By Mariana Almeida Marques
White-label solutions are incredibly popular in the financial services industry, pushed by open banking and increased collaboration between companies. In this article, we will discuss what is white label and how using a white label payments solution can benefit your business.
A white label consists of a permit to put your own brand on a product/service developed by a third-party. Essentially, this allows you to portray the product as yours, not as the product developer’s, as your customers will only see your brand in the product. White label solutions exist in every industry, from food to fashion and, in this case, financial services. There are many advantages that come from using a white label solution, the main one being that won’t have to spend any time, money and resources building the product yourself.
The most obvious benefit that stems from using a white-labelled payments solution is the fact that your product will still be branded, just as if you had built it yourself. This increases brand awareness and even customer trust. If the product/service is good and customers are satisfied with it, they will connect it to your brand only and have a positive outlook on your company, which makes them more likely to become loyal to the brand, purchase other services and spread the word. Should you use a third-party solution that isn’t white-labelled, your customers won’t be able to connect the service to your brand, which weakens your brand strength and reach.
Building any kind of product involves a lot of financial investment, time and human resources. It is equally expensive to keep upgrading the product, building new features and adapting it to your customers’ needs. Payments is an ever-evolving industry, and customer demand is changing rapidly, so you need to be able to quickly adapt to what your customers want. This can be either supporting digital wallets, offering alternative payment methods, or adding new security features. A white-label payment solution provider will have the product ready for you and will continuously upgrade it, without extra costs.
Buying a white-labelled solution allows companies to provide the service they want to their customers with no hassles whatsoever. Not only are companies able to choose the exact service they want, they are also not responsible for managing it. The provider you partner with will be the one doing all the behind-the-scenes work, so whatever issue the service may face, it won’t impact your teams directly. Equally, whatever upgrade you need (for instance, deploying a new PSP), the provider will do this for you whilst your teams can focus on other relevant business areas.
Note, however, that it is important to find a provider that you fully trust and whom you can collaborate with successfully in the long-term. Our team is happy to discuss any concerns or questions you may have- just drop us a message by clicking the button at the bottom of this page.
PaaS providers are fully dedicated to continuously improving their product, adding new features, developing their technology and connecting to the right partners. Therefore, they can do so faster than anyone else. If companies want to deploy new payment technology into their existing IT system by themselves, they need to go through a very long process that involves a huge amount of resources. By the time this process is completed, other companies may have already put the product to market and acquired their target customers. Speed to market is essential, even to simply be able to meet customers’ expectations- and a white-labelled payments solutions can offer you that.
SaaS providers are usually focused on a particular product or subject, such as payments. Therefore, their teams are dedicated to the product and have a lot of industry knowledge and experience. Companies that decide to partner with third-party providers and adopt their white-label solution gain instant access to technical support and valuable industry expertise. This means that, firstly, they won’t need to hire a dedicated payments team and, secondly, they have the right people to advise and support them for years to come.
Imburse is a cloud-based middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.
In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.
Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.