Why should you use a white label payment solution?
Using a white label solution, or in other words, legally placing your band name on a product that a third party company has developed, has a number of benefits. It brings a great opportunity to offer a ready-made product without having to spend time and money on designing, developing and testing it yourself.
Creating a white label payment solution yourself might sound like a good idea. But it is hard to imagine how much resources, time and money it requires before you actually start doing it. It’s not only that you have to create an original product, you must constantly work on it and update it to remain relevant in the market.
Hiring your own in-house team costs a fortune. Paying for white label is a whole lot cheaper than spending money to build a payment solution from scratch. Further, it takes the pressure off. In case anything ever goes wrong, you can be sure to have a dedicated team that will work to support you, fix a problem or update the service based on your feedback. All you have to do is trust them and concentrate on your core business.
Using a third party, which is white label focused means that you are taking a product made by experts in their field. They create latest technology; have connections with other banks, APIs, service providers. They go through necessary accreditations, compliance procedures, maintenance, testing, upgrading and updating. You choose to use a product, which is an actual polished quality work, and market it as your own.
Having a branded white label payment service would definitely add an additional value to your business and increase awareness of your brand. Customers love one point of contact for several services; therefore, such decision would increase your clients’ dependence on you and will encourage them to stick to your brand.