If you are new or a newbie in the business industry you are probably asking yourself right now what Whitelabel is and what is payment solution white-label? What it has to do with your business identity and what can it do to help increase your productivity? If you are interested in this and you want to know the answers to your undying questions, you are on the right page. In this article will be answering all your questions about payment solution white label and everything that comes with it. Aside from those will also introduce you to merchant onboarding which is connected with Whitelabel payment gateway.
What is Whitelabel?
According to Tehopedia.com, Whitelabel refers to a certain product or service that is purchased by a reseller who rebrands the product or service for the impression that it has been created by a new owner and these products are often produced via mass production.
They are certain companies that offer a particular service without any investment in technology or infrastructure. The producers of these products often increase their revenue by allowing other companies to sell a Whitelabel version of their product or services. Those companies paying to put out a white label product gain income by simply adding another service and product to its brand.
Whitelabel manufacturing is often used in popular electronic goods that are being produced in higher quantities such as TV and even DVD players. But, they are several organizations that have sub-brand for their products.
A great sample of this is, an exact DVD player is distributed by Dixons but it’s under the brand name of Saisho or Matsui which are brands solely used by a certain company.
What is the Whitelabel Payment Gateway?
If you are not familiar with this, payment solution white label is a payment gateway method that allows a company to provide payment processing services under its own brand name. In short, it’s called the best white label solution for a certain reason that the company can use its own label on the top of the white label. This is where payment solution white label has come from.
With the presence of payment solutions white-label, companies can now improve their image and reputation to impress their clients. When we say clients it includes both card members and merchants as well.
As the companies used their label on the payment solution white label they can put their brand name on the product or services that were previously developed by a third party, it offers great opportunities to numerous reseller to offer the service or product without spending so much on necessary resources in developing it from scratch.
A payment solution white label makes it easy for companies to:
- Make use of a branded gateway that is according to the needs of your business
- Your business is entitled to getting professional training software and product innovation.
- You can enjoy every aspect of your products which includes sales and marketing.
- You are eligible to get value-added services.
I must say that using a payment solution white label, is quick and cost-effective compared to other payment solutions. Before payment solution white label was introduced and you decide to build a payment gateway, you have to invest both on your money and time. Aside from that, it will take years to be implemented. But with payment solution white label all you have to do is to purchase a license, configure and you can start.
If you are wondering where you can get the best Whitelabel solution, do not worry because you can get one from small numbers of providers. For sample, iPayTotal is one of the most reputable and trusted payment gateways today and continue to offer well-trusted white label services to their numerous clients.
The Pros and Cons of payment solution white label
- With payment solution white-label you can offer payment gateway solution under your brand’s name.
- It is much cheaper compared to other payment solutions
- You’ll be able to create localized content in order to personalize the payment page.
- It can restrain any fraudulent transactions
- It provides the ideal payment solution depending on the market which will eventually help you expand your customer base.
- It can strengthen your relationship with your merchants and places you in a spot where you can have the ability to exceed their expectations.
- You are only entitled to customize the look and the user experience but the solution does not really allow you to do much customization and other specific changes that can ruin the whole solution process.
- They are instances that you’ll be facing issues when the same hardware is shared by numerous companies.
Now that you already understand the meaning of Whitelabel payment solution and the advantages of having it in your business let us now tackle the white label merchant onboarding.
It is said that payment solution white label is a type of payment gateway solution that allows the company to provide payment services while using its own brand name and the process is being done by external third party vendor or payment gateway provider.
What is Merchant Onboarding?
Merchant Onboarding or Merchant Boarding, either way, is the correct term. This is an underwriting review that will make sure that the merchants meet all the KYC requirements before you can actually introduce them or add them to your platform. Adding a merchant is not that simple they are much deeper specifics depending on the types of merchant you are planning to board, the requirements and the location where they are operating.
In every onboarding solutions there are always three components:
- A merchant onboarding process
- An underwriting management solution
- Provisions for flexibility and control
White label merchant onboarding might sound very complicated at first but it eventually and if you do your homework you’ll have a better understanding of White label merchant onboarding. For now, let us site the benefits provided by payment solution white label and automated services.
Right now this is by far is the biggest benefit that your business can gain with payment solution white label. With traditional merchant onboarding processes it normally takes 4 to 5 days but today, the process will only take 5 minutes of your time with a payment solution white label. By using a white label payment gateway you are actually removing the traditional and slow process of acquiring.
With payment solution white-label you can easily automate most of your processes that can lessen the costs. Automating most of your processes such as customer onboarding, underwriting, customer service request and is equivalent to fulfillment in your part.
White-Label Payment Gateway Solutions VS the Traditional Payment Solutions
The main difference between payment solution white label and the traditional payment gateway is that later the company uses the services of a third-party gateway under the name of the gateway itself.
While the traditional payment gateway has a contract with merchant acquirers or with an independent sales organization for reselling their payment gateway brand. The payment solution white label actually facilitates the merchant from selling the payment gateway services on their own. They can do this by using their company’s logo and selling the payment gateway as their very own.
You and I cannot deny the fact that payment solution white label offers very useful features. So, if you are ready to move away or move on from a well-established system and are ready to enter the world of reselling, you know that you can always opt for a white label payment gateway solution. It will not only help you gain full control over your customer experience but it will always give you a chance to promote your own brand.
Keep in mind that as a merchant brand promotion and increase in your business productivity is on the top of your priority. If you want to ease things up and make your life a lot easier payment solution white label is the answer. With so you can stay at the top of the business competition so what are you waiting for? If you want to start whitelabel payment gateway solutions you should visit iPayTotal.com.
Our iPayTotal is your one-stop-shop. iPayTotal can assist you in creating your high-risk merchant account and guide you through banking underwriting procedures during the merchant onboarding process.
It does not matter if you require an account for your business start-up, a pharmacy merchant account, a travel merchant account or setting up your own offshore merchant account. iPayTotal can help you with all your needs with our secure and lowest rates for your high risk business.
Do not look far; iPayTotal is here to help you out. For more information, you can always visit our website or contact our professional team for your questions and queries.