White label payment processing
What is white label payment processing?
Any white label solution represents a ready-made product that you can customise to provide services under your brand. White label payment processing allows for having a personal electronic payment system that combines payment processing under your brand and internal customer accounts. Utilising a white label solution, you can set personalised rules for money transfers within the service, choose the most promising external channels for payments, easily track transactions, and generate reports.
How does it work?
Such a solution contains a ready-made infrastructure for processing online payments and all the necessary licenses and certificates. But all of these offers have various features and capabilities.
By launching the white label payment processor, you:
- reduce your costs on technical issues and get a holistic solution at once;
- apply your branding elements into design;
- integrate any of the available payment systems;
- accept payments and make payouts globally;
- automate daily tasks & do less manual work.
Relying on a ready-made product empowers you to switch focus from the technical issues to handling business operations and building strong relationships with your clients.
Benefits of choosing white label solution
There is a range of advantages of choosing a white label model. Here are the essential ones:
- Time-efficiency. Choosing a white label payment processing model helps save the time and effort needed to develop a PSP from scratch. The latter may take up to three years and includes hiring a team of experts, developing the software, getting the necessary licenses & passing compliance audits, etc. Not to mention establishing integrations and onboarding first clients. Getting on board with a white label solution usually takes up to a month.
- Cost-efficiency. You don’t have to pay for equipment, licenses, audits, etc. and waste your resources on things that may not work or go wrong. Due to this, using a white label PSP is much cheaper.
- Labour-efficiency. The white label provider will execute all the development issues, get you covered with the technical support and maintenance. So, you’ll have the support of professionals at your disposal, without any need to hire ones.
- Enhanced security. Meeting all the requirements of safety standards requires expenses and extensive knowledge of the subject. You get both in full in cooperation with a white label payment processing provider.
Simplified data management interface. All billing data is collected in one convenient platform.
- Flexible billing. You can easily customise payment actions for each client based on the specifics of your business relationship and industry.
Increased throughput of payments. With smart routing and cascading, you can easily reduce the number of reduced transactions from day one.
- Variety of payment methods. White label systems usually have a huge list of payment methods already available. And if the required connector is not available in the list, its integration is usually possible upon request.
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Who can benefit from white label payment processing
White label payment gateways are best-suited for payment software providers and ISOs selling payment processing. As a rule, these companies support several payment channels, but rarely can they boast of a high-quality and convenient dashboard or back office.
So, they can resort to using a white label payment gateway to process their transactions. While its cost is often lower than that of other solutions, a white label one offers a huge selection of payment methods, advanced functionality, and high-tech security methods. Moreover, the provider of this technology takes full responsibility for maintaining and constantly updating the system. Ultimately, this solution proves to be more profitable in terms of both cost and value proposition.
How Corefy can help
Choosing a payment processing solution depends on a budget and business needs. However, as can be seen from above, white label payment processing often turns out to be a more profitable solution for companies representing various industries.
Business owners and those who provide payment processing services to other merchants, sooner or later, face the need to choose the payment solution to process and consolidate their entire transaction flow. Opting for Corefy, you get an all-in solution that helps you generate revenue as soon as possible. It allows you to focus on your business tasks instead of tackling labour-extensive technical issues.
If you want to take a closer look at the functionality of our platform, book a live demo, where we will be happy to answer all your questions regarding our software and demonstrate its key functionality.
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Get in touch with us and we will try to provide you with the most relevant offer.