ATM payment solutions provider IN2Retail has teamed up with CashFlows to provide BIN sponsorship for its ATM estate in the Netherlands and Ireland.
CashFlows’ BIN sponsorship will enable IN2Retail to process card payments on behalf of its ATM customers without joining multiple card schemes.
IN2Retail installs and manages ATMs in Ireland, Netherlands, Portugal and Spain. The company works with a various partners such as retailers, shopping centres, and major train stations besides airports.
In order to ensure that their ATMs meet business requirements, In2Retail focuses driving footfall to offering banking services and opening up new revenues via advertising.
To attract consumers, it is essential that ATMs can accept international card schemes such as Mastercard and Visa for which ATM estate owners need to be a members of card schemes which is tedious, time consuming and entangled with compliance and reporting requirements.
Instead of applying directly to a scheme, CashFlows sponsors a scheme-assigned BIN (bank identification number) which allows IN2Retail to process card payments through that scheme.
IN2Retail business partner Richard Entrop said: “All merchants and service providers want to ensure that they maximise sales opportunities. The reality is that not everyone is comfortable making card purchases.
“We needed a partner who could help us rapidly capitalise on this opportunity. CashFlows’ BIN sponsorship has accelerated our access to major card schemes, reducing time to market, while streamlining cost efficiencies. We’re confident that the CashFlows’ team’s expertise and experience will continue to be an asset as we continue to expand our operations.”