VP Business Development

Prepaid Card Issuing Partnerships

Financial Institution
Join one of the top Prepaid Card Issuing Banks in this high-profile role as the first point of contact for new potential clients and partners! This is an opportunity to develop new business as you answer, qualify and nurture incoming leads and referrals from the bank’s Processor, Card Network, and Venture Capital Investment Firm partnerships, then pitch internal stakeholders on qualified potential client partnership opportunities and put together very customized proposals, taking into account the risk, complexity, required resources and financial returns for each potential deal. You will work primarily with C-suite and Treasury executives of companies who seek card Issuing and Sponsorship relationships for Prepaid Cards and Virtual Accounts, many of which are in the Healthcare, Insurance, Neobanking, and Real Time Payments verticals. About 75% of your time will be focused on developing new business, with the other 25% focused on renegotiating and renewing contracts with existing clients. If you have experience in prepaid and are an independent and driven individual who is effective at communicating with senior executives, navigating political environments, and representing yourself as an engaged ambassador of your organization, this could be an excellent fit for you.

Primary Objective:
Grow payments product and service sales with the primary focus on growing existing business and attracting new clients. 
Key Responsibilities:   
  • Work with the Managing Director (MD) of Business Development to develop and implement a sales plan to attract and retain clients to the Bank’s Payment Solutions products and services.  Grow the business with the existing clients and partners through extending terms and increasing the rate of revenue generating opportunities. 
  • Identify and call on existing and potential prospects and build relationships through effective sales strategies.  
  • Network with existing clients and identify and meet with existing and prospective clients to market the Bank’s suite of payments products and services.   
  • Market the company to prospects.  Pitch the qualities of the company, services as well as the financial advantages of the product and services during the sales calls.  Evaluate the effectiveness of the sales approach and keep detailed notes on sales discussions to ensure future sales growth.
  • Listen to the client’s needs during the sales call and recommend suitable products or services that will meet their needs. Develop an in-depth knowledge of the clients and their needs including understanding the existing products and services and the market competitors to manage renewals and gauge best approach to clients. 
  • Act as an industry expert, develop and maintain a broad understanding of the payments industry, the competitive landscape and the associated compliance and regulatory issues to make effective recommendations to clients. 
  • Act as the primary interface with the client throughout the sales process to handle issues and concerns.
  • Negotiate and close sales with clients.  Develop win-win solutions for clients, ensuring effective pricing that is advantageous to both the client and the company. Obtain approval on the commercial contract terms from the MD, Business Development. 
  • Develop and present contract terms and conditions to the clients, negotiate contract in accordance with the Bank’s contract standards and which achieves the risk appetite of the organization
  • Present new business opportunities to the appropriate approval committees as determined by company policy, including working with all operational, risk and compliance areas to appropriately assess the risk and develop an informed cost-benefit analysis for the committee’s review and consideration.     
  • Attend payments-related conferences and events to prospect for new clients and meet with existing clients to increase brand recognition and maintain awareness of industry developments and trends. 
  • Perform other related duties as assigned.
Ideal Background:
  • A minimum of 5 – 8 years related prepaid or banking sales experience 
  • An undergraduate degree in a related field or an equivalent combination of training and experience.
  • Strong working knowledge of the payments industry, products, and associated regulations
  • Excellent sales and negotiation skills
  • Excellent verbal, written, and interpersonal communication skills 
  • A team player able to work effectively in a team fostered, multi-tasking environment
  • Proficient in Microsoft Office suite, e.g. Excel, PowerPoint, Word, Outlook
  • Ability to travel as business needs dictate (~25%)
Location:
Virtual/Remote USA
Principal Consultant:
Ned Horsted
Job Filled August 2018.
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R&P Group is an executive search firm specializing in credit card recruiting, commercial credit card recruiting, payment processing recruiting, fintech recruiting, card sales recruiting, and prepaid card recruiting. R&P Group's relationship-oriented approach, due diligence and personalized service have led to many long-term clients, both with employers and candidates. R&P Group is based in Sioux Falls, SD and has clients all over the United States.