank to clear the payment.
Individuals and companies that wish to obtain a credit card license are advised to seek the assistance of a professional consultancy firm to ensure that they complete the process successfully in a professional and timely manner.Source: www.mybankinglicense.com