by Matthew Brunson, VP Strategic Partnerships
Offering branded credit cards and loans to your customers can offer a wide range of business benefits. From building loyalty with customers to positioning your company as a dependable provider of a variety of financial services, a partnership that allows you to provide loans and branded cards can pay off. Whether you're considering entering into a loan or card partnership with a reliable and trustworthy financial institution or simply want to learn more about these programs, TAB Bank is here to help your organization put a mutually beneficial partnership into place.
There are many benefits to branded cards and loans. Let's briefly review a few of the most important:
- Branding: One of the foundational benefits of attaching your name and logo to a credit, debit or prepaid card is consistency for customers.
- Loyalty, repeat business and trust: Offering more services can create a higher degree of loyalty with customers and reduces their need to work with other providers. This can, in turn, improve trust.
- Control of customer experience: Your company can create a more consistent and positive experience for customers.
- Turning customers into brand ambassadors: When customers carry branded cards, they introduce your brand to a variety of other individuals and companies when completing transactions.
Of course, many of these benefits are possible from a variety of potential partners. What sets TAB Bank apart from the competition when it comes to card and loan partnerships?
With more than 15 years of sponsorship experience under our belts, TAB Bank is a dependable and proven provider of loan and card partnerships. When your company decides to work with us, you can rest assured that we have the institutional knowledge and resources to capably manage all the responsibilities that come along with sponsoring cards and loans.
We make sure subject matter experts from throughout our organization are available to address all the potential questions, concerns and opportunities that can arise in these partnerships. That means risks ranging from reputational, compliance and legal to credit and operational are all capably addressed. Our strategic, careful approach to onboarding new partners ensures that only qualified companies are brought into the fold, which mitigates risk for our own operation as well as all of our existing partners.
Another important aspect to consider when it comes to working with TAB is our emphasis on sponsoring programs focused on helping the underserved, underbanked and individuals with limited or no access to credit. We also work with businesses offering branded cards and loans to those with more traditional access to credit and financial institutions. In every single situation, we seek out programs that are compliant, cost-effective, transparent, easy to understand and socially responsible. Finally, we are willing and able to partner with commercial- and consumer-focused partners alike.
If your organization has the following qualifications, you should feel confident about moving forward with a partnership:
- An experienced management team.
- A Compliance management system, preferably audited by a qualified third party.
- SOC 1 and SOC 2 Type 2 reports available for your company and applicable vendors.
- A compliance officer with applicable regulatory compliance experience.
- A compliance team to provide transaction monitoring and testing.
- Applicable funding, including a capital plan for increased funding as the portfolio grows.
- For card programs, agreement with certified card processor.
- A backup servicer.
- A fully developed program with all applicable policies and procedures fleshed out and carefully planned.
- A marketing plan.
- Sufficient market size to support a sponsorship program.
- Audited financials.
If you company does or can easily meet these qualifications, we want to hear from you. Learn more about starting a card or loan partnership here.