Custom Tank Card Programs

When factors and brokers work with Tank Payments, they're capable of building custom card programs specifically designed to work for freight businesses. Instead of charging your clients punitive transfer fees, Tank's card program enables freight businesses to save money while factors and brokers monetize clients' card spend. Traditionally, setting up credit card programs represented a significant cost - both monetary (for bank sponsorship, program management, and more) as well as time (servicing credit card clients, maintaining bank compliance requirements). With Tank Payments, we let factors and brokers focus on their core strengths, leaving the details to us.

Generate Net-New Revenue

One of Tank's core product offerings is building technology enabling traditional factoring companies and freight brokers to generate revenue through credit card interchange. Transactions that are eligible for interchange include card swipes at merchants with POS card terminals and online purchases using a Tank Card. Transactions that aren’t eligible for interchange include purchases made using the Tank account + routing numbers, as well as transfers to external banks. Interchange fees are accrued by VISA over the course of a calendar month, and are paid out to partners in the form of a monthly lump sum in the first few days of the next month.

Create Custom Card Incentives

Using the Tank Card as a base structure, you can design your own client-retention programs. Tank's  Factoring Fee Rebate  program is a popular and effective tool to retain great clients and provide a monetary benefit to clients. Our team is excited to work with you to create novel ways of pushing benefits to your clients.

FAQ

FAQ1: How much will this cost the factoring company?

Custom Card programs are included in the monthly subscription fee for Tank Payments. Some non-standard implementations of the card programs may yield additional fees, communicated in advance.

FAQ2: What proportion of revenue share will the factor get from Tank Payments?

The factoring partner will receive 50% of all card interchange revenue that Tank Payments receives from VISA at the end of each month. Speak with a Tank sales representative to understand how revenue sharing will look for your business outcomes.

FAQ3: What is the current observed customer behavior on Tank Cards?

Today, we see that customers spend between 25-40% of their factored funds on the Tank Card on average. With custom card programs, these proportions may change depending on the value to the client.

FAQ4: What do we need to get started?

To get started with the revenue sharing, speak with a Tank sales representative to coordinate on 1) Program Economics, and 2) Program Marketing.

For program economics, we determine what % of the interchange revenue is kept by the factor, and what % is rebated to the client as a factoring fee discount (if the partner moves forward with the  Factoring Fee Rebate  program).

For all custom card programs, we align with the partner on a messaging strategy to share with each factoring company’s client base, informing clients that they will be enrolled in a custom program. Tank Payments will take care of all rebate distribution and client servicing.