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 card program to the market as soon as possible. In this article, we will tell you what White-Label card issuance is and its main advantages.
What is a White-Label card program?
To launch your card program, apply to the payment system and get a BIN. It takes quite a lot of time. First, you collect a large package of documents, fulfil all the regulatory requirements of the payment service and wait several months for the result of your application. Next, you must find technically competent employees to develop the software for issuing cards and managing the program. When the program 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 card program is up and running in a matter of weeks.
Benefits of using White-Label solutions
Modern businesses prefer to immediately partner with ready-made platform providers to launch their card program, 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 platform and maintain and modernize it in the future. Not only human resources are saved, but also finances. By buying a ready-made platform, you can reduce the company’s costs and the time of release of a financial product 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 platform and ensure it meets regulatory requirements.
- The product is quickly brought to the market. By using the White-Label platform to release their card program, companies 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 platform to suit your needs.
- One can tailor a White-Label solution to their financial capabilities. 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 card program. When launching such solutions from scratch, it is impossible to calculate the cost of the finished product accurately, and the discrepancy with the initial budget can be huge. If you launch a project using the White-Label model, the discrepancy with the expected costs will be minimal.
- Payment security is the responsibility of the White-Label solution provider. White-Label platform 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 platforms 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 system of the card program 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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