Branding the payment card with a company logo allows businesses to achieve multiple goals. The first effect that a company receives is increased brand awareness. Since the company offers a convenient financial solution, trust in it increases. Businesses strengthen the loyalty of their consumers and increase sales with the help of white-label payment solutions. They also receive a powerful promotion tool that works more effectively than other marketing techniques.
Potential of White-label Solutions for Businesses
Comprehensive customer service enhances brand reputation but requires huge investments. White-label solutions allow companies to offer branded products or services to customers without large investments because another company is responsible for providing the infrastructure and technologies for these solutions. However, through the rebranding mechanism, this service/product gets included in the list of capabilities of this business.
A white-label payment solution is intended for card issuing on behalf of the brand. All technical and regulatory aspects are handled by the service provider company, while the business solves many promotional and reputational issues with the help of this card.
White-label Products and Services in the Financial Sector
Increasing brand visibility and building trust in the financial sector can be achieved through various white-label solutions:
- Branded Cards: Payment cards are issued in the brand’s colors and contain its logo instead of the designation of the financial institution. These can be prepaid cards, as well as debit or credit cards.
- Payment Platforms: Offering consumers branded payment processing services, companies contribute to customer retention. Trust in a business extends to the payment instruments used when placing an order.
- Digital Wallets: Integrating branded digital wallets into a company’s services increases trust in online transactions. Customers receive a signal that their payment information will be reliably protected by the company.
Exceptional Results of Increasing Brand Trust with Branded Payment Cards
Branded payment cards are designed to increase consumer trust and demand for the company’s services/products. This goal is achieved through a comprehensive approach:
Increased Brand Visibility
The more favorable payment terms the company offers, the more often the consumer will use the branded card. The consumer will regularly see the brand logo. Moreover, it will become visible to their friends and family, service personnel, and random people who are staying nearby at that moment.
Enhanced Customer Loyalty
Branded financial products generate consumer identification with this brand and emotional attachment. Using such a card, the consumer perceives it as their property. Therefore, the brand becomes a part of their life. When choosing goods/services from different suppliers, they will give preference to those brands to which they have an emotional attachment.
Improved Company Reputation
A branded payment card is a sign of a thriving business. Customers trust companies that achieve success through professionalism and innovative solutions.
Cost Efficiency
Proprietary card issuing systems are too expensive for small and medium-sized businesses. Investments in such solutions are not rational. White-label card issuing solutions are inexpensive because businesses do not need to invest in infrastructure, software, and obtaining all the permits from the regulator. Thus, companies can use the money saved to improve the quality of customer service.
Quick Financial Solution
Developing a proprietary payment solution takes many months, sometimes even years. Consumers will not wait that long. White-label solutions allow companies to launch branded financial products and services quickly. This strengthens the company’s reputation and increases consumer confidence because they see that the company can implement complex solutions quickly.
Full Regulatory Compliance
Regulatory requirements in the financial sector are stringent. Using white-label solutions from Wallester, companies can be sure that all regulatory standards are met. This means they cannot incur any penalties due to non-compliance with any requirements.
Benefits of White-label Card Issuing Solutions for Businesses
By launching a branded payment card, companies receive additional benefits:
- Easy integration: Businesses do not need to switch to any other software. White-label solutions are easily integrated into the software the company has worked with for a long time.
- Efficient management tools: The quality of decision-making increases thanks to additional metrics and analytics.
- Transaction monitoring: Businesses can study the spending patterns of their consumers and take the right actions to increase their engagement.
- Spending controls: If a company issues cards for its employees, it can set limits. This ensures that the company’s budget is spent in accordance with its strategies and policies.
- Reliable security measures: The protection of a branded card can be enhanced with two-factor authentication (2FA), advanced encryption, and other technologies.
The Bottom Line
Personalized financial offers with white-label solutions are an effective way to increase consumer trust. Financial issues are of great importance to them when placing orders. A branded card or digital wallet instills confidence in secure transactions. Therefore, consumers are inclined to trust those companies that offer their payment solutions rather than asking them to use third-party ones. By providing consumers with branded cards, businesses increase their reputation and, thereby, consumer trust and loyalty.