Fintech service providers have streamlined the way we carry out our financial transactions. From peer-to-peer lending to making online payments or carrying out mobile banking on the go, there are different fintech companies that offer services to streamline all of these operations.
The case is also not so different when it comes to fintech business debit cards which can simplify a wide range of aspects. Even if your business has a high-risk processing merchant account, there is a service provider that can give you a business debit card. But how do you get one? Here is a step-by-step guide for getting a fintech business credit card.
Step 1 – Check the Demo Account
It is important to check out the demo account to ensure that you can get a clear idea of all the capabilities of the platform. As a result, it helps you decide whether or not it is the right choice for you. This is something you should do when choosing a payment provider, digital wallet, or service provider for IBAN.
Step 2 – Complete the Application Form
Once you have a clear idea about the features that the fintech debit card service providers offer, you can fill out the application form. This will allow you to open an account and then get started with your efforts in no time. You would have to provide different details to get started with your efforts:
- Business name
- Contact information
- Industry type
- Business structure (like corporation, partnership, or sole proprietorship)
- Tax identification number (EIN or SSN)
Step 3 – Go Through the KYC (Know Your Customer) Process
Adherence to regulatory standards is vital as it ensures that there are no issues regarding identity theft. You would have to provide different documents to prove your identity, such as government-issued IDs, business licenses, etc. This step is highly important in ensuring that individuals don’t misuse the platform.
Step 4 – Approval and Card Issuance
Once all the processes are completed, you can then access the online account which has a virtual debit card. You can use that card to carry out transactions without going through any issues. The physical card will be sent to you in a few days.
Final Words
Fintech seems to have a bright future as long as companies continue to look for new ways to raise capital and promote innovation and growth. With tools like debit cards, robo-advisors, payment gateway, etc., they continue to help businesses in different sectors.