Author Topic: Becoming a Credit Card Service Provider  (Read 630 times)

Manotea

  • Where there is doubt...
Becoming a Credit Card Service Provider
« on: March 23, 2020, 05:44:47 pm »
Hello Peeps...

I'm playing around with an idea for a new business which is a form of business factoring in reverse (we buy things on your behalf).

Does this sort of thing exist already?

A large part of such a service involves managing and charging credit.

One way forward would be to set up my own credit card.

Do such things as 'White Label' credit card service providers exist?

What do I need to know from a legal standpoint? Where should I start looking?

All advice welcome, by post or pm.

Thnx  8)

Re: Becoming a Credit Card Service Provider
« Reply #1 on: March 23, 2020, 07:22:20 pm »
... (we buy things on your behalf).

Does this sort of thing exist already?

That quoted bit caught my attention as I have recently read this interesting article about a lady whose buiness does that: The Boss: Male investors didn't get my billion-dollar idea

Re: Becoming a Credit Card Service Provider
« Reply #2 on: April 06, 2020, 06:50:43 am »
There is a big affinity card segment, credit cards set up on behalf of all sorts of institutions.  I recall being offered a card by my university and other organisations I had affiliation with, back in the 90s

I think they were mainly run by MBNA and maybe also Capital One. 

I don't know if this market still exists now, though.  Credit cards are a bit old-fashioned now and in decline overall.

Re: Becoming a Credit Card Service Provider
« Reply #3 on: April 06, 2020, 07:54:49 am »
There was, briefly, a CTC credit card and I had one.  It was backed by MBNA.  I think MBNA was absorbed by Bank of America.