When starting a credit business company, the first things to do is to employ the key management staff. Generally you should identify and employ the Head of Company (HOC). Once the HOC is in, he will plan who he wants to employ which usually should consist of the following personnel (not in any sequence):

1. Head of Systems (HOS)

Systems form the heart of credit card operations. Without systems or employing the wrong systems could have a detriment effect on the business immediately. Therefore it is important to bring in the HOS early. The HOS will assist in planning, setting up and implementing of the credit card systems. Other jobs include designing systems operation room plan and arranging for user acceptance testing with credit card franchisors.

2. Head of Finance (HOF)

HOF takes care of the business planning, financial projection, financial planning and accounting functions of the company. Because the credit card business is unique in its own way, normal accountant may not be able to prepare the financial papers. Therefore it is important to bring in the HOF early to assist the CEO on the financial planning jobs. Application of approvals from local central bank and credit card franchisors, require financial papers as one of the supporting documents.

3. Head of Human Resources (HOH)

HOH will take care of all the staff payroll, staff training and staff recruitment functions. Initially these jobs especially the staff recruitment functions can be temporarily taken care by the holding company until the HOH comes in.

4. Head of Operations (HOO)

Operations provides the operational supports to the credit cardholders and merchants. HOO will assist in drafting up operations policies and procedures. HOO can come in later.

5. Head of Marketing (HOM)

The HOM takes care of the card issuing business of the credit card company. The job functions involve card marketing and card sales. During the initial stage, it is not critical to bring in HOM. But when the company is ready to discuss any matters regarding the branding or positioning of the credit cards, the HOM will have to come in to assist the CEO on that matters.

6. Head of Merchant Sales (HOA)

The HOA take care of the merchant acquiring business of a credit card company. Most company starts off with card issuing business first and later merchant acquiring business. When the company is ready for merchant acquiring business, the HOA should be brought in.

Learn more about managing credit business here