“White label prepaid card programs need to be user-friendly, safe, secure and rich in features. That necessitates sophisticated tech and backend capabilities. It's essential for businesses to do their research to ensure the fintech partner they choose covers all of those bases."
MEXICO CITY (PRWEB) October 01, 2020
In today’s global economy, fintech tools are giving start-ups and emerging businesses a wide array of unique digital solutions to propel them forward. Yet, according to the team at KnowByLity (KBL), many organizations that could benefit from those are letting inhouse tech constraints hold them back from initiating revenue-generating and customer loyalty programs such as white label prepaid card programs. Yet, using a partner that offers software and tech platforms that fit their specific goals can allay those trepidations, according to Steven Foster, Founder, KBL, who shares the following advice on how to start the search.
“White label prepaid card programs need to be user-friendly, safe and secure and rich in features which necessitates sophisticated tech and backend capabilities. It is essential for organizations to do their research to ensure the fintech partner they choose covers all of those bases and provides access to reliable customer service resources,” explained Foster, whose company specializes in development of custom mobile and desktop platforms and customer experience platforms, including software solutions for white label program platforms.
Here are his recommendations:
- Prioritize security: The financial services arena is subject to a higher level of theft and fraud so sophisticated safeguards and a proven track record of success are both must-haves.
- Check compliance structure: Reputable organizations will employ a dedicated compliance team that ensures that all of the varying localized regulations are strictly followed, including AML and PCI compliance.
- Ensure depth of banking experience: A quality vendor will be able to readily navigate all of the steps to set-up and manage a white label prepaid card platform including facilitation of BIN sponsorship, establishing sponsor bank relationship, processor integration, incorporation of multi-currencies and much more.
- Marketing prowess: Vendors should have a clear understanding of consumer behaviors and expectations via ongoing research so that card programs include the most advanced features and functions. Reports on card users’ spending habits should be able to be generated as needed.
- Strong relationships: The best partners will have relationships with major card facilitators like Visa and Mastercard.
- Teamwork: The right provider should encompass a team of highly experienced fintech and software experts who operate in a culture that encourages innovation and is trained in the highest level of customer responsiveness.
- Round-the-Clock Service: It’s always 5 o’clock somewhere. And 9 and Noon. Customers should be able to reach a call center whenever they need assistance. No matter what time it is where they are.
“A white label program puts a company’s name and logo front and center on a prepaid card. The brand benefits can be significant, yet choosing the wrong partner to create and administer the program software and platforms can turn that good will in the wrong direction quickly,” he added.
KBL offers comprehensive mobile and desktop platforms tailored to clients' varying needs along with customer experience platforms. Its software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services’ regulatory requirements. For more information on KBL and its solutions, please visit http://www.kblholdings.com and http://www.bancked.com.