Introduction
Digital payments are growing and are expected to continue to grow. With big brands taking up a lot of space, it can be harder for start-ups to get going, especially when it comes to payment solutions. Thankfully, there are ways to get around the complexity of the issue: a white-label payment solution.
What are white-label payment solutions?
A white-label payment solution like the one offered by card issuing platform Wallester, means a business or brand uses existing third-party payment processes to offer financial services under their own brand name. It means using existing infrastructure and technology and avoiding the expense and complexity of developing your own solution.
The benefits of white-label payment solutions
Using a white-label solution to process payments provides benefits to both customers and companies in a range of industries:
In Fintech
For fintech companies, these payment solutions are changing things for the better. It means companies can integrate payment services into their existing platforms without having to develop a payment gateway themselves. The obvious benefit to this is that it saves them time, resources and money. In addition, they can ensure that they’re complying with standards and regulations by using a strong, existing third party.
With cryptocurrencies
Cryptocurrency platforms aren’t easy to get your head around for most people, but these can also benefit from white-label payment solutions in that the process of integrating fiat payments into the platform is made easier—and there’s no need to understand how payment processing occurs in so much detail. As a result, you can expect higher adoption rates thanks to the simplicity of it all.
In E-commerce
E-commerce businesses can benefit from white-label solutions by having a secure checkout experience. It means they don’t have to send their customers to an app or a different website to complete the transaction, which puts people off. This results in fewer abandoned cards, higher conversion rates, and improved customer satisfaction.
White-label solutions can also be used by e-commerce businesses as a branded payment card or wallet. This helps build a communal identity and encourages customers to return and make repeat purchases.
White-Label Solutions and Customer Loyalty
To stand out among the crowd these days, businesses need to rely on customer engagement and loyalty. Building a connection and maintaining it means you’ll be more successful. White-label payment solutions can help with this because they create a real sense of belonging for the customer.
A branded payment card bearing a company logo, design elements, and colours increases visibility and loyalty. These cards are both a reminder and an extension of the brand. They’re crucial for brand recognition. Whenever you make a transaction with a branded card, the brand is reinforced in the mind of the customer. The branded payment card is effectively an advert, a tiny billboard, right there in their wallet.
Besides their aesthetic, it’s also possible to create a range of benefits for the customer. This includes things like cashback opportunities, discounts, loyalty points, and additional rewards that motivate customers to use the card more. This makes the cards great for marketing too.
Brand Awareness and Improved Image
To succeed anywhere, people need to know you exist. Your brand awareness can be increased through white-label solutions. First of all, a payment card with your brand on makes you more memorable. And the more the card is used, the more the brand becomes associated with all the positives of a good payment card, including security and convenience.
These cards can also improve word-of-mouth referrals. They become a talking point, and satisfied customers will share their experiences with their friends, family and colleagues. This improves the exposure of the brand and attracts new customers.
A proprietary card—albeit run off a third-party solution—shows your brand as an expert in the field. It provides assurance that you’re reliable and trustworthy.
Beating the Competition
Showcasing your brand through a white-label card adds stacks of edge. It improves your standing against your competitors and shows you’re committed to providing innovative solutions. You become seen as an innovative brand and one that is willing to step above the parapet to be unique.
Final Thoughts: White-Label Payment Solutions Improve Your Brand Identity
If you’re seeking a valuable tool that will enhance your brand identity and image and create new business, consider a white-label payment solution like Wallester’s. When you offer branded cards, your customers benefit from rewards you can give them while you gain a competitive advantage. Not only do you create more loyalty among existing customers, but you increase the visibility of your brand whenever they use their payment card. What’s more, a white-label solution is much more convenient and cost-effective compared to developing a proprietary solution. You know it’s secure and that it meets the stringent regulatory requirements too. This makes it the best choice for your brand as well as your customers.
