Igor has spent over 15 years helping business owners to navigate and achieve their strategic objectives using progressive technologies. Being a technology enthusiast, he has kick-started and has been involved in the development of hundreds of web and mobile applications, fintech platforms, and digital ecosystems. He specializes in artificial intelligence, cloud solutions, and future-ready fintech product development.

As most of the world is on lockdown trying to prevent further spread of COVID-19, it’s hardly surprising that people are massively turning to the Internet to buy what they need. New circumstances make some goods categories reach new heights. For instance, US sales of baking mixes increased by 489%, nail polish - 335%, hair coloring - 310%, and chocolate - 298%, as compared to the same period last year. For nearly all businesses, online presence turned into the only survival option. E-commerce is booming, and more transactions than ever are performed online.

At a time of social distancing and self-isolation one on one with the Internet, Stripe expands the range of services it offers. And what’s important, the company includes products that, in turn, widen the opportunities not only for individuals but for businesses as well. Given that Dashdevs cooperates with banks and fintech from across the globe, we may state without more ado that Stripe card issuing is among the most long-awaited features of this year, and here’s why.

Stripe Payments and the State of Card Issuance System

In general, credit card issuing services are among the most tedious ones since it can take months to connect to a provider and produce cards. Moreover, in most cases, these services are delivered by banks and offline. Considering the pandemic, all that sounds underwhelming, doesn’t it?

Naturally, the quarantine is expected to end soon, and some states are already easing the restrictions. However, the epidemic has changed the way we live, interact, do business, and shop, and we should admit that it’ll never be the same. Individuals expect businesses to change. Meantime, companies expect the same from the government units and financial organizations. And that’s where Stripe has found its growth capacity.

Stripe Issuing: Key Features and Impact on the Global Development in Banking Technology

Finally, let’s go straight to the point and look under the hood of the card-issuing machine offered by Stripe. Why does it generate so much buzz?

The card issuance market used to be dominated by banks. However, now Stripe stakes a claim for its piece of the pie. Its new API empowers business owners to create, control, and distribute physical and virtual credit cards with no need to wait for months. Among the essential functionalities are:

Configurable expenditure limits. Companies get full control over card expenses through the dashboard or Stripe API. Consequently, you can set spending controls for every card, block business categories, and even elaborate specific combinations of rules to prevent fraud.

Companies get full control over card expenses through the dashboard or Stripe API. Consequently, you can set spending controls for every card, block business categories, and even elaborate specific combinations of rules to prevent fraud. Instant transaction authorization . With Stripe credit cards, you get access right to the authorization process, thus being able to control each charge in real-time. As a result, a smooth and seamless experience for end-users complemented with better awareness and security for business.

. With Stripe credit cards, you get access right to the authorization process, thus being able to control each charge in real-time. As a result, a smooth and seamless experience for end-users complemented with better awareness and security for business. Branded credit cards on-request . Business owners can create custom designs for their carriers and cards directly from the Stripe dashboard. The latter takes on the production and printing of cards and promises to deliver them in two business days.

. Business owners can create custom designs for their carriers and cards directly from the Stripe dashboard. The latter takes on the production and printing of cards and promises to deliver them in two business days. Ability to add cards to mobile wallets. These days digital wallets are gaining momentum and especially in the days of social distancing. With Stripe-issuing credit cards, customers can load physical and virtual cards to their mobile wallets and access funds to pay in-store, in-app, or online quickly and securely.

All that sounds impressive, right? So now we have another card issuing platform, and why should we care? Finally, let’s dot the i’s and cross the t’s.

Stripe Issuing Cards: What Does It Mean to Your Business?

At the time when most businesses are saving cash, Stripe is investing. Though it’s hardly surprising since the company focuses on online payments, and currently stay-at-home instructions cause persistently high demand for e-commerce and online services. For instance, Stripe works with Zoom Video Communications, Postmates, Shopify, and Instacart, which are now enjoying huge popularity.

With years of hands-on experience in the financial software development sector, we’ve analyzed this tech innovation and defined three benefits that it has to offer to your business:

A comprehensive solution. Traditionally, to offer branded cards, companies had to engage at least two external collaborators. The card issuing process used to be not only confusing but also rather costly and time-consuming. It also required face-to-face meetings that are now limited and will most likely be treated with caution in the future.

Stripe is ready to streamline this process for you, turning into a one-stop-shop. Its API and dashboard enable business owners to create, design, and issue cards online. The company takes on the production, printing, and delivery, so hiring several contractors is no longer the case.

Instant kick-off. Waiting for branded cards for months is already a thing of the past. Stripe states that secure card issuance takes around two business days, thus ensuring unprecedented agility to businesses. Such emergencies, like the coronavirus outbreak, impose certain constraints that stay with us for the long haul. Recently, companies have been forced to go online to retain customers and stay in the game, so waiting for months could turn into an existential challenge. First, the use of Stripe online payments and now its digital card issuance navigate stakeholders through such tough times.

Fraud protection. Such crises, like the spread of COVID-19, challenge not only the healthcare system but also the financial one. Unfortunately, security still remains one of the weakest points. To address that, Stripe allows companies to set spending limits and block specific merchant categories, as we’ve already mentioned above. But besides that, the company monitors and analyzes each authorization attempt for fraudulent activity and suspends the ones that seem suspicious. Business owners can also specify the importance of verification data (like CVC and Address Verification Service (AVS)) during the authorization process to enhance security measures and protect customer funds. Additionally, there is an option to approve each transaction in real-time, if needed.

Final Thoughts

Even though Stripe credit card issuance is currently available to the US businesses only, it’s a big push for the financial services industry. These days, companies can act faster, create new revenue streams, try out different business models, or enter new markets. Customer expectations are evolving, and so should the online offerings.

If you have any questions regarding Stripe card issuing or mobile banking app development, our team is here to help. Contact us today and don’t miss your chance to benefit from payment advances and gain a strong competitive edge for long.