WHITE-LABEL PAYMENTS

Benefits of White-Label Alternative Payment Products

Integrating a white-label payments solution comes with a variety of benefits, and understanding what a well-developed white-label product is meant to do can help a business choose the right product and level of integration for them.

#1: Customer experience

When an end-consumer is redirected to a different website to make a payment they’re liable to feel dissatisfied with the experience, even suspicious. Studies have found that 87% of shoppers are likely to abandon their carts if the checkout process is too difficult, and 55% would never return to that site.²

With a white-label approach, businesses can fully integrate and embed a payments solution into their platform, creating a seamless customer journey and reducing cart abandonment. Because the experience is vastly improved, and white-labelling allows companies to brand the service as their own, trust and customer stickiness also increase.

#2: Security

Developing payments software with sufficient security protocols is a significant undertaking requiring considerable resources to build and maintain. Most companies simply aren’t able to do it themselves without risking their customers’ data and their own reputations.

White-label alternative payment solutions let businesses take advantage of specialised software developed and updated in accordance with security protocols and regulation. Not only do users benefit from the specialist knowledge of the white-label provider, but also the data returned from other merchants and PSPs. Fraud and chargebacks are a constant concern for anyone relying on card payments, but outsourcing the risk to a white-label provider of alternative solutions such as account-to-account payments can greatly reduce the risk.

#3:  Cost-Effectiveness

While creating products in-house might sound like a good idea, businesses frequently underestimate the effort and resources that go into creating an alternative payments solution—not to mention the time.

White-label solutions are effectively plug and play. They allow companies to launch pre-developed and tested products without delays or bugs, and they’re comparatively much cheaper. While there are some benefits to building your own integration solution, such as near-infinite flexibility, they come at a cost that for most businesses simply isn’t worth the tradeoff.