White labeling refers to reselling a service or commodity created by another company under your own label. We’ll believe that your organization is eager to provide extra benefits. The problem is that it lacks the resources to put the plan into action. You can use the appropriate white-label goods in this scenario. It’s true that a third party is responsible for providing it. Nonetheless, you will be seen as the supplier by your clients (and maybe rivals).
The electronic payments industry is only one of several nowadays that regularly employs the white labeling principle. White-label payment options in this space are quite varied. White-label payment facilitator models and white-label payment gateway are also available. You also have white-labeled solutions for processing payments, including merchant services.
White-label payment solutions’ primary advantages
When you employ a white-label payment solution, you save yourself the trouble and expense of building your own system to handle financial transactions. You’ll have more time to devote to doing what you do best instead: developing and delivering your core offerings, enhancing your customers’ experiences, and expanding your customer base.
To a large extent, the commercial and technical concerns associated with the solution are dealt with by the third party, i.e., the real payment solution provider. Depending on the nature of your company, you may need help with things like integrations, certifications, payment security, fraud protection, chargeback and refund management, and other white-label services.
White-label solutions have a catch, though: you do not actually own them. Typically, the payment processing service has the upper hand. You (the user) have complete control over the customer-facing features. Small and medium-sized businesses, as well as startups, can get along just fine with this level of management.
Businesses of all sizes now have a white-label payment option
Starting off, many businesses use a merchant service provider (MSP) or a PayFac to handle all of their electronic payment processing, in particular, if you are a new company. Some of the best-known examples include payment processing giants like PayPal, Stripe, and Square. Offering a white-label payment solution to its clients may do wonders for a merchant service provider’s reputation.
In most cases, the requirements of a new venture or a small company are rather similar. Most of the time, these can be met by the standard service packages offered by the biggest companies that offer payment solutions through third parties.
Until the need for major adjustments emerges, a standard third-party white-label payment solution will do. When they get to a certain scale, businesses of all sizes diversify their revenue streams and consumer bases. So, they have specific needs, like being able to serve customers in certain regions, accepting certain currencies and payment methods, and being able to work with a wide range of systems for acquiring and processing payments.
The administration of a business may opt to implement a white-label payment system internally or move to a different supplier in order to have more say over the product’s features. This last choice does not always come up. Having more authority also involves taking on more accountability.
The adaptability of white-label payment processing
Payment technology relies heavily on a culture of adaptability. As a result, modern payment software providers work hard to create secure, versatile payment options. Compared to the standard products and services offered by large, well-known companies, these startups’ solutions come in a broad range of sizes and shapes.
For instance, United Thinkers’ UniPay Gateway payment system is available in two versions: hosted and licensed. It’s possible that a hosted version would be the best choice for a young firm with low processing volumes and a standard feature set.
Get in touch with us in case you have questions regarding UniPay Gateway.