Allied Wallet has just received Principal Member and Acquirer status from the world recognized credit card company, MasterCard.
This is a rare occurrence in the payment processing industry, with very few processing companies able to brag accordingly. It means a lot for Allied Wallet and equally as much for its clients and online merchants, in general.
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It is a serious matter and will require very careful handling on the part of the processor including PCI Level 1 security (internally) and a tightly incorporated fraud detection system but on the other hand, the title gives Allied Wallet a magic wand of sorts: it will mean quicker and simpler account opening, and possibly, better rates for merchants. This is because, with a MasterCard BIN (Bank Identification Number) Allied Wallet may now open merchant accounts, for its clients, without needing an acquiring bank to do so.
“What we do at Allied Wallet is very unique because no one provides a service with the quality that we do,” said Andy Khawaja, CEO of Allied Wallet “and this new MasterCard membership will give us the opportunity to serve our current and potential merchants in even better ways.”