White-Label Cards: A Ready-Made Financial Product Under Your Brand
KEY TAKEAWAYS
- Launching a white-label card is now convenient and enhances brand image.
- It’s a step-by-step process of following regulatory compliance, finding technical employees and software, and more.
- With customization options, it is cost-effective and quick to launch in the market.
- The 3D technology has made it easier to secure payment gateways, earning customer loyalty.
A proprietary card program opens wide prospects for any company. It greatly simplifies budget management and settlements with partners, suppliers, employees, and customers and increases their loyalty to the brand.
Creating such a financial product from scratch will require a solid investment and time. Launching a card project based on the White-Label model is much easier and faster.
It allows you to save resources and bring your product and services to the market as soon as possible.
In this article, we will tell you what White-Label card issuance, its main advantages, and how you can leverage this to get an edge in this contemporary business landscape.
What is a White-Label Card Program?
To launch your card, apply to the payment system and get a BIN. It takes quite a lot of time.
First, you collect a large package of documents, fulfill all the regulatory requirements of the payment service, and wait several months for the result of your application.
Next, you must search for technically competent employees to develop the software for issuing cards and managing the program. When it is developed, it is tested and launched.
The time to launch your financial product can be significantly reduced if you use a BIN sponsorship service.
Wallester, a BIN sponsorship company, provides clients with BIN numbers for each card program.
In addition, they receive a ready-made platform for issuing branded cards, a branded mobile app, and a personalized back-office portal. With a BIN sponsor, the process is up and running in a matter of weeks.
DO YOU KNOW?
Many companies utilize white label cards, whose value can be directly loaded onto the card, for gift programs or to issue payments to employees or contractors.
Benefits of using White-Label solutions
Modern businesses prefer to immediately partner with ready-made platform providers for white-label solutions, rather than follow the long path of personal communication with payment systems.
And it’s no wonder because branded card issuing has a lot of advantages:
- Resources are saved. When using White-Label solutions, there is no need to hire your IT team, which will develop, test and fix errors in the system and maintain and modernize it in the future. Not only human resources are saved, but also finances. By buying a ready-made product, you can reduce the company’s costs and the time of the card’s launch on the market.
- The solution used is one that industry experts have worked to create. Ready-made solutions are developed by experienced IT specialists using innovative technologies. Such experts must be hired by someone other than an ordinary company. These experts thoroughly test the system and ensure it meets regulatory requirements.
- The product is quickly brought to the market. Companies can skip obtaining a BIN number, developing and testing the platform, and going straight to releasing branded products. After that, it’s easy to customize the system to suit your needs.
- White-Label product providers offer differently priced solutions. The cost depends on the available features and capabilities of the solution. Thus, any company can initially calculate its budget for launching its product. When launching such solutions from scratch, it is impossible to calculate the total cost accurately, and the discrepancy with the initial budget can be huge. If you launch a project using this model, the discrepancy with the expected costs will be minimal.
- Payment security is the responsibility of the White-Label solution provider. Its developers utilize advanced 3D Secure technology that helps protect online payments with an additional authentication step. It allows every transaction to be securely protected from the actions of fraudsters. The systems are developed in full compliance with international anti-money laundering regulations. It allows the identification of individuals and legal entities for secure registration in the card system created by the client.
Launching your own branded card program allows you to increase brand awareness and gain customer loyalty significantly. Your company logo and exclusive design will be on the issued cards and the mobile application and self-service platform.
A modern REST API lets the card program easily integrate into your existing business model. Launching a ready-to-use financial product under its brand makes it even faster and easier.
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