![]() Select 'Enroll to Accept Credit Cards' and fill out the registration form. Once you are registered, click on Payment Methods. Ramp, Emburse, Karat, and Coast are already “using the charge card program, which is available in beta in the US, and will later expand to the EU and the UK. 3 Steps: 1) Register Click on your invitation from Viewpost to register an account. It consists of a unique and temporary card number that allows you to make online purchases without having to provide your regular credit card information. This helps platforms “reduce the funds they need to keep in reserve, freeing that cash for other purposes.” What is a virtual credit card As the name suggests, a virtual credit card is completely digital. ![]() Most charge card programs “require the platform offering the card to cover the transaction immediately, which forces platforms to maintain large cash balances.”īut with Issuing, platforms can send funds to Stripe “after the transaction settlement date.” Once a card is used to make a purchase, the transaction needs to be funded.” The charge card program also “provides flexible funding options for platforms. When businesses need to collect repayments from customers, they can “use Stripe’s suite of products, including no-code and embeddable options like Invoicing and Checkout.” Stripe provided immense value in planning and launching our program quickly, with a compliance-first design that we’re confident can scale to meet Ramp’s needs.”īusinesses can “set individual credit limits and repayment schedules, including flexible weekly, monthly, or set-day repayment options.” “Building a charge card program is a daunting task. Michael Cohen, vice president of partnerships at Ramp, said: Issuing provides “the core components of a charge card program-such as funds flows, network connections, printing, and integration APIs-and streamlines all the necessary compliance, bank partnerships, and ledgering.” Issuing’s charge card program “handles these issues out of the box, allowing platforms to quickly offer access to credit with little additional operational cost.” Platforms would need “to collect repayment, handle lending compliance, navigate licensing requirements, and much more.” The addition of “a charge card program also allows platforms to create deeper and more profitable ties with their customers.” But building a credit offering from the ground up is hard. ![]() Software platforms can help by providing access to capital that their customers use to boost growth.” In a recent survey, 77% of SMBs said “they were concerned about access to financing. Cardholders can spend up to their credit limit and pay back the outstanding balance at the end of each month.”īuilding a charge card program with Stripe Issuing The expansion into charge cards “allows platforms to offer these same users access to credit. Until now, Stripe-issued cards “could only be used to spend money from a prefunded account.” Since Issuing launched in 2018, platforms and fintechs have “used it to create more than 100 million cards in the US, the UK, and the EU.” Our new charge card allows fintechs and SaaS platforms to provide access to a reliable source of credit for the many small businesses they work with.” “Whether a small business is just starting out or looking to expand, access to capital can make all the difference.
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