Private label card compliance
7. Any company that does not have audited accounts whether it is because the company is less than 18 months old or because the company is exempt must supply a set of management accounts showing the company’s financial position by way of balance sheet including cash reserves within at least 3 months from the date of the submission.
8. None limited company’s e.g. sole traders or partnerships should provide a set of their most recent audited accounts. It is unlikely that a sole trader will be approved & should consider incorporation. Partnerships may be accepted subject to the nature of the business.
9. All businesses should submit a summary of between one and two pages outlining the details of their operation including year of commencement, annual turnover & core activities. In addition at least a page of information but not more than three, outlining the marketing objective of the card service to be provided, including the countries involved anticipated number of cards to be issued within 6 months then year 1, 2 and 3. Average loads per card, anticipated source of loads and methods, along with any other helpful information to make a clear statement regarding the overall viability of the card service to be provided.
Once the compliance information is received which can be delivered by email, fax or courier, we will confirm if we are willing to proceed within 3 business days or if we require further clarity. A concise submission including all of the above information will be processed expediently and should be approved subject to the following:
